All Forum Posts by: Jinhee Hann

So you mean she’s the only one on the loan. 
but the loan payment will come out of the LLC payment right?

So it’s a joint llc liability? Right?

Well I’m glad that there are so many other people who are well-versed on this topic!

You guys are correct in saying that all I wanted to do was bring up a topic that really helped me and I wasn’t aware of was an option. And to consult your cpa to get the information about it. 

Thank you guys for shedding further light! 😊

Yes! Totally. I didn’t mean that you can depreciate the purchase. Thank you for clarifying 😊

Nikk, did I understand this correctly?

You’re investing $300k and she’s investing $700k but the equity split is 10/90? 

Does everyone know about cost segregation?

Thank almost hired a company at a cost of $4k, to do a cost seg study to offset my taxes. Then a cpa told me that that’s not necessary if I bought the property the same year that I’m doing taxes for. I can just provide the list of all the inventory and improvements that I made for the property and depreciate everything in lump sum. Without doing the cost seg study. That’s what I did and it created a huge loss on paper to offset my taxable income. This was great since 2020 (which is the tax year that I just filed my taxes in October this year AND when I bought the property) was the highest income grossing year for me and I needed as much write off as possible. Just FYI. Talk to your cpa for details 

My CPA is Bill Rhodes in TX. I have STR properties in CA and OR but I have no issue working with a CPA out of state because he's very knowledgeable with ROBS and solo 401k and RE investing.
I literally spoke to 4 CPA’s regarding solo 401k (my situation was trickier than standard), and what I got out of it was that not all CPA’s are Knowledgeable about this topic. But rather than tell you that and refer you to someone who does, they give you wrong information. 
Bill is awesome. He was referred by someone at FranFund. DM me for info. Wouldn’t let me post his email 

@Javaras Thomas

What are you looking to find out specifically?

@Mike Schorah

Having watching the market closely for the last 22 years (real estate, finance, stock market), i have heard so many experts with their opinions, I’m not sure anymore.

At least with real estate, I don't buy to flip or hold long term. I buy for straight up cash flow for STR. So if the numbers work, that's fine with me.

Obviously I don’t like to overpay. But that’s subjective.

Even if I do over pay, I don’t really care as long I get the cash flow that I want. In the long run, it works for me.

@Shawn Fletcher

I spoke to 3-4 solo 401k companies and 3 CPA’s. It’s surprisingly tricky and even these experts didn’t really have all the answers. I did eventually find a very good cpa who has a lot of clients doing solo 401ks and gave me great answers on how to structure this so that I don’t run into irs issues.

My case was a bit more complicated than others.Because I retired earlier than I anticipated, I needed to use my 401k money to buy real estate for STR and also pay myself a salary to live. That was the tricky part.

If you’re just using the funds to buy RE or other businesses and putting the profit back into the 401k and not paying yourself, then it’s a simple transaction.

@Goanar Mar

Wow your post was so inspiring. I can tell that you’re super excited and I have ZERO doubt that you’ll accomplish ALL of the things that you talked about and then some. No doubt. I’m already so proud of you!

It seems like you have local folks already reaching out to mentor you.

If you need any general information on the financing part, reach out. I’m a recently retired loan officer. I can give you guidance on what’s available and how to navigate the lending world.

Again, good job and keep crushing it!