All Forum Posts by: William Mitchell

@Jonathan R McLaughlin thanks so much for your response! I didn't know about the 3-6 months of reserve requirement but that is great to know!

@Peter Mckernan 

Thank you for the response and the solid advice! My wife and I will be looking at all the options for sure! 

@Justin Phillips

Thank you for the response Justin! Our credit scores are good 720+ but I am not sure where my DTI stands. Is it just total debt divided by income? What would be considered good?

I have never heard of a sweeping checking account but will be looking into that further for sure. What do you mean by "if qualification is there?"

Continue to learn everyday. I am grateful for your help.

@Mike Dymski

Thank you for the feedback Mike! 

@Seidy Lasker

Thank you for taking the time to respond and for the advice.  Trying to soak up as much as I can here on BP so that I make less mistakes! 

@Dmitriy Fomichenko

Thank you so much for your candid response. Yes - Discipline could be a lot better and the first part of fixing it is admitting it - right? haha.

Your article on the self directed IRA is excellent. Thank you so much for sharing. Tons of good info in there that I will have to read a few times to really wrap my head around.

Thanks again!

@Cory Lucas

Thank you for your thorough response! 

I didn't consider using my 401k loan for investments purposes. I am still very early in this journey so I thought only really thought of my house equity as the best way to do that. The more I am listening to the BP podcasts and looking through this forum I see there so many different approaches to this I just need to find what is right for me and not lock into one in particular.   Taking a loan against it is very interesting to me and sounds like a good option to look into!

I have recently heard of the debt snowball and it does make a lot of sense. Need to buckle down and get some discipline! 

Thanks again for your help!

Hello All,

This is only my second post so I hope this is the correct  forum. 

We have over $20k in high interest credit card debt and the payments are keeping us cash strapped every month. We are just starting to look at real estate investing and feel that it will critical to pay that off as soon as possible. I have $30k in my 401k and was curious if there was a way to withdraw that to pay down the debt penalty free or with as little fees as possible.  I do not plan on investing any more into the 401k as we are going to be focusing on real estate investing.

We also have $250k in equity in our home but thought we would it might be better to use that for our first investment property.

Obviously we are just starting out in this and not even sure what questions to be asking yet. I appreciate any and all feedback. 

@Julio Gonzalez Thank you very much Sir! It is crazy to see how much info there is here!

@Dmitriy Fomichenko  Thank you Sir!

@Justin Phillips Thank you ! Small world! This market here in Gilbert and Arizona is just crazy. I will have to figure out how to connect with you!

@Jose M. Ramos Jr. Thank you Sir! Fellow Arizonian - that's great! 

@Jane Belmont Thank You ! It certainly feels that way!

@Account Closed Thank you, that means a lot. I definitely feel like this IS a the place to be!

I think I might overuse explanation points. 

Thank you @Cody Neumann !