All Forum Posts by: John Daniels

I have never used a community bank, so I was wondering what they mean by community for someone getting a loan, ie do I have to live in geographic area of the bank is or where the property is being financed? I currently live in CA and will be buying out of state( TBD). Do I seek a loan at a community bank where I live or where the house is or does it matter at all?

Is there a list of community banks that people use for either a mortgage within an LLC or maybe transfer a property into an LLC from traditional mortgage?

Regards

Hi All, 

First time poster! Look Out! 

Starting the journey and doing a lot of research. So, I (as in spouse and me) have been trying to determine the best approach for my previous employer 401k balance. I am in the mid-50s and will never have a balance in any retirement account that I/we can retire on conformably. So I am looking to build a revenue stream instead of throwing money in a 401k and prey for fast growth. First, our goal. To start generating a monthly income from rental property and break free of the corporate grip that keeps me bound. The more passive income I get will allow me to become more under employed, ie get a less demanding job so I can put more time into passive income rentals. I was initially thinking of rolling over my 401k to a SDIRA but does not help achieve our goals.( I think?, as the rental income would just go back into the SDIRA?). I am leaning to just withdrawing 401k. I going to have to pay taxes on it anyway so it might be best to do it now while I can. After speaking with my 401k provider it turns out that I will not have to pay the 10% penalty due to the IRS “Rule of 55”. I left my previous employer a year ago and I was 55 at that time so that puts me in the Rule of 55.

I plan on buying 2-3 house in series to start. I could take all of the 401k out and bank it and buy rentals as I find them or I can take (multiple) partial withdrawals just prior to each rental purchase. This might push some of the taxes off to next year. Am I crazy! Suggestion/Stories are welcomed.