All Forum Posts by: Elizabeth Lark

Quote from @David M.:

@Elizabeth Lark self directed accounts are so "interesting" that my accountant won't touch them.  Its not cost effective for him (even if billing by the hour) nor for the client to deal with it because most people just screw it up.

I know there are lots of people pushing for self-directed accounts.  I'm sure if one can walk that "straight and narrow" path to doing it right, then its worth it.  But, I'm not that desperate to potentially jeopardize my account's status.

As for private lending, I THINK debt is safer with the self directed accounts.  but, like I said, I've stayed away from it all.  Sorry, i can't help more.  Good luck.

The custodian for my account has been very helpful in making sure that I know and understand the "rules" around how I can utilize the funds for real estate investing. That's really helped me to feel more comfortable about leveraging the account for real estate investments. I'm finding that purchasing properties to hold or to fix & flip isn't really the investment strategy that I want to execute. I'm going to give lending out of the account a try to see how I like that. At the moment, I'm lending on local deals and I've been proceeding with caution for sure (putting a lot of the guardrails that Bill mentioned in his post in place). Thanks for taking time to share your perspective! 

Quote from @David M.:

@Elizabeth Lark self directed accounts are so "interesting" that my accountant won't touch them.  Its not cost effective for him (even if billing by the hour) nor for the client to deal with it because most people just screw it up.

I know there are lots of people pushing for self-directed accounts.  I'm sure if one can walk that "straight and narrow" path to doing it right, then its worth it.  But, I'm not that desperate to potentially jeopardize my account's status.

As for private lending, I THINK debt is safer with the self directed accounts.  but, like I said, I've stayed away from it all.  Sorry, i can't help more.  Good luck.

Thanks @Bill B. - I think I'm on the right track!

Thanks @Bill B. for the detailed response. You have hit ALL of the areas of concern that I have with using my account for buy and hold or fix & flips. I've had some folks recommend using it for those purposes and I just can't see the benefit. I thought maybe I was missing something. I was looking for someone who is more experienced than I am to confirm my assumptions so I appreciate you taking the time to break it down. 

What are your thoughts on using self directed retirement accounts for private money lending? That's what I'm doing at the moment. (Maybe that should be an entirely separate thread)

Quote from @Crystal Smith:

Quote from @Elizabeth Lark:

Hi! I joined BP a few years ago; but, I haven't really done a great job of taking advantage of the forums and the content that is available here! I listen to all of the podcasts (Bigger Pockets, Real Estate Rookie, On the Market).  I've done some wholesaling, completed my first fix & flip last year and I'm presently doing some private money lending. I'm working on building my retirement account and some cash reserves so that I can start to build my portfolio. I'm plugged into most of the investor groups here in the Richmond market and I'm looking to expand my network here locally and outside of Richmond. 

Welcome to the Forum and congratulations on the start of your journey.  Our daughter just graduated from Howard and lives in Alexandria so we will be helping her start on her investment journey this year.  Some things to consider while building on your retirement account- Make it a Self Directed IRA if possible.  I may reach out to you since I now have family close by.

 Hi @Crystal Smith - thanks for reaching out! I'd love to connect. I am back and forth to Northern Virginia and would love to meet you if you're ever in the area. Let's connect - I'd love to learn more about your investment journey and to get your thoughts on self directed IRA vs. the solo 401K.

I have a solo 401K. From what I understand; I can use the account to purchase properties so long as I use a non-recourse loan as I am not allowed to personally guarantee a loan using the account. I'd love to know if anyone has utilized their self directed IRA or solo 401K to buy and hold rental properties? Have you found it advantageous to buy and hold in the retirement account vs. outside of the account? (especially if you have not yet reached an age that will allow you to withdraw funds without penalty).

Hi there! I recently met another person in the BP community who is investing in Detroit. He may be a good contact for you. His name is @Joseph Bui

Hi! I joined BP a few years ago; but, I haven't really done a great job of taking advantage of the forums and the content that is available here! I listen to all of the podcasts (Bigger Pockets, Real Estate Rookie, On the Market).  I've done some wholesaling, completed my first fix & flip last year and I'm presently doing some private money lending. I'm working on building my retirement account and some cash reserves so that I can start to build my portfolio. I'm plugged into most of the investor groups here in the Richmond market and I'm looking to expand my network here locally and outside of Richmond. 

Quote from @Katie Saleeba:

First post, ready to buy my first fix and flip. Is anyone gracious enough to give me any advice on where to start. Got on the distribution list from a few local wholesaling companies... 

Hi Katie! I'm also in the Richmond VA market. I just finished up my first fix & flip and sold it last year. I'm happy to share some lessons learned :)

There are a lot of resources available to folks who are just starting out here. I'm happy to share some info and groups that may be helpful as you get started. 
I am not a realtor; but, I can refer you to some investor friendly realtors here. I can also refer you to some lenders who are investor friendly. 
There are also folks here who can help guide you through the process (ex. estimating the scope of work, working with contractors, distribution of funds for the project, etc) which is very important when completing your first couple of projects (in my humble opinion). I can also point you in the direction of some of those folks if you'd like. 

I'll send you a request to connect! I look forward to meeting you as I'm working to expand my network as well. 

Quote from @Adrien Hebert:

Long time lurker turned active investor turned real estate agent here!

I have been tuned into the Bigger Pockets community since 2016 reading forums/blogs and listening to 100s of podcast episodes over the years. I have learned so much and contribute much of my success in real estate to this community. As such, having recently earned my real estate license I wanted to make a general post here and offer any assistance I can to my fellow BP'ers. If you have any need for an investor friendly agent in the Fayetteville, NC market please reach out and we can see if we are a good fit for each other.

The main thing that set me apart from other real estate agents is that I actively invest. I believe this allows me to provide value where other agents can't. For example, I have worked with numerous agents that were just not suited to fit my needs as an investor and as such cost me time, money and frustration. I have never worked with an agent that was able to provide any value when it came to finding and analyzing deals. Not saying that those don't exist, they are just few and far between. Also, being a new agent I am willing to grind and do a lot of the work that more experience agents are no longer interested in doing. Most seasoned real estate agents are only interested in listing properties or working with very motivated buyers looking to purchase a move in ready home. They have a negative view of "looky loo" buyers who want to see multiple properties to find the best deal or offer creative and competitive offers to find value.

If you are interested in the Fayetteville, NC market I would appreciate the opportunity to connect and offer what I believe to be considerable value as a real estate agent. Even if you are not specifically interested in this market, but you are a new investor who has questions about what they should look for in an agent do not hesitate to reach out as well.

Adrien

Hi Adrien - I'd love to connect. I've been considering doing some long distance investing in the Fayetteville market for some time now; but, wasn't sure where to start with building a team there. I'm somewhat familiar with the area and have family in the vicinity. I live in the Richmond, VA metro area and I still come down that way to visit family a few times a year. Here is the link to my calendly schedule: calendly.com/fourgreenhousesllc
Let me know if none of the available times work for you and we can figure out a better time that works for both of us.

Quote from @Gagan Yalamanchili:

Hi, I'm looking for an experienced Brrr investor to be my mentor. I already have a few lists of undervalued/ distressed properties that are less than 3.5 miles from the VCU campus, VCU hospital, downtown, and 10 miles from Richmond International Airport(RIC).   

 Hi Gagan - I'm happy to answer questions that you may have in areas that I do have some experience. I'm also connected with several experienced investors in the Richmond market and can certainly point you in the right direction depending on what it is that you need. There are a lot of resources and groups here in the area that I've found very helpful!