By Kim Parmon, July 22, 2020
There have now been three separate occasions in my life where I have said the phrase “well, I didn’t expect to buy a house when I woke up today, but here we go.” Yeah, I’m probably a little crazy. Who buys investment real estate during a pandemic, especially when we can’t issue any evictions? This weirdo does, that’s who.
This is why I decided to jump: I was able to fund the deal with retirement funds from my IRA. Because of the pandemic, the government isn’t issuing penalties for withdrawals up to 100k right now (please check with your CPA for up to date info on this and don’t rely on what I say here). If the funds are paid back within 3 years there shouldn’t be a penalty.
I was able to close on this deal with my retirement funds and I am going to do a cost segregation study to recoup a large portion of my down payment. Cost segregation is a tax strategy that allows you to depreciate individual elements of an investment property all at once instead of over time. I will get a chunk of cash back and use it to repay my IRA. Win-win!
Are you interested in learning more about my investment strategy? I’d love to help! Give me a call at 503-438-5101.
Kim Parmon
Principal Broker | Earth Advantage Certified | OR
She/Her
Kim Parmon Principal Broker Lead Listing Agent Earth Advantage Certified | OR kim@livingroomre.com Oregon is the fifth state that Kim has called home in her life, and this one is sticking! After moving multiple times in her childhood, Kim fully understands how empowering homeownership and having roots is...
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- T: 503-438-5101
- kim@livingroomre.com
