All Forum Posts by: Brandon Bolinger

I have a simple ira from previous employer that I am considering rolling into my 457 plan. I have been considering it for awhile but can't find the correct answers. On one of the Bigger Pockets Money podcasts a few years ago Mindy Jensen stated that anyone that has a 457 Plan would be smart to roll other accounts into it due to having access to the money once you separate from that employer without penalties. I don't have any desire to start pulling money out of the plan but I like the thought of having access to it with out penalties if I were to separate from my employer. (I'm planning on my real estate to be my primary retirement income.) Reading through the IRS website it says I can roll my simple ira into my 457 but it says it must be tracked in a separate account. What I can't get clarification on is if the 10% penalty remains with that money. If the 10% penalty stays with that money then I don't see the benefit of rolling it into my 457 like Mindy was saying. The guy that runs my 457 plan said from what he found the 10% penalty stays with the money and he doesn't see a benefit from rolling it in. Can anyone help me clarify this? Also would you have any other recommendations of better strategies. My thought is to be able to use this money at some point to help fund my Real Estate investing. I also like the idea of doing a self directed IRA but haven't educated myself enough to consider it. Thanks

@Andrew Neel I have had good luck with Bippus State Bank in Huntington for all my loans.   I Plan on speaking with First Federal at some point to establish a relationship there also. I would look elsewhere before doing a 35% down payment.  

@Dan Barli yes I am currently looking in the Huntington area. I have looked at and ran the numbers on some and $100 a month on a SFR just doesn't seem worth it. I am looking in a 20- 30 mike radius. I am looking for something that is or I can turn into a nicer units and attract better tenants. One of my main goals is to have units and tenants that my wife can manage and safely collect rent or do the inspections on. I would like to stay multi family and would like to be at $200 per door. I am hoping to buy some locally that we can manage and get a system figured out. Then start investing out of town once I have a plan in place. I am thinking about looking into Airbnb also.

Ok guys I was talking with a local appraiser about building duplex's. He suggested that I build them with a layout so some day they could be converted into SFR if I needed to sell. Has anyone approached building duplexes this way? I can see the resale benefit but not sure it would be worth it. I would like to know everyone's take on this thought. Thanks.

Hey everyone I found Bigger pockets about a month ago and have been hooked.  Absolutely love all the podcasts and webinars.  I’m not new to rentals but the idea of creating passive income to supplement my other careers has got me motivated. My wife and I are ready to grow our investment portfolio on a larger scale.  I am a Career firefighter for 2 years now and have been a licensed plumbing contractor for close to 10 years.  I have been looking locally for single and multi family properties but not finding anything.  I’m running numbers right now to see if I can build duplex’s or quads and cash flow.