All Forum Posts by: Mark Robinson

I appreciate all the excellent comments.   I am sure the text for what one can and cannot do from the IRS and any other governing bodies is long and difficult to totally understand and may be open to interpretation - I know many things with the IRS are.  

I am not a dirty harry and just whipping my guns out and firing away with my 401k - I would use it as it was explained to me.  If it was explained wrong or explained correctly but interpreted wrong is where my worries are.

Anyone have any clients get audited or go off the rails and not follow advice and get spanked by the IRS?  What was the consequences?

Sorry @Mindy Jensen   I am a w2 wage earner but I also  maintain my church 2 acres, bushes and flower beds for money for 22 weeks out of the year and put in some color during winter.  I also mow a ladies home of 2 acres for 22 weeks a year as well.  

I do own and personally manage 2 rental properties - it does take time to do that and we recently sold a rental property that depreciated out.   I am married.  

Thanks @Dmitriy Fomichenko, @Justin Windham, and @Carl Fischer.

Sorry Dmitriy what I meant by loosing their shirts was by doing something wrong according to the IRS or loosing money due to being penalized by the IRS, I could have stated it much better.  

I think that's basically what the 3 of yall are collectively saying.... How would one know or find out if the firm, person, Broker, or Entity is guiding you correctly?   If they guide you wrong they are not penalized - the investor is.... When I go to a doctor for surgery -  I like to know how they are rated with patients and there are ways to find out about lawsuits against them or malpractice... normally I use referrals for things like this.  If I hire a contractor - I want to see past work and talk to past customers and see ongoing job sites.  

How does one know if they are working with a entity is doing everything right.... what is the recourse if something goes wrong that's not the 401k owners fault?

I will go to the link @Dmitriy Fomichenko sent out and read.  I have read allot of blogs in here on this but figured someone lost there shirt somewhere sometime.  Thanks for the reply @Mindy Jensen.  

Hey Bigger Pockets Team - I have done some research on moving my 401k from corporate America to some form of self directed venue.

Like Dirty Harry - I am looking for THE GOOD, THE BAD and THE UGLY!

Anyone have any great stories about here experience?

Anyone have this go WAY WRONG or Horror Story Bad?

IRS Audited?

I have posted a few times and I will admit that I have not read all the rules so I am going to post carefully.... hand one "flagged" in the past but no understanding as to why.

I have been investing in RE for many years in a passive nature but just sold a couple of homes that were deprecated out and made some good money and thought.... if I had only had done that x 10 I would be set.

I recently attended a $250 3 day event after attending a free 3 hour event.  The event was really good.  I learned allot.  At the end of day one they spilled the beans that they were selling processes and systems but that still all the rest of the training is in fact good stuff.

It was good stuff.... again I learned allot.  On the 2nd day my wife and I meet a strategist to walk us thru the 3 options for the business in a box..... It was quite expensive and a little scary.  I am never opposed to spending money on training, investing in myself, paying for specific things like mentoring, services, etc...... but WOW the price blew me away.  

Not sure what all I can say here to get some feedback.... anyone have good experiences with buying into these systems and process or bad experiences with it?

If I am not allowed to ask this question I am sure someone will immediately catch it and then hopefully they will let me know why it was axed.  

Looking forward to BP inputs here.

Thanks guys... I will reach out to both of you.  

Thanks for explaining @Bart H.

I am totally new here and found this as I re-read the thread here... can anyone help me understand why this states "this post has been removed"?????  Also who removed it?  

If I made a mistake I need to know and understand.... thanks.

"Thanks @Anthony Dooley - that is a really good point. Make the deal make sense for me and my goals and put in an offer that would work for me. I ran a few scenarios via the BRRRR calculator and have an idea. I have been emailing with one of the companies wholesalers and this is not his deal but he is going to meet me so I better understand his companies procedures.... sure he gets something out of the deal but at minimum we can start a relationship. I get postings from him and his company every day but I have a area that works for me and I am sticking in that area for now. Thanks again Anthony for your input. I will let everyone know what I find out.

Mark Robinson"

@Bart H. - my are via email as well.  So how do you locate wholesale deals without the emails or pressure and that are decent?  No sure I understand your statement "And it feels a lot like activity at the top of the market"  can you please explain?

Thanks Mark