All Forum Posts by: Edward Synicky

Welcome on board @Melissa Williamson 

Way to go @Collin Schwartz!

@Jacqueline Pelzer

Jacqueline, I'm not an expert in the solo 401K plan as Dmitriy certainly seems to  be. But I am a long time real estate investor with many properties all over the US and my family is very comfortable as a result. My mantra in all aspect of life has been keep it simple and avoid the pitfalls of a complicated approach to something that does not need to be complicated. What you are proposing, in my humble opinion, is way to complicated than necessary to gain wealth by investing in real estate. I suspect the expense of establishing what you have proposed and the cost of upkeep will not be worth the effort. And that does not even consider the legality of such a proposal. I 100% believe in self directing your retirement account but before you make a move talk with someone like Dmitriy. 

Good luck and safe investing.

It is a great idea to hold a portion of your real estate portfolio in a self directed IRA. However if you qualify, the solo 401K is a far more robust vehicle and much easier to own and manage real estate, or notes for that matter.

Just proves that if you look hard enough you can always find a deal. If Joe can do it in OC it can be done everywhere. A great interview.

Michael, I own a number of homes in the Phoenix area and have recommended Dick as a property manager as recently as this morning (Jenny will be calling you). It is a great rental area but a vacation home rental is another entire animal. It is very expensive proposition with the turn over and fees involved. If you are thinking of doing this so you can have a place to stay when in Phoenix let me suggest that renting it out on a lease will probably give you enough money to rent a very nice hotel when in town. Just a thought.

John, glad to hear I'm doing a good job mentoring. Your description of your wife is spot on, you are a lucky man.

Welcome to Bigger Pockets @Robert So As a real estate investor for over 40 years I can attest that there has never been a more valuable resource available for the newbie or the initiated. I have made many mistakes in my life and if I or others on the site can help you avoid our mistakes our time will be well spent. All you need to do is read the blogs or post a question and the responses will be educating and gratifying.

Welcome new member @Daniel Krantz Bigger Pockets is the most innovative and educational site available to learn about real estate investing. Learn from those investors most active in the market today. You will find brand new people to the game and those that have been polished with years of experience, both good and bad. In my several decades of investing I have found that purchasing with cash flow as the number one goal and the secret to success in real estate. I have also learned that while buy and hold may be boring it is ultimately the best strategy. Use leverage but use it cautiously. Enjoy the experience.