All Forum Posts by: Stephen Aki

So the first number didn't pan out, second number had a completely different company answer the phone.  Come to find out, the property owner is also a co-owner of an Air Conditioning company.  So, they took down my info and what I was calling about and will get it to the owner so he can call me back.  If I don't hear anything by the end of the day I'll give them another call on Monday. 

Dmitriy, alles klar!  Kinda, I understand what you are saying about the 1031 exchange now.  This would be the first property so I would want to invest existing ROTH funds into this property.  Later down the road, as I understand it, if I sell this property and buy another one I could execute a 1031 exchange.  

Daniel, good information that is definitely helpful in understanding the nuances of this subject, thanks.

Thanks all for the input.  My objective is to position my ROTH contributions so that I can use it to invest in property as a 1031 exchange.  Dmitriy Fomichenko mentioned that a ROTH can be self directed, it was never tied to an employer so I am wondering how I go about executing a 1031 exchange for a property that I am currently eyeing. 

Hmm, so, maybe it would be better for me to just cash out the ROTH to get the working capital I need.  I will have to do a bit more research, thanks for the insight.

Brian, simply put, I don't need it in a ROTH and I can't use it for a 1031 exchange in a ROTH. I have my military retirement along with VA disability so this money is better served investing in 1031 options. I want to convert it to a traditional IRA then over to a solo 401k. I can't convert a ROTH to a solo 401k per the rules but I don't see anything that says I can't take a couple extra steps to get it where I want it.

So, I've been searching for how I get my current investments into a Solo 401k. After doing some digging I found that I cannot roll my current ROTH into a solo 401k. I believe I can roll it into a traditional IRA which should then allow me to roll it into a solo 401k. This is rather maddening as every single search comes up with the opposite i.e. traditional IRA to ROTH! Even when the headline says ROTH to Traditional when you start to read the article it is the other way around!

Where do I find info on doing what I want to do and, is it even possible to do this?  I have money tied up in a ROTH that would be better served in 1031 exchanges.  I have searched on the IRS website but, typical government entity, I can't quite find what I am looking for. Any recommendations on where to find the info would be appreciated.  

Bingo!  I found a phone number as well as additional business data.  Still looking for thoughts on this but I plan on calling the gentleman this morning.

OK, so being the newbie here I did a search for the situation I am looking at but didn't really find anything.  So I will throw it out to the collective knowledge and experience of the Bigger Pockets populace.  I stumbled upon a house in a B- neighborhood that is currently vacant and has been for a bit. After doing some checking I found that the house was bought by a contracting company in 2016 for $85k.  

Since then, the taxes have not been paid and there is a tax certificate against it ($4933.51 owed).  Additionally, I can find the name of the company in Florida's Department of Business and Professional Regulations (DBPR) but they have two addresses listed and, I can't find them anywhere else. I did find the company owner's name and am trying to find a phone number but do know where he lives based on tax records (this is what happens when a former Army strategic planner does the digging).

What I want to do is make him an offer to buy the house but I am not sure how to approach it.  Additionally, looking at sales comps and rents I'm not sure which would be better, flip or hold.  Sale comps run between $70k and $155 and I can probably get about $125 for it.  Rents run between $975 and $1478(avg) with a median of $1279.  I don't know how long the property has been vacant but I will probably talk to the neighbors today.  I'm picking up a project boat down the street from the house so figure I'll go knock on doors.  

Assuming that there is no more than $10k in reno costs, I could potentially flip it for $30k or, I could try to rent it for $1200.  There aren't a lot of houses for rent in the area, lots of apartments and duplexes.  I would say that this is a low to lower middle class area, it is close to the local schools and shopping and within a 1/4 mile of a main road artery that connects the area going north and south.  

Given all this, thoughts on flipping, holding or walking away and not bothering?  This would be my first investment but before I jump in I want to get a feel from the group.  Any and all feedback is appreciated. 

Hello everyone, I'm a newbie here.  I got my real estate license this year and just started delving into real estate investing.  It is something I wanted to do for a while but it wasn't until this year that I have started to research it in depth. A former co-worker of mine (Navy junior offficer) recommended the site so after checking it out I joined it and have been searching topics now for a couple of weeks.

I'm hoping to find people in my area, Palm Harbor down to Sarasota Florida, that are also doing real estate investing as there is so much to learn.  Although i'm a newbie when it comes to real estate, i'm also a 30+ year Army veteran who retired as a senior leader and strategic planner back in 2015.  I spent a few years as a senior manager in the defense industry overseeing a multi-million dollar vehicle program and am a certified Project Management Professional. I'm the guy who will get it done.   

I actually did a flip back in 2000 when I was stationed in Beaumont, TX.  I bought a house for $80k and sold it for $200k. With the exception of the electrical, I did all the work myself and got pretty good at hanging drywall!  It should have only taken me a few months but 9/11 happened and I got really busy for the next three years and could only work on things during the weekend...sometimes.  I finished the house right before my next assignment and sold it in less than a month. After that, ,my assignments didn't really give me the opportunity to research real estate investing.  I deployed a lot so was a bit busy.

So now I am researching the subject to better understand it and have decided on cash flow as the strategy I wish to pursue.  I've been listening to the podcasts, reading blog subjects and have started to download recommended books on the subject.  I am hoping to make my first buy in 2019 and will start working towards my goals from there.  I am truly grateful that this site was recommended to me and look forward to meeting, learning and eventually contributing to the discussion that is real estate investing.  Or, if anyone is into restoring classic cars and needs a hand, give me a holler. I do have a large workshop with a two post lift and three cars that I am working on. I'm always up for a challenge!