All Forum Posts by: Marzel Hurbs

Self Directed IRAs seem to be the popular option. Thank you for the suggestion @John Williams

Thank you for the condolences, I appreciate the advice @Aaron Byrne. You all have given me some things to think about. I'm meeting with my father's Financial Advisor and will be settling on an option later today.

 Thank you @Jeffrey Dixon. This is starting to sound like my best option.

Thank you @Dmitriy Fomichenko for the response. I am not familiar with self-directed IRAs but will begin doing some research!

Hello BP Family,

My Father passed away on Oct 7th, leaving me his IRA which is valued at $750K, as of today. My wife and I both work full-time jobs, and own 3 rental properties (in a series LLC) putting us in the 35% tax bracket. I'd like to gain some insight into the best way to handle this amount of inherited money from a tax avoidance perspective, taking our current income level into consideration. I've done some research online but haven't found anything overly creative or efficient. All I know at this point is that I have 10 years to pull all $750K out, leaving me with a significant tax burden. Any insight or shared experience would be greatly appreciated.

Thanks in advance!

Sounds good Rawn, I'll be there!

Hi @Komail Khaja, I am based in Houston as well and have used both Allstate and StateFarm (current). In addition to the HOA insurance coverage, I'm paying about $600 annually through StateFarm. Whatever you choose, make sure your policy includes "loss of rents" if possible.

@Jared Jernigan I've never been a part of an accountability group but like the concept. Please add me to your invite list.

@Marissa Weston, welcome to the world of real estate. Houston is a great market to get started in even though prices are overly inflated at the moment. Take your time, build up your knowledge, save up as much cash reserves as possible, and when you are 80% sure you are ready to make a move, PULL THE TRIGGER!! You are going to learn so much more by doing it then reading about it.

Good Luck!

Just checking in to make sure this event is still a go!