All Forum Posts by: Amy Webber

@Ashleigh Evans  My understanding is so far so good from what I have heard.  

https://www.biggerpockets.com/forums/92/topics/522621-morris-invest-review-after-8-months-of-ownership?page=8#p3464573

@William Huston

William,

Out of curiosity, did you attend the bootcamp you reference above and if so what did you think?

Thanks!

Amy

@Todd Fry

I am happy (and quite relieved) to hear that you are out of that property.  Also - a sincere Thank you for the straight forward posts and the updates over time.  Your willingness to be open about the difficulties encountered has been a helpful warning to me and surely many other people.

My husband and I have been using Meredith Noon at Noon and Hammett, LLC for all our closings over the last 15 years. While we are not wholesalers, we have purchased properties from local wholesalers in the past. The only time we have not used her was when we were the sellers and the buyers had a different attorney.

Hope it all goes well for you

@Marc Winter is right - I forgot to add to my above post that many of the agencies or charities do not assist until there is notice served. 

I commend you for looking for options.  You can't pay their bills for them but pointing them to resources that might be able to help them is a good thing.  In SC there are aging and omsbudsman services that are coordinated via regional government agencies.  They may not have a direct program to assist but a referral from them can often help smooth the process for families seeking assistance.  I looked up San Diego and the Omsbudman services are offered out of this group -  They will be wired into the local services and should be able to help you point your tenants in the right direction. 

FYI - I would only make the initial call to ask if this is the right place to have your tenants start.  From there I would leave it up to them to call etc. - there will be a lot of personal questions that the tenants will need to answer and you do not need nor want to be in the middle.

https://www.sandiegocounty.gov/content/sdc/hhsa/programs/ais.html

Good luck!

Sooo ... now do I have this summarized correctly ?  Thank you!

1) Solo401k must have self-employment income to exist, if self-employment stops somewhere in the future then you get help from your plan provider to close it up/roll it over properly.

2) Self employment income/No full-time W2 employees ... all is well with having and continuing  the solo401k plan following all the rules with help from your plan provider.

3) Self employment income continues AND a fulltime W2 employee is hired somewhere in the future THEN  you get help from your provider to decide if you are going to freeze the plan or convert it to the more complicated regular 401k plan. The solo401k  can not be left as it was prior to hiring the W2 employee. 

@George Blower

That makes sense. Thank you for the clarification.   If self employment, stops then the solo401k can be frozen. If you hire any full time W2 employees, then you have to close the solo401k or convert to a regular 401k plan with increased complications.

@George Blower @Nate T.

Don't you also have the option of "freezing" your solo 401k rather than converting it to a full time plan?   No more contributions but you can keep investing with what is already in it was my impression.

We do not have any intentions of having full time employees in the future but it is still a good thing to understand the implications.

Thanks!