All Forum Posts by: Mark Ryan Peterson

Hi everyone, My name is Mark and I am a commercial fisherman who earns 150 to 200k a year.. I am totally fine with this income at the moment. The only problem is when the tax man comes knocking I have to fork over 50 to 55k of my hard earned money! I need to keep more of my money! My solution to this problem is to invest in rental properties, fix and flips/hold and single/multi unit homes. I have experience in Building Construction and enjoy remodeling which is why I find this path to be fitting. Here is where I need direction! Should I put some of the fishing proceeds into a Self-Directed account and use that to start investing? Should I wait until I have enough HELOC in my current residency, and pull that out to start investing with? Would holding all of my rentals under a (s) LLC be beneficial towards the tax situation I am in? Any information and direction would be much appreciated. Thank you!

Hi everyone, My name is Mark and I need some direction. I am a self employed commercial fisherman who makes 150 to 200k a year. I am totally fine with this income at the moment but the only problem is when the tax man comes knocking I have to fork over 50 to 55k of my hard earned money. I am fed up and need to keep more of the money I earn... My solution to this problem is to invest in rental property. Fix and flips/hold and single/ multi family homes. I have background in Building Construction and enjoy remodels, so I feel this path to be fitting. Here is where I NEED DIRECTION. SHOULD I PUT THE FISHING PROCEEDS MONEY INTO A SELF DIRECTED IRA, AND USE THAT MONEY TO BUY RENTALS? SHOULD I WAIT UNTIL I HAVE ENOUGH HELOC IN MY HOUSE, TAKE THAT OUT AND START INVESTING? IF I HAVE RENTAL PROPERTIES UNDER AN (S) LLC WILL THIS hELP THE SITUATION I AM IN? ANY INFORMATION ON HOW I SHOULD GO ABOUT THIS WOULD BE MUCH APPRECIATED! SORRY FOR THE ALL CAPS MY I PHONE IS ACTING UP