All Forum Posts by: Account Closed

@Dmitriy Fomichenko Thank you. I have read through option two and using the banking guide. I appreciate your help. I will speak with Kreighton and others before we decide who we want to partner up with. Being in the Customer Service industry for many years, it is very important for me to have more than just the ability to have information at my fingertips. This is why I love real estate, it gives me the ability to create relationships beyond the quick call. Although, I do understand that this generation doesn't feel the same way and everyone is moving at lightning speed.

Thanks to @Dmitriy Fomichenko and Sense Financial, I have established my solo 401k retirement account. I now am looking for a local Bank establishment that will allow me to open a Company Retirement Account. I was provided a list of financial institutions from Sense Financial, but they are all out of state. Does anyone have any recommendations of banks they have used to create CRA's so that I not only have both check writing availability, but also able to wire funds if necessary? Not all banks allow that according to documentation I have been provided.  It bank can be in Wesley Chapel, Tampa, Land O' Lakes, or Lutz, Florida. Any help will be greatly appreciated. Private message me if you have a personal recommendation that you are not willing to share publicly. Also, if you are interested in my experience with Sense Financial's support and process, I will be willing to share that privately as well. Good luck and happy investing!

@Mark J. that is great information. 

@Justin Windham Thank you, Justin. I opened a Solo 401K with @Dmitriy Fomichenko and Sense Financial on Tuesday. My first recommendation is to look up the set-up fees from every company and carefully read through the terms of the agreement. I will keep BP'ers up to date with this process. You want to do business with someone who will be there for you through this process, especially if you are not familiar with this process.

Thank you all for the suggestions. 

In your opinion what would be your advice for the best use of a pension that will be released in the future? The options are rolling it into another 401k, cash it out (with all the tax penalties that go along with that), take monthly annuity for life, or keep it in the same account it is in now until retirement. 

What do you think the would be the highest and best use with this money? I am leaning into rolling into a solo 401K, but It is the only money I have so the decision I make needs to be the right one. I have a couple days before I have to make  my final decision.

@Adam L. I use Joseph Andrews with New Penn Financial. I will PM you his number.

@Aaron Anderson 

They state on their company description that they lend in NJ.

Nationwide private money lender for home flippers and other real estate investors

Barnett Capital provides lines of credit for acquiring, renovating, and stabilizing single-family, multi-family, and mixed-use investment properties nationwide and in Canada. No points, no junk fees, no credit score requirement, and no interest charged on amounts not funded. We typically fund 85% of your total project costs, including 100% of renovation costs. You can do as many deals under your line of credit as your approved line amount will allow. Term extensions free of charge, and we have no loan to value limitations.

• 450 Skokie Blvd., Bldg. 600, Northbrook, IL, 60062

@Zoey Dickerson Welcome to BP!

@Jason Crews I'm a licensed Realtor in FL and also an investor. Connect with some investors at  your local REIAs. You will usually get what you need if you network there. Having your license can get expensive, but if you are active at either investing or retail RE, you should be able to cover your overhead with no problem. Good luck!

@Crystal Wilson For a rental property, in the high traffic areas, I would use vinyl strip flooring. It has the hardwood look and very durable. It is very easy to install as well. If you wanted the cosy feel in the bedrooms, then carpet. although I would do the vinyl throughout. Call around. I remember @Brandon Turner talking about how much he liked the vinyl product on one of the podcasts. Good luck!