All Forum Posts by: Patrick Plummer

@Terry Clothier, can you name a few that you would go with if you were in the market? Thanks! Sorry, I'm out of town and don't know the area.

I'm now searching for another property management firm in Memphis. Can anyone recommend a good alternative to Crestcore?

I've used Crestcore in Memphis, TN and agree with others on this board that Crestcore is HORRIBLE. I also read positive reviews about them, but I've been with them using their property management for about 5 years now and time and time again, WHEN THERE IS A PROBLEM, it's always ended in frustration; It's easy to be good when things are going well but WOW! are they bad when things are not running perfectly. Further, they are unprofessional, disorganized, and seemingly always-in-turnover-or-reorganization. Communication is not existant, including basic responses via email, etc. I've chatted with @Douglas Skipworth and he seems like a great guy, but he hasn't stepped in to fix basic problems there. This caused me to avoid buying any more houses in Memphis. 

I've also used Crestcore and I agree with @Koleton Daley that Crestcore is HORRIBLE. I've been with them using their property management for about 5 years now and time and time again I've ended in frustration. They are unprofessional, disorganized, and seemingly always-in-turnover-or-reorganization. Communication is not existant, including basic responses via email, etc. I've chatted with @Douglas Skipworth and he seems like a great guy, but he hasn't stepped in to fix basic problems there. This caused me to avoid buying any more houses in Memphis. I'm now searching for another property management firm in Memphis. Can anyone recommend a good alternative?

@Douglas Skipworth

@Cameron Skinner, thanks for the insight...that's great advice...I will initiate with mysolo401k.net. 

Merry Christmas!

Thanks a TON!!! That's great insight. Let me know if I can ever help you out! P.

Brian, great insight. 

IRA Financial argues that a Solo 401K has all the benefits of a SDIRA, assuming a person has self-employment income in order to establish it. See: http://www.irafinancialgroup.com/solo401k.php

According to their site: "A Solo 401k plan is perfect for any sole proprietor, consultant, or independent contractor. A Solo 401k plan offers the same abilities as a Self-Directed IRA LLC, but without having to hire a custodian or create an LLC. With the IRS approved Solo 401(k) Plan, roll over your existing IRA or 401(k) plan funds tax-free into a new Solo 401(k) Plan and use those funds to make tax-deferred investments, such as real estate, while also gaining the ability to borrow up to $50,000 as well as make annual plan contributions up to $59,000 – almost 10 times the amount of an IRA."

Based on this, it sounds as though this is an attraction option for my wife and I that have a part-time small business as well. We can just roll our existing funds into that and have the same checkbook control that we desire from a SDIRA...

Thoughts? Thanks! P.

Brian, are you saying that if my wife and I create a multi-member SDIRA LLC that pools both of our traditional IRAs into one LLC, that any subsequent contributions would need to be made at the exact same proportion? In other words, for illustration, if her initial contribution to the IRA LLC was $2,000 and mine was $1,000 (for a total of $3,000 at start), any future year's IRA contributions would need to be at the same 2:1 ratio and that we both couldn't contribute $2,000 each without risk of becoming disqualified?

Thanks for your expertise and insight here. P.

Thanks for the feedback. I'm pretty sure I have the "real" answer: you CANNOT create a new cell in a Series LLC for the IRA because the owner of any cell is still the parent LLC's members (albeit with different, definable percentages based on the cell operating agreement), and that means it "touches" the owner, i.e., me.

Further, here's what uDirect answered: "You are not able to use an existing LLC. Your IRA cannot interact with any thing that you have any personal ownership of. That is why a new LLC has to be created where the IRA is the original and only owner."

Thanks again! I hope this helps someone else in the future! 

Merry Christmas to all! P.

Hi. This is my first post here on BiggerPockets and I hope someone can shed some light on a question of mine.

I am going to create a self-directed IRA (SDIRA) LLC (aka a checkbook IRA), and I have spoken with several firms in that area, e.g., uDirect, IRA Financial Group. I can't get an answer to this question: rather than paying their charge of $1,400-2,200 to create a Traditional IRA LLC plus another $1,400-2,200 to create a Roth IRA LLC, I want to create two new cell/series in a Texas Series LLC to save myself the bulk of the setup and ongoing LLC costs.

Can anyone confirm this is ok? How do I go about doing so? Are there any issues associated with using series LLC cell for this purpose that would be unique to an IRA LLC?

Thanks! P.