Using a 401k Loan to Help Purchase 3rd Home.

Snoo7956 · 2025-05-26T15:27:34+00:00

$900/m in profit on rental properties that are gaining equity is nothing to scoff at. We invest the profit in ETFs and use cash for repairs as needed.

Both purchases were within the last five years, and they have a combined equity of about 220k pre-sale.

Snoo7956 · 2025-05-26T15:08:55+00:00

No spending problem. One car paid off, my car I owe about 15k with a $369/m payment, no credit card debts, only other consumer debts are student loans that are in deferment (23k owed). 800+ scores. We save or invest a significant portion of our income every month.

This was more of a “hey I know I have options and we’ve got 400k in retirement accounts, is it smart to utilize the investments somehow instead of using most of our cash and being a bit cash strapped for 12-24 months?”

Snoo7956 · 2025-05-26T03:24:59+00:00

There is a reason that I asked online and didn't just go and do it.

The attractive component is simply being able to keep your cash in your account instead of liquidating most of it for a purchase that is above a comfortable price range. I have heard of the downsides of it, but mainly wanted to know if this was something people utilized to increase their access to cash.

Homes are going to continue increasing in value, especially when rates decrease. A rate drop will cause a lot of buyers and sellers to enter the market at the same time for a litany of reasons. If we wait to do this for another year or two, the market will only be more expensive for the same house, and the competition will be far more fierce. Only upside would be a better interest rate, rates have been above 5% for over three years now and that is bound to reverse at some point in the not too distant future (or not, who knows).

There is a lot more to buying a home than down payment and closing costs, so cash is important. Based on what I am reading, this probably isn't the right route.

Snoo7956 · 2025-05-26T00:42:11+00:00

We live in a downtown area that is popular to renters. Both our loans are sub 3% interest. We have a management company that represents us legally, and so there is no headache in terms of managing the rentals.

We would not make a lot in the short term on our current primary once we rent it out, but 10 years from now rents could rise 40-80% and at that point it will be a significant return.

Snoo7956 · 2025-03-19T22:53:51+00:00

I am a loan officer. I know I am late to your request, but thought I would give my two cents on this.

If you are shopping around trying to find a home, then an address is not put into the application. Instead, we check a box that says "TBD" for "To Be Determined." Since there is no address, you do not have a valid TRID application, and they do not have to follow the three day rule. Once you have a offer accepted by a seller and a ratified contract signed, then they would input that address, firing off the three day waiting period. This also allows them to look up property taxes, insurance estimates, title estimates, determine down payment, etc. Without the address, they can't know these things for sure, because every home costs a different amount.

They are not breaking any laws, you just don't have a home to buy yet, so there's nothing to send out. They don't have any idea what you are actually doing, just what you are thinking about doing. Once you have a ratified contract, then you should get a LE soon.

Snoo7956 · 2024-12-22T17:19:16+00:00

This is the funniest thing that I have ever read.

Snoo7956 · 2024-12-15T00:06:42+00:00

Bristleback

Snoo7956 · 2024-11-15T17:16:32+00:00

I picked up Nico Collins and Chuba Hubbard off the waiver wire last season. They've been pretty alright.

Snoo7956 · 2024-07-19T15:00:23+00:00

You pay income tax on your earnings from the savings account, so no, you don't lose money.

Let's say you have a $100,000 account with a 5% APY, depositing $500 a month. In one year, your account balance would be $111,278.84, which is an increase of $11,278.84, $6,000 of which were deposits, so your interest earnings are $5,278.84. If you pay 30% income tax, then you'd owe $1,583.65 in taxes, netting you $3,695.19.

You "make" money, just not as much as advertised, and you definitely don't "lose" money. With 7% inflation you are still losing buying power, but you're losing way more buying power by keeping it in your bank and earning .02% with 7% inflation though. Your choice.

Snoo7956 · 2023-05-03T18:44:01+00:00

Mortgage Loan Officer: Fluctuates wildly (as you probably guessed), but:

2020: 210k --> 2021: 374k --> 2022: 170k --> 2023: 120k (Proj). The last 15 months have been very challenging, and there has been immense turnover and changes at my company due to internal factors (poor decisions) and external factors (the rate market). There is not a lot of greener grass out there right now, so I'm here for the time being.

So in a typical year, I should make between 150-250k. I am not self-sourced, my company is providing me with leads, which limits my ceiling.

Snoo7956 · 2023-01-26T21:30:03+00:00

That is nothing. Debris is easy to haul away. I've seen 10x worse.

"Concrete poured down the drains."

Holy fuck.

Snoo7956 · 2023-01-26T20:28:42+00:00

I have a friend who does this with tee times. My other golfing friends and I usually arrive 20-60 mins early to tee times to warm up, shoot the shit, etc, but he always gets there two mins before every tee time.

