All Forum Posts by: Mark Spritz

Thanks everyone for your replies. I wanted to up vote everyone of them, but I am not sure how to do that, or I might be too new to do it. But I do appreciate every answer you guys posted.

Mark

So here is my dilemma. I think for me in my investing, either going the Multi-Family Rentals or Flipping or BRRR, still trying to decide. But I think in all cases using a Wholesaler might be a great idea, but I can't get over the fact that if they have these great properties.

Why aren't they doing it themselves? 

I mean if you find a property that you get under contract for 100K, and you estimate Repairs at 25K, and that you can then sell it at 200K, why wouldn't the wholesaler do that all themselves? And regarding the property itself, if that was truly that great of a deal, wouldn't the seller also know it, or the seller get a realtor to tell them that, or a retail buyer see the listing and know that. It is just so confusing to me that there can be such deals. I am kind of at the, "sounds too good to be true" stage.

Thanks

Mark

My business has actually been profitable for 8 years already with Schedule Cs filed. The articles would also still only need to be about 1 a month I think. But I will always be showing a profit in it.

Got my papers signed and EIN number. Next step is to open up the account to hold the funds.

So my next question is Brokerage account or Bank Account? Or can I have both? I am leaning towards Brokerage account because I definitely want to be able to put some of my money into mutual fund for short periods of time. And I don't plan on trying the Tax Lien market.

Thanks

Mark

Thanks everyone. I think I found a way to bring in some money through my LLC. I am going to write a few articles for a website getting paid for it. So that would allow me to open the Solo 401K and everything is now taken care of. ;)

Mark

OK, so then correct me on this. If I have an LLC Ira, is it required that there is a person/entity that is not me that has to do the deal on my behalf. They have to do all the work, in which I have to wait for that person/entity to do their work?

Again, I believe the definition here is what is confusing everyone. I have not said anything different than what you guys have said. I just have a different definition. My main definition of custodian is when you have to have a third party sign all your deals. No checkbook control because the custodian will make all the arrangements. I want to avoid that and to avoid that you can't have a self directed IRA. But an LLC Ira and Solo IRA will allow me to make my own deals, sign my own checks without having to go through someone else doing that work. I don't want to pay someone $1000+ to do my signing at Escrow, or to slow the process down in any way.

I think the confusion is on the definition of Custodian or the levels of a Custodian. Only a Self Directed IRA require a custodian who is responsible to make the deals, meaning they sign the papers etc, this costs money and time. Whereas in both the Solo 401K and LLC IRA you have checkbook control, but still have to have the type of custodian where the money is "stored" be that a bank or a brokerage type company.

No, I will not be investing in California. I am looking at Florida. I already own property in Florida and looking to invest some more there.

@Justin Windham For Spousal participation the spouse has to be a partner or employee in the LLC.

"No custodial requirement" I don't think that is correct completely either, you still need to have your funds at a bank/custodial entity. The statement is a bit ambiguous because if you are only referring to a person that has to sign all the deals and be there at close type things, then both the LLC IRA and Solo 401K does not require a custodian to do the deals, both have checkbook control and I can sign for the deals myself in an LLC IRA. Whereas a Self Directed IRA requires a custodian.

@Bernard Reisz All of the business I did in my personal LLC was all out of state, no CA clients, so while I file a Schedule C for my business in my IRS forms and the equivalent in CA, I don't have to file the LLC in CA.

Found that you have to hover over it, then an "X" appears to allow you to close it. I think it might be better to move that popup to the left side of the screen when in the Message center? Or have it on a timer to disappear if the user doesn't interact with it.

Thanks

Mark

I am trying to respond to a private message, but as I start typing the popup for the Webinar keeps popping up and I can't remove it to see what I am typing. How do you get rid of the popup? Thanks Mark