All Forum Posts by: Kevin Parnella

Thanks men. I now have a complete understanding of the 401K loan option, and I would not do a withdrawal. What I would like to know more about is the self directed IRA option. With the 401K option, i would have a 5 year re-payment. One downside of the 401K option,

With the SDIRA, I thought I read where i have to have a custodian? I don't understand this concept or what that means. Second, if I rolled over all of my 401K from my previous company into a SDIRA, are there tax implications for a withdrawal or loan? I would like to find out why many of you feel the SRIRA is a better option versus a 401K loan. 

thanks men!

Hi all,

I am about to change jobs and will be purchasing an investment property once my vehicle is paid off in 2016. I emailed my HR person to obtain a Terms of Withdrawal to review if my next employer will allow for loans. I am aware of the basics where I can take a loan up to 50% of the vested balance with a maximum of $50,000. I was looking to do a loan for $30K. 

My question is, what other options are out there for me to purchase an investment property? I've read about self-directed IRA's, but I wanted some feedback here to see if that is a legitimate option.

Thank you sirs. 

Hi,

I'm a newbie here so my question may seem juvenile. My question is how do you find these properties to wholesale? I've read a lot on the board and I'm gathering that most wholesalers aren't doing any business, and my guess would be because they cannot find these properties to wholesale. Am I correct in assuming finding properties is the largest stumbling block for newbies?

Have a great day!
Kevin

Hi Brian.

I appreciate the time in responding. I'm not familiar with the concept of wholesaling but it does seem like a investment stragedy for someone like me who has no income to purchase a property. I did find a forum dedicated to wholesaling and a sticky on developing a buyer's list, so I'll will have to read those since I'm a novice.

I did notice last night someone with an advertisement on their car about them buying properties. This guy's info would have been someone to hold on to. The good news is that these investors are all over my area.

I still would like to understand the legwork involved in being a wholesaler specfically how we find these properties that investors would be interested in to begin with.

Have a blessed day
Kevin

Hi Jerry,

Thanks for your response. I have no investor experience and have been reading up on the board and people have suggested to start off as a birdogger. So that's why I was asking. However nobody has responded on how to find these properties that investors might be willing to purchase.

Second, I have no money for these properties. I'm not sure how much money we need to have freed up for wholesaling, so if you want to elaborate, I'm all ears:)

Have a blessed day
Kevin

Hi Jonthan. Thanks for posting. I'm new here and I'm not familiar with the 2% rule. Can you elaborate?

thanks!

Hi,

My name is Kevin and I love the board. I live in Dallas/Ft Worth (Plano specifically). I work for a major bank as a loan modification underwriter and I was formerly a mortagage loan officer so I have some basic information on the mortgage industry.

There is a ton of information out here and knowledge is king. From the reading I've done on this site, many have suggested to start birdogging as a way to break in as an investor. I think that makes sense for me becauase as someone said, finding the deal is half the battle. I also have no money to become an investor presently.

My question is how do you find deals? Once you find these possible deals, how do you find information on the properties such as LTV, repair costs, etc? In other words, once you find a potential property, how do you determine the costs of repair?

I also paid several hundred dollars in the past for a mentor and he was pretty much worthless and I won't be doing that again.

Have a blessed day
Kevin

Actually from reading over the board, a book on bird dogging would be something i should be starting with since I'm a beginner with no experience in real estate except for buying my own owner-occupied home.

thanks!

Hi Jon. Thanks for the update. I'm looking to learn about information about becoming an investor and success stories about how to do so. Maybe looking at an REO book is too specific and if that's the case, that would be good feedback. Tony Alvarez had a book on the subject and that's what caused me to specifically address REO's.

thanks!

Good morning.

I'm an active reader and I wanted to read a good informational book on REO's. I just purchased one, but it was geared towards agents which I am not. So if anyone can provide a recommendation I would appreciate it.

Have a blessed day
Kevin