All Forum Posts by: Clay Sellers

Bummer! just now seeing this post. Headed to a different happy hour and an HS football game tonight. I'll be at the next one. 

I filled out this form on the previous post. Do I need to do it again? 

Question Submitted.

Dang! I got excited for a second. I thought I read Los Alamitos here in So Cal. I'd drive an hour and a half for this meetup. When are you coming to San Diego or Orange County? 

I have a family friend that needs to get out of a property they own. They are bleeding money -$2200 (~$600 when rented) per month. Why they haven't dumped the property yet, I don't know? 

Now they want to get rid of it. They don't care if they make any money on it but they don't want to lose money either. They just want to stop the bleeding.  I'm looking for ideas that will help them out of the property and possibly get me into my first deal (if it is one) with little to no money OOP. 

Here are some details that I know of:

Property: SFR 3/2

Current Loan Balance: ~$247,000

Current Rate: 8% (yes, that's right) they can't refinance they've looked into it already.

Current Payment: ~$2200.00 p/m 

Current Status: Vacant

Rent for the area: ~$1600.00

Repairs: ~$8k+ (according to a recent bid from a contractor)

ARV: ~$277,000

Any suggestions would be much appreciated.

Wait, correct me if I'm wrong @Dmitriy Fomichenko, one can use their Solo 401k to fund "their" deals. However, they are not really "their" deals. The deals made are technically deals of and for the growth of the Solo 401k.

I think the confusion here @Dymond Shafer is that the deals you do with funds for the Solo 401k are strictly for the purposes of building up that Solo 401k account (as it's own separate entity). , until such time as you can legally start taking disbursements as a retirement withdrawal. You can not profit from the proceeds of the Solo 401K. All profits need to go back into the 401K. I think the issue here might be with the phrase "personal flip"?

Does that sound correct?

For example (a very simple one): If I have $150K in my Solo 401K, I can purchase a home for $50K (cash)  from my solo account and use $25K from the same account to rehab the home. Now, if I'm flipping it, the principal and any gains from that deal need to go back into the Solo 401K. I can't personally benefit from it at this time.

Correct?

@Dymond Shafer, I've been speaking to @Dmitriy Fomichenko about rolling over my old 401k to a Solo 401k to use for REI. After reading @Larry Fried 's   The Holy Grail Blog posts, I believe it's the best thing I can do with my money right now. Dmitriy and his team come highly recommended. Check out their testimonials page. There might be some familiar names on there. Do some more research. Don't let that money waste away in your old 401k. (Great Marketing Slogan, btw, right?)  

@Brian Eastman I'm no longer employed with the company. 

@Brian Eastman @Dmitriy Fomichenko how much of my 401k can I roll over to an SDIRA? Only the vested amount? As mentioned above, there is about $20K in the account but I'm only vested to about $14K. 

I have some money sitting in a 401k account from a job I left about a year ago, not much, about $20K. 

I can roll that over to an SDIRA, correct?

Does it matter what strategy you use (Fix & Flip, Buy & Hold, BRRRR, etc) within an SDIRA?

Since it's not a large amount of money, can I use it for a down payment and take a mortgage loan, within the SDIRA? 

Can the SDIRA get an HML or PML for rehab costs?