Dennis Gilgallon - Newbie from North Arlington, NJ

[Dennis Gilgallon]

Hi all:

My name, as you guessed, is Dennis Gilgallon. I am a non-real estate Project Manager from North Arlington, NJ. This is basically between Jersey City and Newark.

I have been researching and researching for about a year now but have just not been able to pull the trigger. I still have a few questions before diving in. I am hoping that some of you may be able to help.

I guess a little background and knowing my goals will also help.

I have some money in my 401K and IRAs. Essentially they are earning very little (probably just keeping up with inflation). I will never be able to reach my goals of retiring (EVER!) if I keep it there.

I have been looking into pulling this money out into a self-directed IRA so I can invest it in real estate and, with proper management, earn a much better return.

Here is where it gets dicey. I don't want to just invest the 401K and IRA in real estate. I want to use it for creating a real estate investment business. I am fuzzy, at best, on the dos and don'ts of self directed IRA and want to do it correctly.

Can anyone recommend a lawyer that specializes in this scenario. I would be looking to form an LLC (in addition to each LLC for each property).

Also, would anyone know of a reputable and expert real estate tax specialist?

My goal is to invest in at least 5 condo/town home or multi-family units in the Northern NJ/NYC (Hudson, Bergen, Parts of Essex, Parts of Passaic, Parts of Union counties).

Lately I have been considering vacation rentals as well but I need to do more due dilligence in that area.

Anyway, thanks for reading. I hope we get to work together and I look forward to sharing my experiences with you all.

Regards,

Dennis Gilgallon