Today’s first caller has a good chunk of money to invest. Should he continue investing in his established rental market or buy a multifamily property in NYC? That’s the first question I’m answering on today’s show!
This episode features three of your real estate investing questions on single-family vs multifamily, getting started with bad credit, and moving money from a 401k to self-directed IRA. Click play to hear my answers to your questions!
On this episode you’ll learn:
- What to consider when you’re thinking about diversifying.
- How to get started in real estate with bad credit.
- What you need to know about transferring money into a self-directed account.
What to Consider When You’re Thinking About Diversifying
There’s a big difference between diversifying and getting distracted. When it comes to real estate investing, it’s easy to get caught up in shiny object syndrome! I can’t tell you what to do with your money, but I personally believe in staying on a proven course. It might be attractive to buy a multifamily unit in NYC, but if you have a proven record in a landlord friendly market, you’ll likely see the most success if you stay the course.
Here are some things I’d consider before diversifying into multifamily units in a bigger market:
- What does the demographic data look like?
- How much will your tax bill increase?
- How many more single-family properties could you buy instead?
- Do you plan on living in the property?
- What are the state and city laws for landlords?
How to Get Started in Real Estate with Bad Credit
There are three things you need to get started in real estate: money, people, and a deal. So if you don’t have money, you’ll need to work on making connections and finding deals. Consider wholesaling, working with private lenders, or getting approved for non-recourse financing. Having a bad credit score might be a disadvantage, but don’t let it stop you from reaching your goals.
What You Need to Know About Transferring Money Into a Self-Directed Account
Transferring from your 401k into a self-directed IRA should be quick and painless. The new account can be set up in a matter of minutes, and transferring the funds should only take a few business days.
Ask Me a Question at morrisinvest.com/clayton
Book a Call with Our Team
Download the Freedom Cheat Sheet
Download the free Financial Empowerment Bootcamp
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Ready To Build Passive Income Through Rental Real Estate?
Ready to talk about your goals? We're here to show you the tools and teach you the process to begin earning legacy wealth for you and your family.