All Forum Posts by: Conner Parsons

This is great. Thanks for sharing

Hello,

I'm wanting to start a direct mail campaign using yellow letters, and am looking for recommendations. I've purchased a list but would like to pay to have the letters printed and mailed. I've come across several providers (Yellow Letters Complete, Yellowletters.com, etc) but am unsure which to go with. Not super price sensitive but also don't want to use the most expensive provider. Any suggestions or recommendations would be appreciated!

Thanks

Conner

I am looking to do a 1031 exchange , but have a question regarding the process. Does due diligence on the property need to be conducted before or after identifying the property within the 45 day window? For instance, what if I identify a property for the exchange, but then, after performing due diligence, decide against purchasing the property due to a defect that is uncovered during the inspection? Would a new 45 day window be initiated from that point, would I lose the ability to conduct the exchange, or neither? 

As a side note, I understand that you may identify up to three (or more) properties with the intent of only closing on one of them. Consequently, if one didn't pass inspection, you would have two other properties to choose from. For purposes of this example, what if you identified three properties but then decided you did not want to close on any of them?

Thanks in advance for your help!

@George Blower

Also, would I have to wait until I file taxes as either part-time or full-time self-employed in order to open the solo 401(k) or could I open the solo 401(k) as soon as I can establish income from my self-employed work?

Thanks @George Blower. Good info.

Is the loan from the solo 401(k) able to be drawn down and paid back repeatedly, similar to a line of credit, or must funds be distributed in one lump draw and paid back over time, similar to a term note?

@Brian Eastman @Justin Windham @Dmitriy Fomichenko

Thanks for the replies. Sounds like if I plan on using retirement funds, I need to a) establish self-employment income and b) invest passively in rentals or with a third party.. I really like the fact that you can borrow from the solo 401k too. What (if any) restrictions are there on the  uses for funds borrowed from a solo 401k?

Hello BP Community,

I am looking to do my first property flip, but am needing to get a little creative on the financing side due to minimal cash on hand. Although my liquidity is limited, I do have a decent amount of capital sitting in retirement accounts. Consequently I have been looking at a Self Directed IRA as a means to fund my flip. Just as I was thinking this is the route to go, I read about the Solo 401(k) plan and found that it is exempt from UDFI (and consequently UBTI) resulting from the financing of the asset. A few questions regarding the Self Directed IRA and Solo 401(k):

-Am I eligible for a Solo 401(k) if I do not yet have any self-employment income? I am currently employed full-time, and have not yet begun generating income from real estate.

-I have read conflicting accounts on whether the proceeds from the sale of real estate in a Self Directed IRA and/or Solo 401(k) are subject to UBTI. To be clear, is sale of real estate considered 'business income' or 'investment income'? Based on what I've read, business income IS subject to UBTI and investment income IS NOT subject to UBTI. Not sure if this is accurate or not...

Any clarification you could provide on these topics would be greatly appreciated!

-Conner