All Forum Posts by: Amber K.

Thank you, all. This is exactly the information I was expecting, but I thought I would throw the question out, in case there was more flexibility than I was expecting.

I already manage my own investments elsewhere, so that's not an issue. I'm not an "eeny, meeny, miny, moe" investor, though I can understand why some would start out that way.

I'll start looking into what it will take to roll-over my 401k from my previous employer into a self-directed IRA.

Thanks again!

I was "traded" last year to a subsidiary of my long-time employer and that subsidiary is now an independent company.

When signing up for benefits this week, I noticed something unusual about their 401k offering. They called it a 404c. There's not a lot of information out there from an employee's perspective on a 404c, but this appears to be a great option for the corporation to reduce liability from losses it's employees might experience while investing.

The basis of the plan had about 15 funds that were not very good. I am half tempted to keep my money in my previous employer's plan. That was until I noticed an area in smaller type that says self-direct your 401k. It said I needed a brokerage account to do so.

Is this anything like a self-directed IRA?

@Greg S. I'm also in the early stages of this. I met with a broker last night for more information on their brokerage and the types of fees that would be involved. My state, Michigan, has a licensing department that has all the information there. It includes what is required to get and keep the license, as well as what educators are approved by the state. The list includes more online options than in-person options, which I was surprised to see. Makes sense now that I think about it. Minnesota likely has something similar.

@Brandon L. Thank you for saying it like it is.  There was a lot of support on this thread to keep my integrity intact, which I would have done regardless.  You've helped me recognize that no matter how much I want to get started now, there is still more work to be done.

Thank you.

@Richard Incrocci Very interesting take on equity being a driving force for buyers. Something I hadn't thought of. I was already considering the lease option route, so this would be exactly what I wanted to accomplish. Thank you for your advice.

Respectfully, @Brandon L., are you answering my question related to wholesaling?  Because that was exactly my concern and why I presented my question.  From my research and watching investors around me, there are many, many people wholesaling who are doing exactly that.  The last thing I want to do is not lift other people up.  There are too many people in this world only looking to step on others to get ahead.

There are also many people here who started from nothing and became very successful.  I have no way of knowing if they truly held themselves to a higher standard and still got ahead, but without any evidence to the contrary, that is what I have to assume.

I watch and I learn and I choose action instead of continuing to stand on the sidelines.  I can afford the two houses I currently have.  They are both in livable condition, just not top notch condition.  I overpaid more than a decade ago for the house I just moved out of.  The market has caught up with the price I paid and surpassed it by $20k.  Not a lot of room for profit, but it's still there.  I probably also spent too much for the second house, even though I still spent far less than other investors have in my market.  The repairs that are needed for both are just superficial, but in my opinion, needed.  I will figure out a way to earn money for the repairs ethically and within my higher standard.

If you have any suggestions on how to best do that, please let me know.  Thank you for your comment.  It really helped me frame my goals and standards in a way that I needed to move forward.

Glad to see BiggerPockets edits out inappropriate words.  :)

Just a fun story.  I know we all know the public perception of landlords, it just surprised me to hear it from a close friend.

I had mentioned this post to a lifelong friend who has also been a lifelong renter. Her mother died when she was really young and her father was a chemist, but they always rented their homes, so she's known nothing else. She was astonished at the responses I received here, because, in her words, "All landlords are ********."

Apparently, ever since I first brought up investing in real estate, she'd been wondering to herself, "Amber's not an *******.  And I know she'll never be one, so how can she be successful in this?"

She understands now that I have no intentions of being like the landlords she has known, but it hurts my heart that so many people have this impression.  I'm sure I'll start reading up on this in BiggerPockets now.  :)

I've learned so much through this thread.  I've learned letting go of my integrity is not something I will ever have to do.  While I already knew I would never be able to, I was afraid that I would have to, in order to help my local community find safe and clean places to live.  It is truly a relief to see so many people in the BiggerPockets community recognize the importance of integrity and honesty, to see that it's not a bad thing to hold onto that which defines me, that framework in myself that helps make decisions while being true to myself.

@Pratik P. You have a very good point.  The average retail transaction of real estate absolutely includes those types of clauses, so why would this be different?

@James Wise When you say wholesaling is usually illegal, are you referring to the fact that most wholesalers are trying to sell the houses even if they only have a contract and don't own the house?  Part of my concern about integrity definitely points to that fact, as people cannot sell houses that they do not own.  They can sell the rights to those contracts, but not houses, correct?