All Forum Posts by: Jon Schoeller

Thank you Brian. This is exactly why I ask. I will avoid trying to invest in the company I manage with a tax-advantaged account. I guess I was just wishful thinking. I think I am still going to go with the Solo Roth and put it in the market to diversify for now. If opportunities come up where I can invest/loan with other companies or individuals that are eligible I can still do that down the road I guess. 

Do you have any other suggestion, I am all ears. Thank you again. 

I will try to be as brief as possible about my situation but I do believe it is rather unique. 

What I want to do: I want to set up a Solo Roch 401k this year and have checkbook power of the account for investing in real estate flips. All profit going back to the Solo account of course and being tax-free when I want it all after 59 1/2. 

My situation: I am basically a sub-contracted consultant/CEO for a real estate investment firm. The business is manager operated, me being that manager. But I am not on any paperwork as an owner or employee. I am paid as a 1099 contractor through my consulting business. I don't have any employees of my own which makes me Solo eligible. 

The investment firm takes investor's money and flips houses. I often invest in these flips with my personal money as well. 

The question: Am I still eligible to give the investment firm my Solo Roth money or am I too close? 

Any advice would be great. Thank you. 

Hello Andrew. We just went through this last week and have been through this a few times before. First of all, if you can, get latter from the seller saying he no long wants these vehicles. Then you can start calling wrecker and scrap metal services as many will come get them for free. After that try FB yard sale and Clist. We haven't had to pay to haul any off yet. 

Hello Cory! Welcome to the forums. You have found what I believe to be one of the best resources out there to discover and learn about real estate. Keep us posted on your journey! Good luck. 

Hello Micheal! First of all good job on starting to educate yourself now so that you are ready to hit the ground running in a year with a plan to attack. Like you said, it sounds like you can live almost anywhere so I would start with maybe a top 10 list of your favorite places and go from there by weighing the pros/cons and even visiting a few, if not all of them. 

The next part of your question may way heavily on your decision of where to move. Yes, 10,000 is enough but it depends on where. Is it enough in Charleston, WV? Yes. New York City? No. So you will want to consider that as well. 

I wish you luck with your decision either way! 

Hello Donald. Yes, BRRR is going to be your best friend. Get the book, read it, read it one more time, and then apply it. Good luck sir!

Hello Anthony. Seems like you have a few options here. The easiest for you is just to wholesale it to them, get your guaranteed money and move on. The second, more complicated but could be more lucrative, is a partnership. Although with 3 parties involved that is a lot of mouths to feed. If I went that route I would see if I could borrow the money from the investor at 8 to 10 percent and then pay the other guy to project manage the job. You keep all of the net profit. 

Hello Greg, you are essentially trying to wholesale auction houses. Yes, that is a fine strategy. Just understand the risk that come along with purchasing auction houses. Also, you need to know that you will usually need 10% down in cash at the auction as well as the reset in cash to close it in 20 days. Good luck! 

I believe this is possible through a 3rd party custodian but I don't think you are allowed to invest in it yourself with a traditional IRA. If you have a self directed IRA this is possible. It's been a while since I read up on it so I will let someone with more knowledge fill in more details. Good luck!

Hello Mark! I think house hacking is a great idea to get started. Especially in an expensive area like NYC. Your best bet, unless you want to do all the research yourself, is to contact a local realtor and tell them what you are looking for. They usually know what areas are up and coming. Keep us updated on your journey and good luck!