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All Forum Posts by: Mark S.

Mark S. has started 9 posts and replied 511 times.

Post: WholeSelling At 15

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@NA NA Can’t legally enter into a contract at 15.

Post: NAR Settlement - HOT TAKES

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Zander Kempf I agree - been trying to figure out why the media keeps saying home prices will come down as a result of this.

Post: Can i take out all of the money out of a 401k account ?

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Nixon Corpuz Well, we’ve all done something like that at one time or another!

Post: Can i take out all of the money out of a 401k account ?

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Nixon Corpuz 401k plans are by their nature participant directed. The plan sponsor selects a firm to provide overall administration, and also selects numerous investment options for participants to choose from. ‘Plan administrators’ do not direct the investment selection on behalf of the participant. 

Post: Can i take out all of the money out of a 401k account ?

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Chris Seveney I was about to ask the same question. Almost impossible to not have made money the past couple years. IMO, someone who hasn’t made anything in the markets recently should certainly not be jumping into real estate with limited knowledge.

Post: Can you set up a legally qualified self insurance?

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Kyle S. Okay, sure. Let us all know how that goes.

Post: Can you set up a legally qualified self insurance?

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Kyle Stewart If you’re going to set up an actual insurance company, you need to deal with corporate formation, policy drafting, regulatory approval, reserve requirements, etc. In other words, millions of dollars in the hope that you can get your policies approved in the states you want them issued. 

But I think you’re really talking about self insuring. I don’t think there’s a lender in the country that will let you borrow under the premise of self insuring the property. If you don’t have any debt on your properties and you feel comfortable taking the risk of self insuring, you are still ignoring the greater risk from liability claims. Property insurance is only part of the risk management equation.

Post: How many single family rentals do you keep in one LLC?

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Owen Rosen What about the insurance advice is ‘was off base’?

Post: Refunds - How would you handle this?

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Glen Wiley Not necessarily true. Cancellation policies are there to protect the host in the event someone cancels and the host can’t rebook. That’s why the closer to checkin you are, the higher the cancellation fee.

However, I’m not saying the OP should refund. All about what they feel is right. (I would refund)

Post: Government-sponsored extortion, Sevier County style

Mark S.Posted
  • Real Estate Investor
  • Saint Paul, MN
  • Posts 522
  • Votes 455

@Collin H. I may be in the minority but don’t see this as a big deal. I’ve had to get various permits and licenses in all markets where I have owned investment properties. The things that are being required are common sense (maybe not the maps 🙄) and quite honestly probably good idea, after seeing how many cabins are managed.