All Forum Posts by: Joe Homs

@Austin M Habich I would reach out to @Dmitriy Fomichenko who is the expert in this field.  However, I have been buying and selling homes with my 401K for many years.

1) If you have purchased a property, what are the pros/cons of doing so through your IRA?  Honestly what a great tool that most people don't know about.  A great way to save for your retirement and more.

2) Do you manage the property yourself or use a management company?  You will need to use a management company.  One of the rules.

3) Have you witnessed any tax implications because you've purchased the property with an IRA?  None, if you report things correctly.

4) Any tips or tricks you can pass along with this method?  Too many to talk about quickly.

Good Investing...

@Elva Rinus check out the local meetups in the OC.

OCREIN - Learn How to Flip Homes in Less than One Hour (biggerpockets.com)

Cash-Flow Breakfast Club - Orange County CA - REI Mastermind & Networking event (biggerpockets.com)

Good Investing...

@Vi Huang Yes, tell him he has a certain number of days to complete the job or you will look for someone else to finish and contact the contractors board to report him.  Hiring a lawyer just makes them rich.  

Good Investing...

@Vi Huang contractors are only motivated by one thing, "Money."  Hopefully you have not paid him the entire contract.  If you are having that many issues with him, get a new contractor.

Good Investing...

I started over 40 years ago. I would suggest seeking some additional advise, but I always tell everyone to start out correctly from the beginning. When I purchase homes (in California) is use a land trust for privacy reasons and the beneficiary is my LLC for liability reasons.

Get the right info for your situation.

@Aaron Wilkins I am not an attorney or CPA, but you asked.

Keep stuff in my name so I have more lending options and better rates, including credit unions. All banks require this even if you have an LLC. Then you place it back into your LLC. There is way too much exposure for you to keep assets in your personal name.

Have iron clad insurance for myself as a landlord. The goal of any insurance company is to minimize there losses. Even having a iron clad insurance policy, which you should have anyway, is not a guarantee that the insurance company will make you whole. If the property is in an LLC then that is all you can lose. They can't come after you personally.

Move my top assets like my home and paid off cars out of my name into a trust to further protect me.  Trust are privacy instruments and not asset protection.

Anyone see a glaring hole in this plan? Something I missed?  Speak with someone who knows what they are doing to properly protect your assets.  You will sleep better at night.

Good Investing...

@David Lamb reach out to @Alex Barnett who can help you out.

Good Investing...

The connections that perfectly complement you are out there. If you have not found them yet, you aren't looking hard enough. No successful investor will tell you that it is easy, but they will tell you that most could achieve success with hard work and perseverance. Don't give up!

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This months speaker Joe Homs is a Full Time Real Estate Professional, house flipper and mentor to many of his clients. He is here to help you get top dollar for your home or get you the best price for a home that you are going to live in.
He has over 40 years of real estate experience for you to draw on and actively list and sell over 20 homes a year. He has sold over 600+ homes in the last twenty years alone. He is a very skillful negotiator and will work diligently to help you realize the best possible price when buying or selling your home.
If you are selling your home, then he can bring all the professionals to you. He always includes professional photos in ALL his listings. He has contractors standing by to assist with those upgrades if needed. He can also quickly get you ALL CASH offers for your home if you desire.
His marketing surpasses all other agents. It begins with extensive internet advertising to hundreds of websites throughout the world.
He is an experienced house flipper here in Orange County and therefore can offer you his over 40 years of real estate experience.
This month he is going to teach you how to flip a home in less than one hour.
Joe is releasing his flipping course here: Flipping The OC - Get Real Estate Trained for FREE until after the meeting. Please sign up and take a look.

Agenda:

6:00 pm Pre-Networking (Please order some food or drink)

6:30 pm Introductions

7:00 pm Speaker Information: Joe Homs

8:00-9:00 pm Networking

@Mark Taleon reach out.  Go to some meetup groups in your area and you will find someone willing to teach you.

Good Investing...

@Krystal Giron at that price point I would always use a stager.

Good Investing...