All Forum Posts by: Bill D.

I have mine through BB&T Bank. Check out their terms. When I was looking for my HELOC, I shopped it pretty hard and BB&T had the best terms at the time.

Welcome to BP... I am just right up the street from you in Orlando. I am new to this as well, but I have found that there are alot of good people on these forums that are more than willing to help out. Good luck in your investing and do not be afraid to ask questions.

Thank you everyone for your input. This is one of the reasons I like BP...

@George Blower could you expand on the UBIT rules. Where can I find more info on this? Also, since I am starting out as a true 1 man shop, can I convert everything to a Solo 401k to use the money to get the business off the ground, then when I am at the point of hiring someone, can that Solo 401k be converted to a Self Directed IRA?

Hello BP Community,

I to move my retirement accounts into a Solo 401K and I understand that you can not have full time employees and still qualify for the Solo 401K, so I have a couple of questions about this. My business will be in the flipping of houses so I expect to have a sales person, dispositions person, an assistant and more as I grow. 

(1) Can I just have everyone be a consultant and 1099 them at the end of the year? Will I putting up red flags to the IRS if everyone is a consultant?

or

(2) For asset protection purposes, I will be setting up 2 LLC's. One in Wyoming for anonymity and one in Florida where I am located. The Wyoming LLC will own the Florida LLC. The Florida LLC will have the employees. Does the IRS still see me as having fulltime employees in this type of scenario since my name will not be on the Florida LLC.

Thank you for any guidance on this

Thanks Nick, I shared that with my father and it put his mind at ease. All 5 of us will go on title in "Joint Tenancy".

Bill

Hey there... I am trying to head off a potential family meltdown and hoping someone can give me some good advice. My parents personally own a piece of commercial property in Orlando FL and they also own the business that sits on top of it. They are older and have begun to put their affairs in order and have called a family meeting to explain how things will be divided among myself and 4 other siblings. My younger brother will inherit the business since he is the only one working in it and everyone agrees with that. My father also wants to give the commercial property to the same brother and that is where the wedge is starting to pull the family apart. My father's reasoning is this:

Throughout his career, he has always used the commercial property as collateral when he needed to build a building on the property or purchase a large piece of equipment. He is of the mindset that if he left the property to all 5 of the kids, a bank will not allow my brother to use it as collateral in any future upgrades to the property because of 5 people being on the title. (there is still room to build one more building and the potential to purchase the lot next door)

Is he correct, do banks not lend based on the fact that their are multiple people on title. If so, could we just put it into a land trust with the 5 of us as beneficiaries so the bank only sees one entity owning the property. Is there a way to do this so that the 5 of us can be on title and still ease his concerns?

This business and property represent the bulk of their estate and having it go to one sibling is going to tear this family apart. Any advice will be greatly appreciated. thank you

@Sam Ally I was unable to make it to this event as I was stuck in Kissimmee most of the day. Will you be doing something similar in the future?

Bill Davis

Hello @Sam Ally, is this the same event that @Stephen Anderson is hosting on the 26th of Oct? 

Bill

Count me in as well....

Hello everyone... I am interested too. Probably should set a date so that we can get a general idea of how many can make it. The size of the group will probably dictate where we should meet.