All Forum Posts by: Patrick Young

Regarding solo 401k, maybe this is slightly off topic, I use equity trust and they say you cannot have any employees other than a spouse. The IRS seems to hedge on this and I see other custodians marketing say you cannot have full time employees. ET says no employees period, even if part time. 

I generally see literature as such, and cannot tell if having a part time employee removes the chance of solo 401k or if the custodians just don't want to deal with it:
"IRS rules prohibit contributions to a solo 401(k) if you have full-time employees, but you can use the plan to cover yourself and your spouse into retirement."

@Logan M. Didn't you do Legacy Homes?

@Dustin Maxwell  

Thanks for the info. Did the homes get mold or something? What about the financing was bad? Have you seen something better? 

@Logan M.

Thanks for the post! I have been looking into Legacy Homes.

What size or type home did you buy? Curious what type of homes are going into parks. When you say Clayton has better homes, what is better about them? Are legacy Homes priced lower or is it just the financing making them a good deal.

My goal is to bring them in and then sell them to the tenant and point them to someone who can finance it like Zippy or PEP. So, not sure if the terms from Legacy would be as big a benefit to me.

Curious how the next shipments have gone and if you have any updates on Legacy.

Did you become a dealer? Advantages?

This year l left my W2 job. I do flips and have a few rentals.

Is there any benefit to giving myself an official paycheck and W2? I do want ability to get loans.

I have 4 years good schedule C and interest income.

Jay Hinrichs However if it is a business credit card it does not report to your personal DTI and credit score so won’t affect future mortgage applications. That’s the big sell on this method for me.

Also the intro offers are usually for balance transfer so probably doesn’t help. I think it takes some time before the convenience checks arrive. Hard to plan around.

Cash advance no good. I did something about 2 years ago that I wasn’t sure was worth it at the time but now feels like paying off. I payed a company to give me a seasoned business entity for purpose of business credit. I payed them $3k for this. That’s a lot for sure and I’m not sure I recommend it. They negotiated all the credit limits up and I got 4 cards with about 120k limits. Getting cash off cards was a bit of a pain at first basically used a merchant account and charged myself (not really allowed). This costs almost 3% in fees. This money allowed me to do a private lending venture at 12% interest so I made money on that but not much after considering the 3k and fees. For the last year plus I keep getting convenience checks offers. Most are 1 year with 2-3% fees. My M&T card is the best, 1.99% no interest for 18 months. I am on my second round of pulling 28k (costs $500 fees) off the card and paying it back in a year. I haven’t even mentioned the only reason this whole thing is worth it. This is business credit not personal credit. I can pull as much from a card and has no affect on my personal credit. I have 4 cards I could do this on as they all send offers non stop. I only do it in 1. Of course you must be really strong to not get in trouble with this. I have an earmarked bank account all revenue from those investments goes right to it.

I used the Land Geek. Land academy is good too. Putting them both together would be perfect. Land geek is better for selling strategies and creating paper. Land academy is better for sending mail and buying and quickly flipping for cash to other wholesalers and not the end user. I have used strategies from both. You can avoid the 30-50% default by avoiding the $99 monthly deals. If you sell land for 15k plus get $750 down at least and keep payments above $250 you can keep the defaults lower. My biggest headache now is ppl trying to live on land in RVs full time. Not following zoning. This is more in Oregon. Nevada is so rural I don’t think anyone would notice rvs. Sometimes I feel like I am just buying and trading baseball cards like the childhood days. I think to maintain long term note portfolio you def have to keep up with the defaults and resell or your notes will whittle so it’s not a set it and forget it. Not much different than re renting a house, though you have no mortgage to pay or damage to fix.

The $100 month real quest data through ownerData though only gets you the right to buy the actual data at a small discount. Correct me if I am wrong. Unless you are downloading in excess of about 5,000 records a month it is cheaper to go straight to RealQuest. At least based on my plan.