All Forum Posts by: Rodney Marcantel

Turbo Tax if you know your business and have done Schedule C's before. I own 3 businesses and do multiple Schedule C's with no problems. But I keep good records and all receipts for all work throughout the year. Guess that's the Electrical Engineer in me.

Rodney.
B.S.E.E.

In Dallas, it's a sellers market. Inventories are extremely low so if buying a home to flip, you're ARV's can be a bit higher than comps depending on the updates you do as homes here are getting multiple offers. I have my home on zillow as a "make me move" and getting many calls from agents wanting to know when we'll actually put our house on the market cause they have a large buyers list ready to move to my city.

We don't plan to put our house on the market until mid summer as we're building a house just outside our city to cut our tax bill in half as where we live is very expensive taxes and with our daughter graduating high school in May, we can now move out of this city (best schools in Texas). This way we'll be able to downsize and cash out to pay for her college and get a brand new energy efficient home. Appreciation on our home in 2 years is right at $100K.

My RE agent is constantly writing offers on homes as she gets multiple offers on every home, some of which are getting $20K over asking. Great for me since I'm selling :-).

It's not for non highly skilled workers, but you'll want to make sure you have insurance to cover those workers and not rely strictly on licensed contractor's insurance policies.

@marknolan, I don't see on their site where they set up the LLC or charge for it. Only the $59 start up cost. But without filling out their online form, I can't see other fees apparently.

@DmitriyFomichenko, I know this already about Broad. They set up the account and have already discussed the custodian company to me which will be the one charging the $45 quarterly.

I'm looking into Broad Financial out of New York area. Their custodian fees are the best I've found ($45 per quarter). They charge $1,495 to set up LLC in any name you want that's available. They've been very responsive.

I looked also at Quest IRA in Dallas where I live. They have great trainings on IRA and more but their custodian fees are more expensive so I'm weighing the pros and cons of both companies to see what's the best fit for our $300K+ funds that are currently earning 3.5% in a 403(b).

Is the juice worth the squeeze? NO.

Why give your income to franchise fees for leads instead of doing your own due diligence in marketing for far less with bigger rewards?

Hard Money Loans - Most expensive in most cases

Private Lenders - Less expensive, requires some qualifications

HELOC - Depends on amount of equity in your home

Cash out Refi - Depends on amount of equity in your home

Self Directed IRA - Requires setting up LLC and all profits go to IRA

@AndreDavis,

You're correct on that so that's why I'm weighing my options on what to do with the money, Self Directed IRA against the $300K or take a loan out for flipping on the other funds (about $600K that's already been taxed).

@Adam Hershman the fee is a custodian fee.

@Andre Davis the 403B account has very limited abilities to do much. In fact when I login to the account, there are no options but to view the account balance or call them. So it's very limited and besides the low interest rate, is why we want to move it.

@Caleb Asbridge thanks for the info. I'll look into it more as I'm still researching and why I posted this thread to begin with.