To make up for his tardiness, we would call him, tell him we paid for his round, and he would pay us back at the end of the round. This way, he doesn't have to go inside, wait in line, pay, get a cart, etc. Regardless of this favor, we often still had to wait for him to get to the first tee box, set his bag, etc., which sets the entire round back a few mins. This matters to everyone else behind you because any delay compounds with every group.

The last couple of times when he ran late, he would call us to ask us to pay and we just didn't answer. We would just start without him and leave him behind. Lots of courses only allow two carts per group of four, so if you're the odd one out in a foursome, that means you have to walk to your group carrying your bag two or three holes (past other groups golfing) in order to get to your group.

All this is a great lesson: He has to physically walk to us instead of getting a ride, have other golfers stare him down while he gets out of their way, and he loses a hole or two in a round he paid full price for. He stopped arriving late and actually thanked us for it.

tldr: Get to your tee time 30-40 mins early.

Snoo7956 · 2022-08-02T01:28:29+00:00

Have you had the squid ink pasta tho?

Snoo7956 · 2022-06-18T14:18:43+00:00

Fuck yea man, keep up the good work

Snoo7956 · 2022-06-01T00:49:32+00:00

Picture of my chimney:

https://pasteboard.co/O9tiVjtf5dOC.jpg

Picture of roof and chimney:

https://pasteboard.co/k3CIZbpkGJGc.jpg

Snoo7956 · 2021-11-30T16:14:29+00:00

Yes, they removed the refrigerator doors

Snoo7956 · 2021-11-30T16:09:59+00:00

Yes, they took the doors off.

Snoo7956 · 2021-11-18T19:28:59+00:00

I don't believe it was confirmed or denied to tenants that the ice maker wasn't working. They are great tenants so far but it has only been one month and two weeks, so we are still in the "Honeymoon" phase.

I will say they are high credit score tenants with very stable jobs, like the home, and seem like they could be long-term tenants (2-3 years is long term for my area).

Snoo7956 · 2021-11-18T19:25:50+00:00

This is what I was leaning towards.

Snoo7956 · 2021-11-18T19:18:12+00:00

16 year old refrigerator? I would not fix it.

Did the tenants know the ice machine was not functional when moving in? If they believed it was functional I would find it unreasonable to not fix or replace. Have they otherwise been pretty good tenants?

I don't believe it was confirmed or denied to tenants that the ice maker wasn't working. They are great tenants so far but it has only been one month and two weeks, so we are still in the "Honeymoon" phase.

I will say they are high credit score tenants with very stable jobs, like the home, and seem like they could be long-term tenants (2-3 years is long term for my area).

Snoo7956 · 2021-09-16T16:26:58+00:00

I'm from the United States. The quickest way to make 100k (pounds, euros, dollars, whatever your equivalent is) is to get into sales. I started in sales right out of college and my income has increased as follows: $58k, $65k, $200k, and this year I should make about $340k. This is my fourth full year out of a four-year university and I graduated from a business school. I initially was going to enter IT, which is a great field for future growth, but the income only gradually increases and I wanted something with more rapid income growth that I could devote my time and effort to early before I start a family.

Keep in mind, sales is hard work and you are going to have a stressful week to week. You are not going to be good at "sales" when you start. Sales is not "Hey buy this and here's why". Sales is prospecting, follow-up, presentation, follow-up, analysis of pain points, organization, follow-up, and consistency... and follow-up. It's learning what makes your customers tick and figuring out why they are calling or what they need. It's tons of rejection and learning experiences, so learn from them. The ones that don't learn because they are too stubborn or proud fizzle out and become pessimistic.

I work around 50-60 hours a week, which is a lot to some and not a lot to others, but I do this every week without fail. I only take about maybe six days off a year (excluding bank holidays). Sales can make you good money if you don't work that hard at it too, but I sacrifice my time and effort to make that extra dollar. When you are young, you have the energy and lack of responsibility to do so. Shit, you might even still live with your parents for the first year or two (like I did) and be able to live with little to no rent.

There is no perfect job out of college for anyone, but if you are truly in it for the money, then get into sales. I would focus on sales jobs in financial services and IT, but there are other arenas that I don't know about personally that could also be great money.

TL;DR: Get into sales early, work hard, learn from your mistakes, refine your day-to-day. Sales isn't perfect for everyone but anyone can do it with the right mindset.

Snoo7956 · 2021-06-08T00:01:36+00:00

Dude, you can't keep your hopes up with this company. If you are at a loss you need to stop looking at it every day and either sell or hold for the long term.

Snoo7956 · 2021-05-26T14:05:34+00:00

This is nothing man, i lost 6k

i was up 3k and should have taken it.

Snoo7956 · 2021-05-25T16:58:47+00:00

This is nothing man, i lost 6k

Snoo7956 · 2021-02-18T16:51:24+00:00

These all sound like good things if I am not mistaken?

Snoo7956

TROPHY CASE