All Forum Posts by: Jason Stern

I am looking for financial tips for my particular situation....

I am a firefighter and also a self employed business owner. I work full time as a firefighter in Miami working my normal 24hrs on, 48hrs off. I also work as a mortgage loan originator. I left a company in December that paid me as a W2 employee originating loans. Now I am paid as a 1099 Self Employed since then. I have established an LLC and business checking/savings.

As for retirement, I earn a pension when I retire, I currently max out my deferred compensation plan (457b) with 18,500 a year and just recently opened up a Personal Roth IRA with intentions to max out with income made from loan origination but put it on hold until I can figure the best situation for what I am trying to accomplish.

The income I earn from originating loans is what I would like to use to invest in real estate whether it be for down payment/closing costs/rehab or simply to buy cash not sure yet.

However, for the time being I would like some suggestions as to where I should place my money for the sake of tax burden being self employed and having access to the money. I am married with no kids and both my wife and I file jointly and claim "0" for our W4 as she works as a teacher.

Any income earned from my self employment is 100% disposable therefor its what will fund buying real estate for me. I would like to tap into whatever is recommended for me to place the money when the time comes to purchase real estate. I am still building the business and trying to grow it but if helps any decision making, so far YTD for 2018 I have earned 55k paid as 1099 SE.

Can I get some suggestions on what I should do given my scenario? I have looked into opening SEP IRA's, Individual 401(k), Roth IRA's, Solo 401(k)'s all in my business name and every choice seems to have great opportunities and all are better than my money sitting in my bank account. It is only myself as an employee and have no plans to add anyone else to the business other than maybe my spouse.

Please, any help would be greatly appreciated as I know there are members on this forum that have extensive knowledge so thank you in advance!

I am looking for financial tips for my particular situation....

I am a firefighter and also a self employed business owner. I work full time as a firefighter in Miami working my normal 24hrs on, 48hrs off. I also work as a mortgage loan originator. I left a company in December that paid me as a W2 employee originating loans. Now I am paid as a 1099 Self Employed since then. I have established an LLC and business checking/savings.

As for retirement, I earn a pension when I retire, I currently max out my deferred compensation plan (457b) with 18,500 a year and just recently opened up a Personal Roth IRA with intentions to max out with income made from loan origination but put it on hold until I can figure the best situation for what I am trying to accomplish.

The income I earn from originating loans is what I would like to use to invest in real estate whether it be for down payment/closing costs/rehab or simply to buy cash not sure yet. 

However, for the time being I would like some suggestions as to where I should place my money for the sake of tax burden being self employed and having access to the money. I am married with no kids and both my wife and I file jointly and claim "0" for our W4 as she works as a teacher. 

Any income earned from my self employment is 100% disposable therefor its what will fund buying real estate for me. I would like to tap into whatever is recommended for me to place the money when the time comes to purchase real estate. I am still building the business and trying to grow it but if helps any decision making, so far YTD for 2018 I have earned 55k paid as 1099 SE.

Can I get some suggestions on what I should do given my scenario? I have looked into opening SEP IRA's, Individual 401(k), Roth IRA's, Solo 401(k)'s all in my business name and every choice seems to have great opportunities and all are better than my money sitting in my bank account. It is only myself as an employee and have no plans to add anyone else to the business other than maybe my spouse. 

Please, any help would be greatly appreciated as I know there are members on this forum that have extensive knowledge so thank you in advance!

I am looking for someone that will allow me the opportunity to contact them and ask some questions about buy & hold properties out of state. Specifically someone who fits in this criteria:

1. Holds a full time job

2. Invests out of state

3. Started out with between 30-50k

4. Used the BRRR strategy from the start

5. Currently holds at least over 8-10 properties or more now and continues to grow their portfolio

I am a full-time firefighter/paramedic in South Florida. I have 30-50k to get started. I have the flexibility with my schedule working 10 shifts a month to go back and forth out of state to stay involved. However, I have been a little apprehensive with pulling the trigger until I can have an opportunity to get some advice from someone in a very similar situation like mine.

I would be very grateful and appreciative if someone reached out to me whether by replying here or messaging me privately.

Thank you everyone for all your help!

Jason

I am looking for someone that will allow me the opportunity to contact them and ask some questions about buy & hold properties out of state. Specifically someone who fits in this criteria:

1. Holds a full time job

2. Invests out of state

3. Started out with between 30-50k 

4. Used the BRRR strategy from the start

5. Currently holds at least over 8-10 properties or more now and continues to grow their portfolio

I am a full-time firefighter/paramedic in South Florida. I have 30-50k to get started. I have the flexibility with my schedule working 10 shifts a month to go back and forth out of state to stay involved. However, I have been a little apprehensive with pulling the trigger until I can have an opportunity to get some advice from someone in a very similar situation like mine.

I would be very grateful and appreciative if someone reached out to me whether by replying here or messaging me privately. 

Thank you everyone for all your help!

Jason

welcome! We share common goals

@Jon Huber@Jean Taveras 

I won't be able to attend. I'm on shift for 24hr at my firehouse that day. Will definitely attend the next one. This is a great idea though. Thanks Jon for the invite. Keep me posted on the next one.

Thanks Ryan. I appreciate the response!

Thanks for getting back. That is good to know. Yeah no plans on living in the properties. Current cash flow doesn't matter as long as it's not negative cash flow or a lot of expenses involved. I work as a firefighter/paramedic and looking for other means of investing and retirement incomes God for bid I ever got injured or something happened. like you said want to put the minimum down to ensure a safe investment in case of unexpected expenses or economic down turn. Thanks again for the reply. 

Jason

When it comes to buying multifamily homes, whether be duplex, triplex, quads, etc... What is the recommended percentage you should put down to be conservative, not over extend yourself, ensuring good probability of no financing hiccups?

I know the best put as much as you can but if you are trying to keep cash in pocket, what would be the minimum to play the game safe?

That being said, My wife and I both bring steady income consistently that doesn't fluctuate.

Not trying to hit a home run with cash flow just trying to hold for long term retirement income but want to invest safely so I don't the carpet swept from under me.

Thanks BP nation for reading!

Jason

When it comes to buying multifamily homes, whether be duplex, triplex, quads, etc... What is the recommended percentage you should put down to be conservative, not over extend yourself, ensuring good probability of no financing hiccups? 

I know the best put as much as you can but if you are trying to keep cash in pocket, what would be the minimum to play the game safe?

That being said, My wife and I both bring steady income consistently that doesn't fluctuate.

Not trying to hit a home run with cash flow just trying to hold for long term retirement income but want to invest safely so I don't the carpet swept from under me. 

Thanks BP nation for reading!

Jason