All Forum Posts by: Gabriel C.

Hi all, I'm curious if any of you have recommendations for a business attorney and an accountant in the Central PA area. I've been displeased with an attorney I've been working with and was hoping some of you could recommend someone knowledgeable and responsible. I'm looking for someone around the Harrisburg, Williamsport, Bloomsburg, area. 

Thanks for your help.

@George Blower, thank you!

@George Blower

Thanks George! Is this the one in California? I'll give them a call but wanted to make sure it was the correct one. Do you know if that matters whether Roth or Traditional? Thanks so much for your reply.

@Daniel Dietz now I understand better. Thank you for providing insight about those nuances for SDIRAs and non-SDIRAs. Thank you for this.

@Brian Eastman thanks for this and your time! Very helpful. 

Hi @Daniel Dietz. I appreciate your comments. Good to know about the Roth rollover constraints to consider. Currently, however, the custodian through my employer does not allow these types of investment vehicles so I am constrained to use my Roth at the present time while I'm employed. I'm guessing you didn't have a similar constraint or am I overlooking something? 

@Brian Eastman

Thank you for your response and clarity. Yes, I do have an existing Roth IRA that I have contributed to for years and am now looking for diversifying investments without simply buying REITs. This option sounded like an interesting way to help accomplish retirement goals and real-estate investment goals while having some more control.

I never heard of a Checkbook IRA LLC so this is helpful. You mentioned specialty firms that offer the LLC program. Just for clarify, the program I should request information on is the "Checkbook IRA LLC"?

In Podcast #211, Bob mentioned using his Roth to invest in his LLC. I've heard of doing this with a self-directed brokerage for a 401k/IRA and now I'm more curious about pursuing this because of money in a Roth. I'm curious if anyone recommends a custodian other than that Bob mentioned (Sun West Trust in NM) for accomplishing this.

Here is more information on the topic for those interested: https://www.biggerpockets.com/renewsblog/invest-real-estate-self-directed-IRA/

@Anthony Aviles 

Thanks for that link. My area is certainly out the question especially because I'm more interested in cash flow than appreciation and the CAP rates here are relatively low. Cleveland was somewhere I was looking as would be other similar markets included in your link. At this early stage and being across country, I just haven't built the relationships in order to pull that off yet. I hope to get to Oakland for the conference to achieve some of that.

@Ingrid J.

Thanks for this. I did see the Scott Trench post around the time I was considering posting my question. There is a lot of good information mentioned in that stream and I'm grateful for the responses there. His post didn't specify limitations like I have in my case so I figured I'd see what others would suggest within those constraints. 

To answer your question, I plan to make RE investing a part of my current portfolio for diversification purposes (other than my primary residence of course) and I'd ultimately like this to be a replacement an alternative to my regular work. Long term, I'm looking for cash-flowing properties (buy and hold or repositions in order to build a comfortable portfolio) but I'm pretty new to all the options at present. I am currently evaluating a property which I'd like to force appreciation on but even if that deal turns out favorably, obtaining it won't eat up the money I have on the sideline right now because it's outside of the Socal market. My long-term timeline is about 20+ years. The short-term timeline for the $100-$150k is 1-5 years with intentions to keep that money working. In about two years, I should be able to free up an additional $250k. I hope these details provide a better picture for you. Thanks for your response.