All Forum Posts by: Cameron Price

@Michael Dumont II

What does a 300K property in Vermont rent for?

@Colleen F.

I agree with the roof first. It needs to be sealed up so everything inside can dry out. there are really only 2 places where I saw BAD leaks inside. I went in the attic and could see speckles of daylight in several places. Around the perimeter where the weird gutter system was. is destroyed, but removing the rotten wood and replacing with new wood doensn't seem to be a big deal.

I wasn't swimming when I walked through, lol, so no flood type damage. It was raining, so I could see the bad places actively leaking. 

Looks like the next step is to find a mold remediation company, a painter who deals with lead,  and an asbestos company that can look at it for me and give me a price, so I know what I'm dealing with

@Cindy Browning

That's what scares me on this project... the stuff I can't do if need be. If I'm required to hire out mold remediation and it's 10K, that's another big chunk of money up front. 

I need to know how much lead, asbestos, and mold I'm dealing with. Is there some kind of inspection that would tell me that? Or is that calling a mold company, an asbestos company, and a painting company?

@Account Closed

Definately need to get Plumbing, Mechanical, and Electrical prices. All systems would be completely new.

I need serious input! I just looked at a Historic house in my town that has been sitting vacant for over 30 years. The family finally put it on the market and are asking $80K. The realtor thinks they would take $40K or maybe even less. Several people have already looked at it, but it has overwhelmed everyone so far, myself included, but I'm considering making an offer on it. Its almost 3600 sf. 4 bed 3 bath build in 1911. It has water leaks in several places  that have caused extensive water damage. I'm pretty sure it is covered in lead based paint and probably has asbestos in it too. It would be a $360K house MINIMUM restored (decent houses in my town hang around $100/sf) . Realtor guessed $450K! Problem is, she also guessed $200K in repairs! Complete new electrical, plumbing, hvac required. Plaster is cracked on the ceilings. It has a crazy gutter system that was built into the overhang that has deteriorated and caused most of the water damage. 

The house is structurally SOLID from what I could tell. All rough cut lumber that appeared to be in great shape other than where the water damage has occurred. It has TONS of character and would be an amazing home when restored. 

I can start putting together some numbers of what it might cost to rennovate, but I have no idea where to start with lead based paint, mold remediation, and asbestos. Anybody have suggestions/ resources? RUN? lol. 

My current thoughts of what I could do to it:

Get some portion of it habitable, or move a camper on site, or rebuild carriage house on property... make it my primary residence.

Rennovate along the way.

Get it in decent shape and take out a HELOC on the property for a handsome sum.

Use heloc to finance pretty much any other flips I wanted to do.  I would have a large amount of money available whenever I needed it. 

I could rent out rooms to others if i wanted to, it's huge! It's directly across the street from a college as well. student housing, maybe? possibilities are endless. 

@Steve Polk

Welcome to the site! This is an awesome place to learn and make connections. If you put in the time and effort to learn, you should be able to accomplish your goals. 

Check out the bigger pickets pocast as well. That's how I ended up on here.

See you around!

Cameron

 Hey Robert,

Are you saying that I should have a SDIRA in addition to the Solo 401k? Because I can't see a single reason why the SDIRA is better for me. I could see having both to contribute to, hence raising my contribution maxes (if it even works that way).

@Brian Eastman

Ahhhhh. That makes sense. I didn't know it was a trust. Thabks for clearing that up. 

I've been filing as a sole propietor, but considering setting up as an S-Corp. Should I make the switch before setting up the 401k, or does it matter? 

And do the rules for what the business/ employee can contribute base calculations on total income, gross profits, AGI, or taxable income?

@Brian Eastman

So, it's self directed, but still requires other people to help manage it?

A separate question... if I can get set up before the end of the year, can I make a lump sum payment of $18,000 to max it out? And can that be on the ROTH side?

After researching different retirement accounts, I've decided that a self directed solo 401k plan is a good fit for me. I have self employment income and no w2 employees. When I search for how to start an account, I get all sorts of information about how great they are... I got that already! Lol. How do I ACTUALLY set one up?