All Forum Posts by: Pamela Starnes

@Vanessa Ryder......welcome from another Los Angeles investor.  Sounds like you are off to a roaring start!  Great to see other Angelinos making it happen! 

I'd love to learn more about how you found your business partner/contractor and how you have decided to structure your partnership.  I've been a sole investor so far but am starting to wonder if developing partnerships would be a way to take things to the next level, so I'm always interested to see how other investors develop their partnerships.

Happy investing!

Thanks @Mark Nolan!

@Carl Petterson, @Dmitriy Fomichenko.......thanks for taking the time to give feedback. It does indeed get complicated. I have asked lots of questions to paid professionals (attorney, CPA), and it is interesting how beyond a certain level of complexity it always gets volleyed back to the other professional ("ask your CPA", "ask your attorney", or "ask the company holding the plan"). When I was initially trying to sort this all out it was really frustrating as I felt like it was highly unlikely that I needed to recreate the wheel, so to speak, as it didn't seem like such a unique situation. I got my initial questions answered for the most part, but now that I am exploring the option of REI with that money it just brings up a whole other level of questions. I am cautious to take everything as input and not professional advice, but certainly every little bit of further understanding I can achieve by asking publicly will hopefully help me ask the right questions to the paid professionals. Thanks again!

@Jennifer S.....I'm sure you've gotten your roof fixed by now, but on the off chance you are still looking for another roofer recommendation (for the future?) send me a PM and I can forward the contact info for one I used on personal residence about 6 months ago that I feel comfortable recommending. 

Hi Carrie.....I'm also a Los Angeles investor.  I can't really speak from experience with out of state marketing, but I don't see any reason why that wouldn't work out just as well as if you were marketing locally.  I was curious, however, as to the factors that influenced your decision to invest out of the local area, especially doing flips which seems really tricky from a distance.  Other than the increased costs to purchase here in LA, were there other deciding factors?  Thanks.

@Rick H......I know that isn't the typical case and I wish it were not the case here, but I spent many hours on the issue early on and it is because the IRA was initially inherited by a trust which then was distributed to the beneficiaries of the trust and there was some technicality having passed first to the trust that it had to then have distributions taken based on the life expectancy of the oldest trust beneficiary, which was my stepmother in this case. In fact, each beneficiary had to sign something in particular stating that they were aware of the fact that it had to be taken out on this schedule. If anyone knows of something different in this particular regard, I'm all ears and would definitely look back into it if it still sounds off. Thanks again!

The more I read the Self-Directed IRA and solo 401K posts, the more questions I seem to have. Specifically, my questions have to do with investing with an Inherited IRA that I am already having to take required minimum distributions from (based on my stepmothers life expectancy unfortunately, not mine). Several questions at hand are:

1. Would it be more advantageous (or even possible) to transfer the inherited IRA to either a SDIRA vs. a solo 401k? (I know one big advantage mentioned regarding solo 401k is higher contribution limits but this is irrelevant in this case as I am not contributing to the plan.)

2. Can a RMD be taken from another traditional IRA to meet the RMD each year?

3. If the inherited IRA was converted to a SDIRA and used for a buy and hold property, would this require an appraisal to be done at the end of each year to determine the next year's RMD? If so, do you think buy and hold investing would be more or less cumbersome than using the SDIRA for other RE activity, (flipping, lending, etc), which seem to have their own concerns.....Unrelated Business Income Tax, self-employment tax.

I'd appreciate any feedback on your recommendations as to how to best utilize these IRA funds within REI. Thanks in advance!

Welcome to the community!  Every day I am learning from this site and the connections I am making.  Enjoy!

Welcome Randall! I'm also a LA investor and am all too familiar with your dilemma. My interest is also primarily buy and hold MFR and am considering branching out to other markets. Feel free to connect throughout the journey!

Welcome Linda! I just joined BP fairly recently as well and, like you, I'm loving all the content the site and community have to offer. I haven't been to any of the local (Los Angeles/Westside) REI meetings yet, but perhaps we'll cross paths there in the near future. All the best in your pursuits!