All Forum Posts by: Shannon Dennis

I have a little skin in the game as an investor. 

I've ran my numbers on a house that's being wholesaled in Baton Rouge, La. And I am very interested. I would like to buy and hold. 

I haven't went out to take a look in person just yet.  I am curious as to how complicated is it to renovate a burned home. Far as pulling permits and what not. I have experience with flood homes and permit pulling and remodeling. 

Should I call the city before purchasing, if so what would I need to inquire when I do reach out? 

Thanks.

 Thank you, my goal was to actually have him be my private lender. I want both of us to profit 

Yes it is , I was actually able to set him up a

Traditional IRA with the same company.
no penalty since he’s 62 and pay no taxes long as

We put the money back in 60 days. So it

Should work out I can just pay the 401k back with my personal lines of credit and that can hold me

Until I refi with Dscr , that is my plan.
would like your opinion if I am on the right track

With this .

 Even if he’s lending to my llc ? 

.

Thanks for your response , I was thinking I could just pay the income tax (reimburse him) so I can continue to use the funds, as I increase my own capital and we both profit like you mentioned.

Is there a certain type of IRA that will allow me to do this, or will I be paying income tax for EVERY withdrawal when I go to close on another property again and again ?

Hello Bp,

I would like some feedback on this creative financing I am trying to do.

I have done 2 successful flips and also have one 1 buy and hold.

Now that I have a little skin in the game I’d like to ask my dad who is 62, with a 6 figure 401k to allow me to use $50,000 to invest in more real estate. I’d like to pay him as if he’s my private money lender after each deal.

He’s funded my deals by taking out a loan from his 401k and I would make the biweekly loan payments , and pay him a fee once I sold my flips and refinanced my last property. That way we both made profit.

But we can’t do another 401k loan for another 6 months .

My question is , what steps would I need to take if he does the 50k withdrawal instead of the loan? Since he's 62 I know we can withdraw with no penalty, but is there a way to avoid taxes ? Like transferring the funds to a SDIRA or Roth IRA ?

Thanks for the feedback

Also, I'd like to maybe do 2 deals at a time this year if the opportunity presents itself, should I start building relationships with HML's ? Or am I on the right track by avoiding fees and points and keep partnering with my dad. Thanks

Hello, 

I am a new real estate investor based in Baton Rouge, Louisiana. While I have some initial experience, I am enthusiastic about expanding my knowledge and skills in the real estate market.

I am reaching out to connect with fellow investors in the area, hoping to learn from your experiences and explore potential collaboration opportunities. Your insights and guidance would be invaluable to my growth in this dynamic field.