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Updated over 6 years ago,
Please Help a lost Newbie!
Hi everyone,
My name is Mark and I need some direction. I am a self employed commercial fisherman who makes 150 to 200k a year. I am totally fine with this income at the moment but the only problem is when the tax man comes knocking I have to fork over 50 to 55k of my hard earned money. I am fed up and need to keep more of the money I earn...
My solution to this problem is to invest in rental property. Fix and flips/hold and single/ multi family homes. I have background in Building Construction and enjoy remodels, so I feel this path to be fitting.
Here is where I NEED DIRECTION. SHOULD I PUT THE FISHING PROCEEDS MONEY INTO A SELF DIRECTED IRA, AND USE THAT MONEY TO BUY RENTALS? SHOULD I WAIT UNTIL I HAVE ENOUGH HELOC IN MY HOUSE, TAKE THAT OUT AND START INVESTING? IF I HAVE RENTAL PROPERTIES UNDER AN (S) LLC WILL THIS hELP THE SITUATION I AM IN?
ANY INFORMATION ON HOW I SHOULD GO ABOUT THIS WOULD BE MUCH APPRECIATED!
SORRY FOR THE ALL CAPS MY I PHONE IS ACTING UP