All Forum Posts by: Mark H.

I am the trustee and admin of the solo 401k plan of my business.

What paperwork is required for an employee early distribution to comply with DOL and IRS rules? How do I report it for taxes for both employer and employee?

Thanks in advance.

I only share it with a very small number of like-minded people who indicate a positive interest in REI. I don't talk about it with most people.

I own eight SFR rentals in very nice subdivisions, but I live in a small apartment! I'm a landlord and a renter. Very proud of expanding my income-producing portfolio and downsizing my personal living expenses. Popular thinking? no, but wealth-building? Yes.

I would have used more leverage like commercial loans with higher LTV than Fannie Mae loans in order to buy more properties with my limited cash back in 2010.

I had a very difficult time with contractors (even good quality ones) right after hurricane Harvey. After 7 years, I decided to stop doing fixer upper projects (20k each fix), I'm taking a break for a few years and waiting for the market to cool down and then hopefully buy 5-10 brand new units at once from a builder. I don't want the headache of dealing with contractors anymore.

A few years ago I was looking at Crowley and nearby areas. I talked with Audrey Cooper at Quest Property Services, she demonstrated impressive knowledge of that rental market. I didn't get to buy the foreclosures I wanted there, but she would be the first I would talk to if I ever look for a manager there again.

I started investing before I discovered BP. I think if you have beginner anxiety then don't read BP at this stage, too many users share horror stories that could make feel even more anxious. Take small steps like others said and if the first deal or two build up your confidence and appetite then keep investing, if not then REI is not for you.

My property taxes in Texas have almost doubled since 2010. I protest them every year and lower the bills by 6k total for 8 houses. Rent increases have not kept up with market values, and if this gap keeps increasing in the next 2 years then I will have no choice but to sell everything. I concluded that local government is the one making a profit on my houses, not me. On top of that, congress tax reform proposal would eliminate deducting local property taxes on the federal return, in other words I would lose a 40k tax deduction as well ... bye bye cashflow. That would kill my real estate endeavors unless I find another significant federal tax benefit in real estate.

Speaking of investing ethically in tough situations: When I bought a foreclosed SFR at the trustee auction, I offered the woman living there $1000 cash for keys, that was my way to help her at a tough time. I gave her year to cash the check but she never did ... who knows what she was thinking.

I did find a few good deals on zillow back in 2012. Nowadays I can't find any good deals there.