All Forum Posts by: Linda Doane

Thank you all for your help!

I'd just like to make one thing clear for anyone who may be interested. The employer has told us we absolutely cannot touch the money in any capacity while currently employed, the only exception is hardship.

Thank you @Steve Vaughan. This is good info. My kids are over 18, but only one over 24.

Good Morning!

My husband and I bought our first rental a year ago and looking to the next. We would love a local CPA who is willing to work with someone just starting out. Anyone have a recommendation from the Nashville area?  We live in Murfreesboro.

Thanks!

Linda

Hi.

I'm trying to move my rental property into an LLC. Right now the mortgage company is super backed up, and it has taken several months for them to get back to me on my request. Can anyone help me with some terminology? The email says:

 "All Borrowers must hold majority interest and equal shares of interest in the LLC. " We have 5 partners in our LLC - my husband and I, along with 3 of our kids. The shares are broken down like this:

Me (borrower) - 22%

Husband (borrower) 22%

Kid 1 - 22%

Kid 2 - 22%

Kid 3 - 12%

Have we fulfilled this majority, with both borrowers combined, holding 44%? Or is a majority always 51%

Thank you!

Linda

Thanks to all for the input.

@Jessie Dillon. Thanks for the advice. We have been getting tax advice and the numbers work surprisingly well if it's done correctly. I would encourage anyone with a 401K to look closely at the tax laws. And the fees, too. They are often hidden - we didn't just weigh the taxes, but the fees, too, just as you would in RE.

@Jonathan R McLaughlin they used those exact words in an email. "It is against the law". I'm having trouble believing it, and dozens of calls later to management, the provider and other professionals, and no one seems to be able to show us the "law" or "policy" in print. Most of them thought we could  withdraw anytime we wanted.

@Bill Brandt It may not be your personal preference, but calling it horrible? Even if you are correct, do you really think I'd consider your advice after you insult me?

Thanks @Chris Seveney But we are trying to withdraw... and that's the problem.

Thank you @Joshua Massari and Kristi K. for your encouragement. We have done the numbers and since no one can ultimately predict the stock market or real estate, I believe it comes down to personal preference/investment strategy.

Thank you @John Morgan, but we live in a market that has high home values and high rents - 50K won't get the job done.

@Chris Seveneyundefined

Yes - we have looked into borrowing and it won't work for us. Thank you for the tip tho!

Hey!

My husband and I would love to use some retirement money to invest in real estate. We have looked into buying directly from the retirement fund (employer refuses to roll it into a self directed IRA) as well as voluntary withdrawal. We were told that we can't voluntarily withdraw from the 401k / Roth IRA before age 59.5 or leaving the company - it's a law. Most people we have talked to are shocked, even the professionals that manage our retirement - that we can't have our own money, or even choose to self direct it. We're not sure we believe them - does anyone know if this is a law? Any thoughts on this?

Thank you!

Linda

Thank you @Luka Milicevic and @Rhett Kelton!

Hi.

I bought my first rental last summer and need to transfer it into an LLC. Looking for a real estate lawyer to help - I would prefer someone in Murfreesboro TN, but anywhere in the Nashville area would be fine.

Thanks!

Linda