All Forum Posts by: Jim Biggs

You inherited the tenant, therefore, the only loyalty should be to yourself as a responsible investor. I think you already answered your own question

"My concern with not having a PM watching over the property is that it seems risky since we are out-of-state. Nobody to perform an initial inspection to make sure to hold the tenant accountable for anything that's destroyed once he moves out."

In addition, I would definitely raise the rent, where else is he going to go? He only has a few months to go and you are going to want a PM afterwards anyway so be proactive, avoid any problems and get the PM now.

Take a que from the big banks. When they get in trouble they seek bailout. Her bailout is bankruptcy. At her age she should no longer need credit plus she probably can no longer get credit because of the credit cards. Have her deed her house to you, take the equity out, fix and rent it out. Take the equity pay off her debt and with the balance buy a 4plex or similar and put her in one of the units rent free and pay all her utilities for the rest of life. Or, buy a new home with a mother-in-law quarters if you can handle living together. Win/Win either way. She gets to keep the 401K no penelties plus her S.S. should be more than enough to live on if she has no housing or utilities to worry about. Plus for you: $75K minus the credit card debt, to invest in new rentals and her old house. Two income producers to help you pay for her housing for life.

@Tony Reyes Have you seen the project? How familiar are you with East Chicago?

Great idea Ben Coleman. Going to start with tonights workout, Thanks!

The veterans program is much better if you qualify (IMO).

Thanks everyone for your response. @Raymond B.appreciate help for the newbie! Seems like a lot to give up (Tax Deductions) buying inside the 401. Looks like I have a lot more work to do. Ben Franklin the numbers, again really appreciate everyone's input! @Steven Hamilton II @Dave Savage @Justin B.

Thanks @Matt Devincenzo! Makes a lot of sense, guess I could not see the forest for the tree.

Hello everyone, I am new to BiggerPockets. I joined specifically for the Solo 401k topic. I have spent the last month reading everything I can find on the subject. While the amount of information is vast there are still so many questions left unanswered. My biggest concern at the moment, tax right offs, for my individual return. I am a sole proprietor and I need the write offs. If I have a solo 401k purchase a property what happens to the write offs? I have a deal that I am closing in three weeks and I am afraid if I close in my name then that will preclude ever getting it into the 401, but on that I am not 100% sure. Great forum by the way really appreciate all the knowledge, kudos to you all!