All Forum Posts by: Account Closed

Can you only get the checkbook control through the use of an LLC? It seems like it would be cumbersome to constantly be paying contractors by contacting a custodian for payments, especially during a major remodel.

@Dmitriy Fomichenko or @Doreen Chaisson does the solo 401k still set up an LLC? If not, what protection does the investment have from liability (i.e. a tenant falls on the ice walking out of their apartment and somehow blames me as the landlord)? I am assuming I would just make sure I had enough insurance for this, but without the added protection of an LLC?

Thanks @Dmitriy Fomichenko

So who do I call for more information? My attorney doesn't know anything about how to set this up and didn't have a good recommendation for me.

Thanks @Dmitriy Fomichenko and @Doreen Chaisson I appreciate all of the input. I think I may be too far down the road on this purchase to get this all set up properly and in time (I close in a few weeks). My current personal 401k doesn't have enough $ for the purchase and the expected first year expenses and rehab, although I have plenty in other savings. I would need a way to combine the funds, which doesn't seem possible. I wish I had read about this about two months ago because I expect a healthy return on this investment.

I will however continue to research and talk with my attorney to see what my options are for the next purchase. I don't want to give up on the idea.

Thanks @Matt Devincenzo I was afraid of that. I will call my attorney tomorrow and check. Maybe there's a way for a new SDIRA to "purchase" an existing LLC.

@Frank M. And @Jon Holdman thanks so much. I have already set up an LLC for this MF I am about to close on. Do I still have the option of setting up a SDIRA for this purchase (using the LLC?) or is it too late since I have already had some expenses associated with the purchase? Or should just wait until the next purchase? I know I need to contact an attorney, and I will, but I also know that BP members always have good thoughts on things too.

If I roll $100k into a SDIRA, can I buy a $50k house for cash out of that account and have the rental income put directly in the account? I realize this is probably much more complicated in reality, but I thought a simple example would be best to explain what I want to do.

And what if I need to make repairs, pay insurance, taxes, etc? Can all of that be done from the SDIRA funds?

@Joe S. Welcome! I am a new investor in the DFW area too! Sounds like you do have good connections to start out. You just need to find that first property!

That's great @Jimmy Watson I really like Austin's system. As @Account Closed said it has more bells and whistles. Hopefully our new system will be even better. I would love to see an improvement in the Prospect Gateway. I use it all the time to set up "websites" for prospective buyers to get daily feeds of properties that meet their criteria. It's just not very pretty or customizable.