All Forum Posts by: Jason Smith

I have been trying to determine the best route for me, but I am finding too much contradictory information.  

I am transferring my old 401k from a previous job I to a real estate investing portfolio. Whether it is SD IRA or 401k I can't decide. I have a decent amount of money in the account and plan to buy and hold with this money.

My question, over the long haul what is the best option?  Can I even start the 401k if the funds were in a previous 401k, are the fees for SDIRA so high as to be cost prohibitive?  

Sorry if this has been discussed so many times, it's just hard to take 20 different threads asking basically the same thing and getting 20 different responses for each individual.

Thank you all for the great advice! Looks like I can get started very soon, just have to get to a computer, the Mobil app doesn't let you send PM's.

Hello everyone, hope this is the right ace to ask. I recently changed jobs and have a nice pool of cash in my old 401k that I am going to transfer to a self directed IRA. My new job's 401k I will likely keep traditional, and this other one I would like to buy properties with. My main questions, if I use my self directed IRA to buy properties, can you take a mortgage on anything you buy initially, or does one need to be bought with cash, then leverage of that for future purposes? Any other advice on using the IRA for purchases would be great! I don't plan on touching this money for withdrawal purposes for a very long time, save maybe college tuition for the little ones, if I'm allowed too.

count me in as well

Michael, welcome to BP, I also have plenty of student loans, in excess of 70k... My interest rate is over 7%. Trust me when I say you want those gone. I make a great salary, and they still weigh on my credit, and my ability to borrow Money. I am lucky in the fact I have financial backers, but to get loans today, you need to put a good percentage down. Unless you are going to live in the property, you will likely need at least 20% down, and in CT, even the Hartford area, that may not get you a house you want. My advice is to pay off the student loans as fast as you can. You are probably 23? To be debt free at 25 if you can pay them off in two years as you said, puts you far above 90% of college grads your age. Good luck!

Welcome Ann. You will find this site is a huge resource, spend a good amount of time researching and you will answer your questions and find answers to questions you did not even know you were going to ask. Good luck!

I also went to the FB recently when they were in Connecticut. I didn't even last through the orientation. The second they said the 3 day course was normally 2000 dollars and was being discounted to 197 for the 3 day course for both myself and my wife I knew we were being prepared for greater fees. I was prepared to pay for some of their contract books and other forms as they started in CT, and would be helpful to have some of the state specific information. They run a great business, getting 3 people to pay 25k and it probably costs 20k for the facility rental and fee to the speaker, not a bad business. Gotta give than Merril, and Yale school of Business some credit!

Thank you Tom, can't wait to get started!

Thank you Tracy, More than likely I will be partnering with various colleagues at first, and maybe do flips with them exclusively. I was hoping to get into the rental game by myself without anyone else involved. Thanks for the tips!

Welcome Tom! I am also new to the BP community, and I live in Stratford. Let me know if I can pick your brain one day about the deal, and some issues unique to our lovely state!