All Forum Posts by: Bryan Drury

Welcome @Jared Yates to BP. You have come to the right place for everything REI related.Good luck in your REI.

@Andrew Spriensma,Hello Andrew,welcome to BP.You probably have a lot in common with Elizabeth Colegrove, she is a serviceman's wife and have multiple rentals scattered across the country.She writes about their experiences here on BP and does an excellent job.Also she was interviewed on Podcast #103.You ought to check it out,actually all of them you should listen and learn from.A lot of good information on all the podcasts.Good luck.By the way I'm about 60 miles north of you in Owensboro!!

@Cody Campbell,Welcome to BP.Plenty of learning opportunities here.I'm from Owensboro.I would like to participate in a BP meetup in Bowling Green, if my calendar allows.If you organize a meetup post it in the forum category Real Estate Networking,so I will see it.Brett K.just posted about a meetup in Louisville May 19th,that I would like to attend if my calendar allows.They have a very active group in Louisville.Also the Ohio Valley Real Estate Investors Club meets in Newburgh IN at Turoni's on the 2nd Tuesday of the month.Its a good meetup event.Good luck

@Drew Adkins,Hello Drew,I'm also from Owensboro.@James Wilcox summed it up well as far as getting started.We meet at Starbucks on Frederica some to network.PM me if you are interested.Also OVREI meets in Newburgh second Tuesday of the month at Turoni's Pizza.Good luck

@Jacqueline Pelzer

Do you prefer the Solo 401K than the SD IRA? What made you go with one and not the other.                    Jacqueline, the Solo 401K has many things going for it that may make it a better option for some people depending upon their circumstances.It is designed for small business owners that do not have any W-2 employees.It has very high contribution limits allowing the account holder to quickly build a nest egg.You don't have to deal with a 3rd party custodian.You have checkbook control over the account.There is a Roth sub account component.Solo 401K is UBTI exempt, you also may borrow funds from the account. Rollover ability from other retirement plans is also allowed.

For my circumstances the Solo401K was a better option.I had a conventional 401K at my employers but when we were bought out by another corporation we had the option of converting the 401 to a conventional IRA.And that is what we did. At that point in time I was not aware of Solo401K.After reading about them we soon figured out they were a good fit.So we converted conventional IRA to Solo401K.@Dmitriy Fomichenko has a web site at Sense Financial.com that can explain in much more detail what I just summarized.You need to spend some time educating yourself on your options before retirement about self directed retirement plans.Good luck

@Jacqueline Pelzer,Thank you for your civil service.I have some experience with self directed retirement investing.I worked with @Dmitriy Fomichenko at Sense Financial Services to set up a Solo 401 K account.Very professional,prompt,and knowledgeable.Ive learned that you can get tripped up by the regulations via the IRS very easily.There are a lot of details that have to be correct or their are consequences that usually cost you you money.Thats why I like simple.I will admit I've been out of my comfort zone  during this process.It sounds like your comfort zone is much broader than mine,thus your more comfortable with complicated matters.Good for you.I considered buying rental properties thru my Solo 401K but it was more complicated than the way we are use to purchasing,renovating,and refinancing them.We discovered private lending and that's what we are doing thru the Solo 401K.Maybe less complicated?We have had success their.Good luck to you.Keep it simple,LOL

@Jacqueline Pelzer  I apologize for offending you.

@Edward Synicky, I subscribe to your philosophy. We call it the KISS principal.Keep it simple stupid.@Jacqueline Pelzer seems to want to make it entirely to complicated.Most of us don't need extra headaches,there's already enough to go around without making things more complicated.Especially when it comes to the IRS.A phone call or email about mixing personal money with SDIRA money could eliminate some headaches and the possibility of triggering a taxable event.Educate yourself and ask the professionals for advice concerning self directed retirement  money before you take action.

@Chris Rose,There actually is a meetup in Newburgh IN on April 12th at 6pm at Turoni's.It's called Ohio Valley Real Estate Investors Association.You might want to check it out.I won't be able to make it but I've been in the past and very worthwhile.Good luck

@Chris Rose,Welcome to BP.There are plenty of opportunities to learn here.You might check out the podcasts.A lot of sharp people interviewed and sharing their stories of REI,I learn and enjoy them.Where is Burna Ky?