All Forum Posts by: Dmitriy Fomichenko

@Jose Zumaeta

I know Phyllis indirectly and her club is legit. Also, the pricing of $5K is inaccurate. There membership ricing is much lower than that, also they have trial membership. You can find out more here: http://www.realestateclubla.com/package.htm

@Joshua Hawkins, I don't have any specific person to recommend, but I personally been using Legal Shield (formerly Pre-paid Legal). Used them for about 8 years, only $17/mo - saved me $$ thousands in legal fees. Check them out.

@Account Closed welcome to the BP community, I don't have experience in wholesaling, but I hope you will find what you are looking for here!

@Joseph F.

when it comes to contracts and legal help, I can't recommend more Legal Shield. I have been using them personally for the last 8 years or so and it saved me thousands $$$ in legal fees.

@Rob H., what kind of investing are you thinking about? (buy and hold, flip, wholesale..) OC is probably not the best place to invest as buy and hold, you can't get positive cash flow here. You can make money doing flips, but you really have to know what you are doing. There are few real estate clubs in the area that you can join and learn from experienced investors. If you would like, I can point out couple clubs that I know and recommend.

@Debra Fifer, is there equity in the house?

Page I agree with you, I know Kaaren personally and she is the expert when it comes to SD IRA! Her company offers great customer service, I referred several of my clients to her and they are happy.

Using a "straw person" for such transaction would be considered "prohibited transaction", I would strongly discourage you from doing so.

@Sam Leon thanks for clarifying. In this case you would rollover portion now and then when you are able to liquidate company stocks, you would rollover the balance. Assuming the employer would allow this (typically most 401k with past employers would not allow partial rollover). However, in your case they should allow you to do that under described circumstances.

@Sam Leon

To answer your questions:

1. Yes, you will not be able invest in real estate using Schwab, etc. You will need a self-directed account.

2. No, with self directed account you can invest in stocks, etc. The only limitation are "prohibited transactions"

3. Different providers charge different fees, but the numbers you quoted there are high.

4. You only need one account.

5. You can rollover multiple accounts into Solo 401k, there is no extra charge for that.

6. Not sure if I fully understand your question, but if your former employer only allows you to rollover part of the account, then you will rollover part and the rest will stay with former employer 401k.

7. Just owning a rental is a passive activity, however, if you are actively managing it, that changes things.

Hope this helps.