All Forum Posts by: Joe Tomko

I'm not positive, but I think you need to pay back a 401(k) loan within three months.

When I got started, I made some investments in my IRA. I then cashed out the profit from that one deal, paid the tax, early withdrawal penalty,and used that to start my business.

You could start a meetup group....surely you are not the only one who is unavailable mid-week.  I hope you find the help you seek.

@Alyssa Lebetsamer I recommend you address this immediately as it could turn into a fine from code enforcement. I always find it interesting how some tenants suddenly forget how to speak English when they are being told of lease violations. If writing is best, then do it in writing. As most leases are a year, she's due for a new one. Do some research on how to add as much CYA to your lease as you can (little things like making them responsible for clogged toilets and clearly designing what is prohibited and permitted can save you a lot of headache and expense). Then tell her that her lease has expired and a new one needs tp be signed. She can sign or move. This is also a good time to ensure you are getting fair market rent, too.

I am a math guy....does anyone happen to know the mathematical formula for calculating this?

Joe

Here's a totally different idea and I don't know the economics of it, but look into it.  Have you thought of buying a yacht?  You live on it when needed, yet hire a captain to run sightseeing tours, dinner cruises, dive trips, etc.  It's not real estate, but it is rental property that you can occasionally live in. 

Mark, I have a full time job and also a solo 401 (k). I started the plan off of my business, which is an LLC taxed as a C-Corp. while I'm not contributing a lot, I'm really able to better invest the principle better than I could when it was with my previous employer.

While not specifically prohibited, many have advised me that you cannot roll over Roth moneys.  However, when contributing, you can designate moneys as Roth.  I think you can also convert to Roth once the money is in the account, but I'm not sure. 

Investing in notes is exciting.  I hope you enjoy the course. 

If a D neighborhood, look for a section 8 tenant.  My experience has been good.

Congratulations!

I don't know for sure, and I'm not an attorney, but I would think that as soon as the deal is closed, you are no longer liable for anything, unless you committed fraud.  Certainly five months after closing, you shouldn't be liable.  

The first thing I would do in your shoes is to ensure that my personal assets are isolated from my business assets and my business assets are isolated from one another, in order to protect yourself from a suit.  In addition, I would ensure all of my corporate documents had my i's dotted and t's crossed so the corporate veil cannot be pierced.  All of this is predicated on you having corporate entities established and established correctly.  I would do all of that immediately.  Then I would worry about checking on permit status, etc.

Anderson Advisors can help you with asset protection.  They are in Tacoma and Las Vegas.

Good luck.