All Forum Posts by: Daniel Dietz

I would second what Chris says. That might be Overkill, but the kkos Firm would definitely be a good one to help you figure that out. They have set up two different LLCs for my partner tonight involved are self-directed IRA and are Solo 401ks. If I were thinking about what you are, they would hands down be the one I would go to. Tons of great content on YouTube and their website to

 I am involved in 4 different Partnership/LLCs that hold real estate. I agree with whoever said that sometimes putting it on paper helps. I like to draw pie charts to hash things through.

If there are ever any questions I might be able to help with feel free to hit me up directly. 

 ^^^^^^^^^

THIS RIGHT HERE

  you're getting a lot of great advice here from some of the best.

one of my questions for you would be what do you do for your day job now? Is that something you could expand on as a consultant or a side Hustle? That might be an easier way to have self-employment income then trying to force it to come through so real estate investing that you are already involved in. An example would be a friend of mine who worked in commercial construction work started a side business where he does Property Maintenance. It is part of what he already is doing so it came easily to him, and in demand in our particular area. He focuses on professional Office Space small maintenance. Enough for him to Earn earn about 10K per year, all of which goes into his solo 401k, but the bigger reason was to roll over 300K Plus from his Ira's.

One thing to keep in mind is even if a side gig generates small profits, it does make you eligible to have been a solo 401k into which you can roll existing 401k or traditional IRA balances, can be significant for some people.

Before you start down a path with an advisor, I would suggest getting a second opinion, it sounds a bit more complex than average.

we, my partners and i, have used kkos lawyers and accountants for years. Mark Kohler and Matt Sorensen are both of the best in the business, and they have a ton of free educational content through their podcast in YouTube videos. They also have other educational materials for sale that I find are well worth the money.

nothing against Anderson advisors, but when I spoke to both of them before we started kkos seemed like a much better fit and that we would get more personalized, and less cookie cutter service. Just my two cents.. Feel free to reach out if you would like

We did this a while back with a 'prohibited partner' (father /son). What I learned after the fact is that yes, it is legal IF both parties could have done the deal themselves. BUT, what I didn't realize is that neither of us could even ADD more capital into it. My understanding is that essentially when you ORIGINALLY set it up, it could be thought of as 'co-investing', or along side of each other. But then if you want to ADD more, your are 'co-mingling' funds now - essentially 'doing a deal/business activity with YOURSELF. 

My dad sold his part to an unrelated party to clean things up so we could grow the business. 

IF you want to get into this type of thing, one of the best sources of info is from Mark Kohler and Mat Sorensen of KKOS Lawyers/Accountants. They have TONS of YouTube content and several Podcasts also. AND, they use the 'mixed variety themselves also, so they know of what they speak!

Good Luck, Dan Dietz