All Forum Posts by: Daniel L.

@Jeff S You mention in your commentary that a CPA with a solo401k might allow you to use his for a fee. I just want to be 100% certain on this one...Does that just mean using his solo401k as the prototype for my solo401k as was apparently done for yours? I'm guessing this is similar to how people charge a fee for using their LLC docs as prototype to someone else's LLC docs?

@Jon Holdman @Steve Babiak @Bill Gulley I can't thank you guys and the bigger pockets community enough for your astute prompt responses. THANKS.

What am I doing wrong with the syntax of the @ before the username that actually messages you guys? I tried brackets & that didn't work either...

@Jake Kucheck I think I'd like to pursue B Corp accreditation a year to two from now as a RE wholesaler. Although not RE investor related, my favorite example is www.dogoodrealestate.com/about If you find a wholesaler type that operates with a stated way of giving back 10-15% or something like that (even if not a B Corp) I'd LOVE to hear about them.

My parents have equity in a property of which drawing $200k on the HELOC in no way risks their livelihood. They've done so before for investment purposes and wish to exercise it again. They're wanting to explore one of two things.

1. Having me invest the funds with my wholesaling regime or
2. Having me partner with a local builder with an A+ track record for transparency/integrity/investment acumen (hundreds of deals)

They'd like me to exercise the investment decisions and just give them periodic status updates and not have to double signature anything. What custodian options are available to us other than my getting power of attorney? Is there such a thing as power of attorney over only one HELOC or savings account? (We currently have shared checking & savings accounts) Lastly, I'd like to know what tax implications might result if the HELOC funds were just transferred into our joint savings or checking and then ultimately leveraged for wholesale purchases or put into escrow for use in partnering with the builder. Any and all insight is greatly appreciated!

Joe Bertolino That sounds like sound advice from an insurance guy in the know : ) Thanks for your input!

Chris Clothier@ Thanks for the good info...You and your family are amazing! I wish my family had the kind of cohesion for the success of a family business as your family has. Also, thanks for the reminder to update my profile...as I just updated it to TN. At present I'm living in TN most of the time so your advice is spot on. Keep up the good work you do with Memphis Invest and your biggerpockets blog. Happy New Years!

Altin, thanks for the reaffirmation! I know sometimes people, even lawyers, get it wrong ;)

Totally helpful J Scott. Thank you!

I appreciate your thoughts Joel! Fortunately I should have a few development groups interested to keep thins competitive : )

Tremedous. Thanks Tiger!