All Forum Posts by: Eric M.

Sounds like you now have lots of options for your paperwork, I would love to hear more about the property and what your offer is going to look like

Welcome to BP! I love Minocqua, what a beautiful part of the state. Can you tell us a little bit more about the services you provide?

@Kevin Moen, people are attracted to self directed IRAs (and solo 401(K)s because they often represent a large pile of cash that they own that they want to put to work in real estate. They might not want their $500,000 in the volatile stock market. That is my case, where I have an old 401(K) and would rather use that money for real estate.

@Brian Eastman, if I have a rental property does that automatically qualify me as part time self-employed, (and therefore eligible for a solo 401(K)) or are there time and/or income limits? I understand that I cannot contribute more than I earn, but what about rollovers? If I have a hundred grand in an old 401(K), can I roll all of that into my solo 401(K) that I will have as a landlord of an isolated single family property?

Welcome to Bigger Pockets Jean! I'm a couple hours north of you near Wausau. If you haven't listened to the podcasts, that is a great place to start!

@Justin Dixon Market value as of now is $30,000 fixed up it would sell for around $85-95k she willing to let me buy it from her for $10k.

Sounds like a great deal to wholesale. Whatever you do, don't buy it as a rental!

I find the forums Difficult to navigate. The user experience on Reddit.com (for example) is much more intuitive for me. I think the main difference is that each comment here becomes its own link as opposed to a list of parent topics that then lead to that tooic's comments. I would love to go to a page that shows the different topics.

@Clifton Durant, Have you listened to this week's podcast yet? Brandon Hall is on and talks about this specific issue. Give it a listen if you haven't yet.

Where is the new roof in your spreadsheet? I see a maintenance category, but I do not see cap ex. If you include those it looks like you will have negative cash flow. Sorry, I know how frustrating it is when you are excited for a deal but the numbers don't work out. Be patient, and eventually you will find your next deal.

Welcome and good luck on the road to financial freedom @LaJoyce Collins! Have you listened to podcast 151 with Clayton Morris? If not, it is very motivating in determining your freedom number - the number of rentals you will need to reach financial freedom.

@Claire Fenton, would you mind expanding on the outside method? This sounds intriguing.