All Forum Posts by: Don Ireland

After thinking on it some more, I'll take stab at it myself and maybe you can tell me if I'm understanding it correctly.

If I were to partner with the 401k plan in buying a house to hold for rental, that would be ok so long as I am not involved in the day-to-day decisions. When we sell, I would still be fine if we use a realtor instead of doing it FSBO.

The issue with my aforementioned scenario would be the fact that I wanted to be involved in the deal personally.

Can you help me understand why it's different from BUYING as partners and later selling it?

I've always understood that was completely legal.

I'm not trying to be argumentative or anything -- I'm just trying to understand the rules.

Accidental double post.

Is it ok for me to partner with my Solo 401k on wholesale deals?  I'm thinking that I'd set up a general partnership with me as the General Partner and the 401k as the other partner.  We would be 50/50 owners. 

Give the following a read...

http://bbs2.mrlandlord.com/display.php?id=14480837#14480837

Sorry for the delayed response -- I just now saw your post.  Thanks for the advice.  I had always intended to have a separate account for business purposes.

I just wasn't sure if I should:

* "pay rent" to the business and then pay thr mortgage from the business account;

* collect the tenant's rent into the business account and pay half the mortgage from the business account (the other half from my personal account);

* collect the tenant't rent into the business account and transfer enough to my personal account so that I can pay the mortgage from my personal account.

I was just looking for "best practices" advice.

I'm looking to buy a duplex.  The two I've got my eye on (diff sellers in diff cities) have their mailboxes on a gang mailbox post that is shared with the neighboring property.

I will be occupying one unit.  After I take possession of the property, I want,to install a new LOCKING MAILBOX for my unit.  It's slightly wider and will not fit in the space currently occupied by the existing mailboxes.

To accomplish this, I'd have to pull up the board that all the mailboxes are mounted to and put in a new board that is long enough and then remiunt the mailboxes.  The existing post appears to be strong enough to support this.  But if it's not. I'd replace that too.

My question has to with whether or not I can do this without asking anyone for permission.  In the case of the one im .ost interested in, the post is ON the property line (the marker is literally in front of the post).  I'm not looking to get anyone to pay anything towards this.

I dont have a CPA yet.  As far as doing taxes, I've always done them myself and plan to do so for thr time being but pay a CPA for consulting services when I need specific advice.

Until I find one, this seems like a basic enough question that I am comfortable asking for advice here.

I'm in the final stages of buying my first rental. This will be an owner occupied duplex. Since I can't include expenses for my unit for tax purposes, I'm wondering how I should handle accounting for my unit. Should I pay rent from my personal account to the business account and then let the business account handle ALL transactions related to this property? Should I send the mortgage company HALF of the payment using my business account and the other half using my personal account? I'm assuminh that if I do the latter, then I'd also use my personal account for repairs, maintenance & improvements to my unit as well. Is there some other method?

I'm looking for an RE agent that handles the Ashland, MO area (65010).  I've got my eye on a few duplexes there and I'd like to get in there to see them.

I plan to house hack one.

Ideally, I'd like to find an agent that can help me determine what kind of rent I can expect them to pull in.

TIA!