All Forum Posts by: Skip Reath

Hey Ryan. Not saying I haven't had success in GR I do have 2 SFH rentals in GR that are doing just fine. But overall just more opportunities in Metro Detroit in my experience. A lot of that depends on your price point and what you're looking for.

Hi Ryan. I have a few commercial buildings in GR but have found more success in SFHs in the Detroit Metro area. Although starting out you might want to get into a duplex and house hack wherever you end up living after school, if you want to do a value add project. I can tell you it is hard to manage rehab projects remotely. Good luck in your RE journey!

Welcome Ann.  Wish you the best in your endeavors.  Am picking a puppy up in Sheridan soon.  Nice area!

Looking for a new property manager for single condo rental in Ann Arbor, MI.  Any suggestions?

@Bill Exeter. Thanks for the info Bill.  I have converted most of my real estates assets to cash so have ample cash to equal out values.  Had recent appraisals on rentals as well so hopefully will separate the Roth from the taxable monies moving forward.  Appreciate the advice!

@Bill Exeter. The rentals are each in their own LLC which the 401k plan owns. So in essence a percentage of each is owned by both traditional and Roth funds. Will most likely have to separate them out when I do the rollover.

@Daniel Dietz. Should have clarified that.  I don’t have a solo 401k.  I have employees so that wasn’t an option.  I am selling the business that my 401k is associated with, so need to terminate my current 401k plan.

Question? Is it possible to roll a 401k that I self direct into a single SDIRA that would hold both traditional and Roth monies. Right now my 401k has both traditional and Roth money commingled in a single account and my 3rd party administrators keep track of the percentage of each. Or would I have to create 2 separate IRAs one traditional and one Roth? Also since I have 3 rental properties owned by the 401k would those have to be placed either in the traditional or Roth IRA as opposed to being owned by both? Appreciate any insight into this.

He might be referring to the fact that as an investor owned property in MI you don’t qualify for the homestead tax credit.   Therefore your taxes are higher than if you lived in the property.  So for example if you purchase a property from a homeowner their property taxes will have been lower than yours once the homestead credit no longer applies to the property.  Don’t believe it matters how many properties you own. 

@Carl A.

Carl

As a practicing dentist and RE investor my spin is they are taking advantage of your situation and putting you in an undesirable position. You are left with either sending a notice to vacate or agreeing to giving them 3months of free rent. I doubt they would forego all the leasehold improvements they did to your space for 90 days of rent. And if you agree to their terms what is preventing them from asking for an additional 90 days? Most likely your tenant is a DSO and has Wall Street money behind them. That being said they could very well be feeling the down market and trying to salvage some liquidity. Their underlying business model is based on growth not earnings and that has come home to create problems. Would have to know more to fully understand your tenant but I would call their bluff and manage the situation from there. BTW I have dentist tenants as well and they are all paying their rent as promised. On a side note dentists can apply for the PPP loan (SBA 7a) and can receive forgiveness of the loan if they use it for payroll (75%) and rent, utilities,phone etc. (25%). So they have options. Good luck Carl and know this is just my opinion based on the little information I have regarding your tenant.