All Forum Posts by: Gary Kane

@Todd Powell

I’m interested to hear more on your stock portfolio for those nice dividends 😊👍🏻

What are one's options of not happy with SOLO 401K Provider...can the plan be moved to a different provider?

Trust, but verify!

Get started for sure, jump in...good luck!

$700/mo...$8400/yr!

You could do $5500/yr. into your Roth ($6500 over 50)...if you still qualify, and have a bit left over. Accredited folks may not qualify, but there are ways around that to build a Roth.  Then purchase a Note, generate $250 - $300/mo tax free!

You can get all the networking you desire locally (REIA's) and at your local Church (Men's groups).

Quite a business model though...if they have 1000+ members paying $700/mo...well, you do the math!

I guess if you reach a certain point in life and desire this type of 'tribal' reinforcement, then go for it...to each his own!

Welcome @Casey Sung

Lots to plug into here at BP, welcome to the community.  You can spend a lot of time reading, but like you said getting out there and getting a deal is definitely the way to go...do your numbers and research and dig in, start building your network, and find good people to work with...it's a lot of fun!

Good Luck!

@Mushfiq S.

@Christian Beyer

Mushfiq, thanks for the reply!

What kind of business (or side business) do you own and how do you set-up the SOLO-K?  What kind of "proof" of your business is required?  In other words, if you operate a side-business as a sole proprietor (which is basically low visibility relative to having to register with your State), what do you have to provide as that business "proof" for the SOLO-K?

As an example, let's say I sell on EBay as a Sole-Proprietor...what does the SOLO-K company require for the setup?

Also, if you don't mind me asking, who did you use for your setup?

Thanks!

Looking to make connections here in Jacksonville with experienced investors using SOLO 401K's. Possible partnership in deals, also discuss different strategies as they relate to the benefits of using the SOLO-K.  Thanks!

--Gary

@Todd Dexheimer

To a point...and that's the kicker is to know where that number is and if you as a buyer feel as if you are getting some value and some room for appreciation.  How high can that 1650 sqft house appreciate? When will it stop?  350, 375?  It's crazy, its not worth the value!  And then where is the buyer left after a burst?

I don't know, I look at these places and don't get me wrong they're nice, but 300K seems just too much for the square footage, hence I can hear the bubbling noise ;)

I'd like to hear from some experienced SDIRA investors out there (or none IRA)...if you were interested in purchasing SFH as buy and hold for passive income, had $100K in SDIRA, what would you do? And let's say your aim was Class B/C neighborhoods, purchase prices after rehab between $50-75K.

-Leverage?

-Pay cash then refi?

I'd like to hear what strategies are out there...thx!

(Assumptions: You already have an LLC with checkbook conrtrol.)

@Todd Dexheimer

$100-$125 would be more reasonable for sure, this house was not worth the $185 sq/ft!  Within every bubble is the greed component unfortunately!  I understand supply and demand, but it gets to the point where its just too obvious. And I think you're right, alot of people still have scars from 08/09.

All the finishes you mention is where they're cleaning up!