All Forum Posts by: Gabe C.

@Brian Eastman Thanks, Brian. I see you often in these IRA posts and you always have great advice. I agree that I don't want to make a big stretch to sneak in, but I've had some side businesses before and wondered if they might qualify if I picked them back up. Also, curious about my wife's self-employment income i mentioned above that is already legitimate... except it's my IRA not hers that I want to rollover. So I'd probably have to be an employee somehow. She does have some annuities that she could rollover as well, so maybe it's an option for her at least. If I can't make it work, I'll still do the SDIRA.

@Sam Shueh Thanks for the response! I had that first part down, but you were starting to hit what I was looking for in the second part.  So it sounds like I can't have an employee exceed 1,000 hours. That's easy. I'm already doing that! :)

My wife is a teacher, and during the summer has a few months of self-employment income for another teaching job she does. Could I perhaps help her with that in some way as her employee, and then qualify that way? Is there a minimum number of hours? Is there a minimum of earnings?

I talked to the always helpful @Dmitriy Fomichenko a while back about SoloKs, SDIRAs and Checkbook LLCs and despite the SoloK being the obvious best choice, I came to the conclusion that since I don't make any schedule C income, that I just didn't qualify. 

That was a few months ago when it was more exploratory. Now I'm ready to pull the trigger, and it pains me to have to go with a SDIRA when the perks of the K are so much better. I plan on getting a non-recourse loan and I'd love to avoid UBIT. I thought I'd make one last ditch effort to see what others who previously didn't qualify for a Solo 401k have done to (legally) qualify. Maybe there's something I have within my means to creatively make it happen?

Is there a minimum amount of money you have to earn? I saw in another post that you don't need an entity necessarily. I have a few skills that I could probably turn into side money, but I'm not sure what the target is exactly or what I need to earn for how long. Has anyone figured out an easy solution to this?

I searched around like crazy for this topic, but for some reason "solo 401k" only brings up 1 forum post... and none of the posts were as deep divey as I wanted. Search fails me from time to time. :-\

I work down the street from AT&T park (4th and Brannan). There are no less than 6 high rise buildings being built on adjacent blocks. They just finished the Dropbox building, they're building a 14 story Pinterest building right next to us, they're knocking down the Tennis club to build another one, the Wells/Starbucks/parking lot is going to turn into another high rise, the parking lot across the street is about to become a 1mil sqft building. There are a ton of jobs about to roll into your neighborhood for people that would love to walk to work. I saw that Facebook was considering building in SF too. You already mentioned the Warriors stadium. I would personally spend the $12k/yr to hedge long enough to find out. 

Not sure what the AirBnB laws are atm (it sure isn't popular), but you might even be able to make more doing that than renting, given your location. 

Welcome @Nicholas Meeker ! I've been scooping up THs in Raleigh as well. The market is definitely surging right now. I'm seeing bidding wars where there were none a year ago. Happy to share my experiences if you want to PM.

@Dmitriy Fomichenko wow. That didn't come up in my BP search, but that's exactly what I was looking for! Great post!

@Dmitriy Fomichenko @William Morrison I'm finishing up a current rental project, and then my next project will be doing this very thing! What %LTV did you get from them? On their site it says 70% purchase price or 50% LTV, whichever is lower. That sounds like pretty much 50% to me, but I've heard 70%LTV was possible... would be great to hear from actual clients.

Are closing costs about the same for these sorts of loans?

Also, any anecdotes about First Western? That's the only other bank I've tracked down that does non-recourse.

@Rick H. Great advice! I'll search out PETIO to see what I can find.

@Chris Eaker @Account Closed Thanks for the ideas. I initially thought seller financing too, but didn't want to propose that he leave the neighborhood. Wholesaling could be a good option too, but would require the same. Maybe I will send him a note just expressing concern, and offering to help in some way, laying out a few options to get his wheels turning. At the least, it might be good for everyone if I get someone out to get that vine off the house.

There's this house in my neighborhood with thick vines taking it over Angkor Wat style. It's pushing off roof tiles and is actually growing into the windows. Here's an outdated google pic. It's worse now.

It's on a block with really well kept houses so it sticks out like a sore thumb. I thought it was abandoned for a long time but recently saw that an old man lives in it. I tried talking to him, but he doesn't seem to speak English. I looked it up and it was bought in the early 70s for $38k, so likely paid off. ARV today is $1.55 million.

The old man is clearly not able to keep it up. Could be a money problem or that's he's too old. It could be rotten to the core and need to be razed to the ground for all I know. Seems like a problem waiting to be solved, but I'm not sure what angle to take, especially since I can't communicate with him. If I'm able to solve the communication problem, what sort of potential approaches do you see on this? I know more info is needed for a specific plan, but what sort of creative scenarios are already cookin' in your brains hypothetically? Or would you just run from this?