All Forum Posts by: Sergio De Hoyos

@Nicholas Aiola I'm a W2 employee and planning my first brrrr to execute within the next 12-18 months (need to get well educated first). I want to make my first brrrr with my own cash but I estimate that saving will take significant amount of time. However, I read there might be a way to use my retirement to fund the purchase. I can set up an LLC, open a solo 401k and make the purchase with those funds. As long as I use third parties for every step of the brrrr, my understanding is that I should not be penalized. My questions are:

-can I open an LLC and solo 401k with the expectation of starting to receive earned income from that LLC in the near future, although the first year there could be none due to the process of purchasing, rehabing and renting the property?

-can i rollover funds from my employer based 401k into my LLC solo 401k?

-can I refinance that property that I’ve purchased with the solo 401k account? If so, would there be any limitations to using the funds taken out from the refi. I would use the funds to purchase a second property (rinse ad repeat)

-can i convine funds from the LLC solo 401k with by own personal savings to purchase the property?

-I noticed that setting a solo 401k is significantly more expensive the fees charges by the employer 401k. Is there a cheaper strategy to opening and managing a solo 401k?

@Brian Spies that is a great idea and along the lines of what I was thinking. I’m have the goal to get additional licenses next year to boost my resume. I will be pursuing the PMP (project management professional certification) and the SE license (structural engineer). I believe this will give me some more legitimacy when doing side hustles related to structural remodeling. But yeah, I think inspection work will serve to get my feet in the door, start meeting people in the industry, etc. Would The ASHI American Society ir Home Inspector be a good place to start? This is the first google search result when I’m searching for events on this specific area. I’m trying to find a way to get into events and start networking. Thanks!

@Nicole Heasley Professional Engineer

I’n a civil engineer and recently became a PE. I’m not in the residential construction/real estate industry but I’m interested in starting a side hustle in this industry. I would like to hear from other bigger pocket members about how I can leverage my license and education to start out in the real estate business with a small initial investment. I was thinking about starting with inspection services but it looks like that may require additional certification. I don’t mind getting an additional certification but I bet there are a lot other ways that someone with my background can start working on the side (mainly weekends) and build enough wealth to start purchasing cash flowing properties and build a portfolio that will generate enough passive income to reach financial freedom!!!

My grandmother is offering to gift me a property she co-inherited with a disabled person. To make the story short, she inherited 80% of the property from a friend she helped through her illness for years. My grandmothers friend had no heirs but she left 20% of the property to a disabled nephew. My grandmother has been trying to sell the house by herself for years now with no agent because she does not know anything about real estate. I’ve advised her to get an agent but she would rather gift the property to me. Now, since this is a co-inherited property, how would this work? Can we just sign some legal paperwork to have her inherited portion transferred to me? How can I buy out the party that owns 20%? Do I need to negotiate or can we just go by the market value of the property, or a lower amount? What are the tax implications to me and/or my grandmother for gifting and receiving the property as a gift? Please note that the property is not in the same state I live in currently. I will be looking for expert help but would appreciate anyone’s comments to get me warmed up. My plans for the property would be just to keep it for rental cash flow. I assume I will need a lawyer. Thanks!