All Forum Posts by: Roland Brown

At Matt Buchalski David Hills Ironically I also live in McKinney and would also like to learn more about what is needed to get a loan along those lines.

I am extremely curious about moving my old 401K (prior employer) into an account to start low level lending, note investing, etc. I would like to see if anyone has experience doing this and how it has been so far. 

What kids of Fees should I plan for during the Roll over process?

What kind of account maintenance fees are there?

Is it beneficial to move my funds to Roth before I start investing?

Where are good places to start note buying, and lending?

I don't command  a fortune but I would like to leverage what I have to learn the business. Are there common pit falls I should be aware of?

Bonus Question:I also want to move into investing by way of BRRRR with separate funds. I do understand that comingling strictly forbidden and actually see benefits to having the two activities separate as it creates Silos for the activity. Do the Attorney and CPA I use have to be separate?

Thanks that's good feed back

When looking for deals I am seeing a lot of homes that are quite small on large lots. These homes are 2 bed/1 bath and 3 bed/ 1 bath, built in the late 50s and 60s. As a general rule is it a good idea/ bad idea to build onto the home an additional bedroom and bathroom? I just don't think the 2 bed/1 bath or the 3 bed/ 1 baths sell very quick.

Welcome to the club. I'm also in mckinney. I'm looking to get started soon in just getting educated right now. Good luck as you start up, welcome to the forum.

A huge idea with a lot to think about on both sides. If you do go through this process write down everything that happens. I'm very curious to know how it works out for you. This is the kind of stuff that new investors would love to know. I know every different investment has challenges but it's nice to see what other people do, successes and failures. We all have successes and failures the more we share the better we can help each other grow. Currently I'm transitioning between different jobs. I have a 401(k) at my former employer, and I plan to continue saving in my 401(k) at my new employer. My biggest question is should I roll my old 401(k) into an individual IRA or should I wrap the two together and then borrow from them the way you're suggesting above. The idea of borrowing from my 401(k), and then paying it back over five years is really appealing. Any action I take out of my IRA account would all be held in the IRA for in retirement. That limit would make it really hard to build a real estate income I could use as I eventually transition out of the corporate world which is My ultimate my goal.

I'm in Mckinney, I have watched home prices creep up. I share your concern for market timing so would look forward to hear from people more seasoned.

Charles Sullivan Question how do you find inspectors?

Welcome, I'm a neighbor in McKinney. Welcome to bigger pockets and the area. If you like Historic homes and are looking for good areas to find them, you should have a look at The McKinney Square historic district. The Historic district has a lot of great old homes and homes that are in need of repair.

So I found a person trying to sell a property on craigslist in a smaller town about an hour away. 

He said he will email me photos, but as of yet I have not seen any.  The property seem undervalued even if I bulldoze the house and start over (the seller said there is no kitchen so I may have to do that).  

Its within 5 mins of a university and rents in the area range from ~$700 -$1,400 per month. for homes in good repair.  I wanted to try and talk with him to get a better idea of what he is selling and see if its worth my time to push forward.  The seller has offered to finance at 7.5%

I contacted to seller to ask questions and get a feel for his need to sell but he is only dealing with me via Email, and I still only know the cross streets.

I asked him in my last email about the Lot size, the Address, if the are any back taxes, if he is the owner or someone selling for the owner.....

Questions:

If I am able to talk with this gentle man on the phone, what do I ask him?

What are the important items that I need to be known before I go forward?

Is there a way to validate info like back taxes, liens, other issues that may be attached to the property that would prevent me from taking over?

How should I go about doing a valuation on the property independently from him to see if the deal makes sense?

Thanks for your help.  I am a newb, I have looked around but became very overwhelmed by the amount of information on all this stuff.