All Forum Posts by: Jason Moran

I just moved to Magnolia Texas which is roughly 30-40 miles above Houston and was looking into this myself. I already had the intent of flipping prior to all this, but now with all the damage I'm wondering how this will play out. My question is what about the folks who don't have flood insurance (which are many), how will they recover? Will they short sell, or just foreclose? Not to be insensitive, but chaos = opportunity.

Thank you both very much. That's far more information then I was able to get here.

Do I have to leave my current employer to roll over my 401k to a SD IRA? My HR department is no help and Fidelity isn't much help either

Ok folks, I need some help here. I've entered negotiations on a property that's ag/commercial and 12.5 acres with a residence and multiple outbuildings (shops). I want to sell off the back 7.5 acres to the neighboring farmer and have already discussed this with him. He's interested and the numbers are working. A lot line adjustment can be made through the county since no new number of lots is being created, (just on lot becomes bigger while the other becomes smaller). Here's my concern: How do I secure/ensure that farmer 2 is going to actually purchase the back 7.5 acres once I've purchased the entire property? I don't want to get into this and then have him back out and leave me stuck with 7.5 acres I don't need.

I need some creative thinking here folks. I have an accepted offer on a 1acre country home that is as "In-town, country" as you can get. The city limit is literally across the street an I will be facing "Main St". This is going to be my primary, but the real gem is the 14,000 sf vacant lot at the back of the property with the private driveway. My thought is to gravel it, key code access gate, and use 40' shipping containers with side access roll up doors to create 10x8 mini storage units. Each container delivered is $7,000 and I can purchase more as I fill space at $70-$100 per space (unit) = $280-$400 per container. Here's my hurdle. The land is zoned Ag/Urban meaning I can have an agriculture related business, but not a commercial business such as mini-storage. All together this lot will fit 63units when accounting for driveways and access. The cash is too good to let this go and 63 units is too easy to fill in this town. (Current facilities are at or near capacity at all times). I've looked into the container farm concepts like Pharmpod, FrieghtFarm etc. and thought about using that model as a business plan and license to justify these containers that will only be seen from an aireal view. I don't necessarily want to do something underhanded, but I am willing to push the envelope a little. What kind of Agriculture related business can justify 18-20+ storage containers on an empty lot in the country?

Welcome to BP!! We are just down the road from you in Ripon and following a similar plan ourselves

Ok. So I am currently involved in purchasing a property that I intend to open a mini storage location. That business would now qualify for me to rollover my 9-5 employers Fidelity Mutual 401K into a Solo401k? I'm imagining that I'd set up an LLC for the real estate and use that to purchase additional property? I don't want to use the 401k to buy this property, but to get it out of my 9-5 and use on future property. Does this sound right? In addition my wife who is a realtor would set up her own Solo401k to do the same.

I need a reliable property manager for Piketon Ohio. I have a SFR now, but am buying multiple 4-plex's this year

Ok so let me see if I have this right. My wife is a Real Estate Agent and is commission based only, so in essence - Self Employed. Now, she currently has no retirement fund (401k or IRA) but would qualify for a Solo401k for tax purposes that could be invested into rental property that is Buy and Hold. Correct?

So much great information!! You gotta love BP resources. I do have a question though. Can a 401K be rolled over to solo 401K prior to fully vesting from a current employer? Example: I have $50,000 in my 9-5 job 401K that isn't fully vested for another year (currently 60% vested). I'd like to roll this $50k to a solo 401K and start my storage business on a property I own.