All Forum Posts by: Doug Kolb

@Jon Crosby thanks for sharing this spreadsheet!

Scenario: your child graduates from college and lands a great job during a pandemic. He will be able to save at least $20-30k in his first year (good to be a software engineer). He lives in a major metropolitan area where the median house price is approximately $250k.  Let's also assume that he knows and understands the benefits of owning real estate and is curiously interested.  Also, for the sake of the argument, let's assume he's not much of a do-it-yourself guy (not great with tools). It's also safe to bet that he's got Scott Trench's book, Set for Life, on his bookshelf but probably hasn't read it.  

What very specific advice would you give him?  

Save how much and do what with it?

Timeline?

I'm a uniformed member with about $150k to transfer ($230+ if you add all my retirement accounts). Do I have to be retired to make a TSP rollover to a SDIRA (of any type)?

Hello,

I own a single family rental home in Memphis. i bought it and financed under my name not knowing any better (in 2015). Looking now to put it under an LLC (which I have already), but my current mortgage holder "doesn't do LLC's" so I'm looking for recommendations for investor minded mortgages.

The property is in Memphis and I live in Madison, WI, and i'm currently on military active duty (and I have Veteran status) if that helps.  I've read so many different options, really looking to clarify my options. 

Thanks in advance. 

Hello. I'm looking for some direction regarding specific real-estate deductions while working inside a solo 401k or self directed IRA LLC and working with a rehab on a buy and hold piece of property. I plan on speaking directly to a tax professional, but am looking for some general information so I'm smart before talking to a professional.

I have an LLC which I use for property I have outside of my 401k, and I utilize appropriate deductions (mileage, associated expenses, etc). How does this work when using a solo 401k or self-directed IRA? Do the expenses essentially become contributions to the IRA? Suggestions and thoughts appreciated.

Hi Tonya,

Great subject.   It's hard.

I've been through this twice and for what it's worth, I'd say your name likely means more to you than it does to others.  Ultimately you have to comfortable with and proud of your name to the extent that it's synonymous with you/your identity.  I think that the more it relates to you, what you do and why you do it, the more you'll say it and get it out there.  

How to do it?  List your priorities, your reasons for being in the business and your "why" and then brainstorm business names that capture all the things you list.  Mind mapping helps with this as well.  

Doug

All, FWIW, the University of Wisconsin has a real estate program that ranks high in the US News and World Report annual scores.   It's a pretty robust program although to be honest I don't know how it compares to others.  Here's a link: https://bus.wisc.edu/centers/james-a-graaskamp-cen...

Also, (FWIW x 2) regarding CAP rates, here's a link to a presentation from their website (pretty interesting): https://bus.wisc.edu/~/media/bus/mba/specializatio...

Doug 

Noah, are you interested in Watertown or is that too far from Milwaukee?  I have a house there I'm looking at but am pretty overloaded at the moment.  Shoot me a message or email  if you're interested in partnering.  Thanks - and welcome to BP!  Doug