CPA / Attorney Referal REI via Solo401k

[Bill Nolan]

Hi All

Looking to continuously develop and build team.

I am currently working with RE Agent and referred Attorney in the purchase of first investment property. With that said, looking at long term strategies and while not unhappy with referred attorney looking to community for reference specific to minimizing risk, maximizing gains and strategically develop portfolio efficiencies in asset protection and tax exposure.

I've been studying and educating myself for past 18 months prior to this first opportunity. Now that I'm there, I need to look long term.

Fist opportunity is 100% Cash purchase, maybe BRRR if it makes $$$ sense. I am performing my due dillegence to the best of MY knowledge & want to be aggressive yet strategic.

I am open to local (Chicago) brick and mortar referal or out of state digital / teleconference teammates.

If possible, my happy place is a referal with both capacities of Financial and Legal advice/support with REI using retirement funds, can support our (wife and I) small business and my W-2 with aforementioned expertise.

to date the forum has been a great tool. I do have an IM or connection request out there however looking for my Unicorn.

Thanks and have a great day!!!

[Michael Lewis Lee]

Hello Bill! There are a few things to discuss. First off, check the demand in your area. A 401K is just paper, real estate ownership is having a physical investment after tax money and it can be a decent way to save money until it is invested.. Have a 401K in after tax dollars. It is a decent way to have one as a savings vehicle until you can use it to purchase real estate. Borrow as much as you can as long as it has positive cash flow after the debt payment is made. It is probably better to invest in a BRRRR if it is an add-value product.

The more units at each address is usually better and it is less painful with a vacancy.  You might ought to put 30% down in lieu of all cash.  There is nothing wrong with debt as long as its on something that has positive cash flow.  Understand the difference between assets and liabilities.  Only invest out of state with an experienced Turnkey provider that also manages the subject property to reduce your traveling expenses.

A Buy and Hold is usually better than a Fix and Flip.  Do not quit too soon.  Be long term minded.  Never quit educating yourself.  It's very difficult to predict the future.  Many salespeople do that.  Good luck to you!