All Forum Posts by: Trent Reeve

 was it to buy your primary residence? that is the only exception I know of. 

From the IRS - 

A plan that provides for loans must specify the procedures for applying for a loan and the repayment terms for the loan. Repayment of the loan must occur within 5 years, and payments must be made in substantially equal payments that include principal and interest and that are paid at least quarterly.

A loan that is taken for the purpose of purchasing the employee’s principal residence may be able to be paid back over a period of more than 5 years.
(IRC Section 72(p)(2)(B)(ii); Reg. § 1.72(p)-1, Q&A-5,-6, -7, and -8)

bear in mind, you only have 5 years to pay back a 401k loan, unless things have changed

Where does a person just starting out find properties that need just a little work? talking with a real estate agent, getting some search results coming back are all properties that seem to be cleaned up, selling for as much top dollar as they can. As such, they are at reduced change to be profitable, at least in my area of NW Atlanta.

Complete newbie approved on $150k Heloc. looking for advice on strategy to capitalize on it. houses around my area (30 miles) average around $300k (anywhere from 1200-1700 sq ft) and rental prices anywhere from $1900-2100. all comments appreciated.

 i guess i think that experienced investors are more apt to take on situations that require more experience and knowledge. I wouldnt know all the requirements and what to look for regarding section 8 when an experienced investor would know what to look for and what to avoid with those. I m quick to learn and can research like a monster, but have to know what to research and look for. i have an IT career and you typically buddy up with the more experienced people to learn from them. What i see reading here, that is only happening when you are bringing something to them of value. But when you are just starting, you dont know what is a good find or not so are you not bringing them a good find as you may not know what to look for, or even how to look for it.

i would say it should be the same for a normal home owner

water heater, roof, gutters, paint, HVAC (you mentioned and make sure filters getting changed), plumbing, check your deck

think you would have a hard time getting tenants to pay for these unless they broke them. but i yield to the more experienced here

well, i would expect STR rental at vacation areas would generate more money, enough that i would consider finding property management. I dont know how comfortable i am starting out with a LTR out of state without management also. I have around $150k available thru a HELOC.

been reading as much as I can, but I know that I don't know a lot. I have very good credit, about $20k readily available and working on $150k on HELOC from equity off our house. I live in the Atlanta metro area. Debate is where/how to start. I do have a reliable real estate agent that I have existing relationship with, and they themselves own a couple of rental properties. SFH homes on the northside of Atlanta running $300k+, but rentals are around $2.1k+. Do i continue to search or look for STR? considered Gulf Shores or Myrtle Beach as areas I know, but we are at or past the mid-point of rental season and would not realize as much income from it, adding in cleaning, any needed licensing, possible local mgmt of it.

What are first timer investors looking for in today's market? I thought LTR for initial buy, but not seeing the deals in the Atlanta area right now