All Forum Posts by: Sean Herndon

Thank you for the advice and now we have an interesting twist to the situation. We presented the findings by the survey company to the seller. The seller went into their attic and found their survey when they did their due diligence. Not only did the survey state NO 0.3 feet into the setback, it was done by the same company. So, they survey company is going back out there. I'll keep you updated. 

Hi, 

We are working on our first house hack.  We are still in our due diligence period.  So far, inspections are all good. We elected to have a survey conducted, and its come back where the house crosses into the setback by .3 inches.  

Our realtor reached out to the city, who verbally indicated they wouldn't take any action - but, even if this is true, I am concerned about our ability to resale the house in a couple of years.  And, other than trying for a price concession, what other remedy could/should we even consider?  

Anyone else come across a similar issue?  We feel like we got a good deal on the house, but we are torn whether or not to move forward.  we are probably out 2-3K at this point in fees (appraisal, inspections, etc) if we walk away.

Hi,

I am trying to think through how I might use a self-directed 401K.  My wife and I are newbies, so please bear with me.

If I understand, a participant can defer up to 18K to a self directed, and a corporation can defer a profit sharing amount of 25%, including the employee deferral, of $60K (variances to rules if single LLC, older etc)

So if I wanted to leverage for a flip this year - how would the mechanics work?  can I only "capitalize" the 401K for 18K, and use that as a "funding partner" to purchase the property?  and I would need to close it in the corporate entity? then the 401K could take a pro-rata portion of the profit?  can the corporate entity also then contribute profit into the 401K? 

Am I on the right track?   I am trying to defer as much as possible into the 401K