All Forum Posts by: Manuel Segarra III

Thanks for the insight Jason ! I'm setting up my LLC next Friday, then I can setup my 401(k) ... Can you take one more moment and share any lessons you have learned , using your 401(k) ? For instance, once you get your money rolled over into the new 401(k), do you then get a bank account and tie it to your 401(k) account ? I understand the prohibited actions ...

Respectfully,

Manny3
Newbie

something like this setup ... look legal and/ or doable ?

Thanks for the guidance Brian !

Manny3

Thanks for the reply Brian !
I'm currently a full time W2 employee ... 
Setting up an LLC so I can be 'self employed' in the real estate field, with no full time employees.

Was not sure if the LLC owns the Solo 401(k) or vice versa ?

Meeting with a company that sets up Solo 401(k) tomorrow for initial consultation
Have an appt. with a CPA to setup my LLC on 18 Oct, so I will be getting pro advice ...
what do you think Brian ?

Manny3

Greetings BP !

Want to use some of my retirement funds to invest !

Wanted to go with Self Directed IRA but that seems cumbersome and having someone between me and money is slow and I don't feel like I am in control of my money ... Found the Solo 401(k) plan which gives me direct control of the checkbook without needing someone else's control or permission !

Does anyone have experience with Sense Financial ?  I know they are a "preferred" business, listed here in BP under the Pro forums.

However, doing my own Due Diligence, hope someone can share an experience or opinion on this company.  They are not accredited with the BBB .... Hmmm ... Looking for some insight !

Thank you in advance !

Respectfully,

Manny3

Thank you all for your encouragement to sit down and think thru how I will run my business and most importantly, identifying and mitigating RISK, especially with someone else's money !

Meeting with a CPA on Tuesday to stand up my LLC and then step 2 !

Thanks again !

Manny3

Thank you Joe, for taking the time to reply and share your knowledge !
May I ask for one piece of advice you would pass onto a beginner ? (aside from your answer above)

Manny3

Greetings Earthlings !

Just starting out in real estate investing, I am ON FIRE for this !
Want to start right, I'm very analytical ... Getting my team together, organizing my finances, starting up a business, talking to CPA, etc...
I went to SBA.gov to get some ideas about starting a business ... ran across the " Writing a Business Plan " section ...

Was curious about how you view having a business plan ?  
It looked more focused on people having a business that sells a physical product ... I know a home IS a physical product but not
in the sense of selling widgets, shoes, iPhones, etc ...

What are you thoughts about taking the time to create a business plan ... I have my goals and vision for investing but this would be different ...

Respectfully,

Manny3
Noob Investor