All Forum Posts by: Joe Spinelli

 Hello! Looking for local people who can attend the meetup.  Looking for topics that I have not already thought of so seeing what people reply with. 

 Yes, thank you.  Looking for new topics so waiting to see what people are doing. Local only because I want them to attend the meetup. 

Hello!  I run a real estate meetup in Frederick, Maryland and are looking for people to be interviewed by us in front of our investor group (~30-40 people). There are so many avenues real estate investors can take and we want to learn them all. 

One topic that I am specifically interested in are those who have invested in a group home, whether that be sober living, senior living or any other kind. 

Thank you for VERY thorough answer.  I was told about grouping the properties and performing 750 hours toward the group BUT my accountant said that I had to sell them all together as a group (or something like that).  It just did not seem worth it.  

Hello everyone!  I know the criteria to be a RE Professional is 750 hours in RE and more hours in RE than any other job.  

My accountant told me that I need to spend 750 hours PER PROPERTY which does not make sense.  He also told me that I need to be active on every property or I can only claim active income on those properties for which I was active.  That part does make sense.  

For example: if I managed 123 Main St. but had a property manager manage 123 Spruce St, I can only claim active income on 123 Main St.  123 Spruce St. would be passive income.  

Any insight would be helpful.  Thank you.

Joe

Michael, I was able to do something pretty unique in 2020 due to the CARES Act.  You are able to pull out up to 100k out of your 401k and put in into a QRP, in my situation - eQPR company.  Then I was able (due to CARES Act), loan myself all of the 100k without having to pay myself back for one year.  I took that 100k and invested it into properties.  I get to set the interest rate that I pay back. I set at 3%. My monthly loan payback will be $1,500/mo which I can easily afford due to properties bought with the original $100k.  

This is all legal and only allowable due to new laws that covid brought about.  Let me know if you have questions about this.  My QRP company can explain it as well but your accountant can verify it which is what I did.