All Forum Posts by: Tony Hoffer

Great insight guys. Definitely noted Joseph Gozlan re: potential lawsuits handed down from the previous owner!

Hi there..

Curious if anyone has experience purchasing a property's LLC for the lower tax payment, then a few years later the county reassesses and gives a massive tax increase?

Hi David..  Thanks for that, I'll reach out to them asap.

Does anyone else have solid contractor recommendations for kitchen & bathroom rehabs in Cleveland?

Thanks!

-Tony

Hi BP folks.. Needing recommendations for a NINJA contractor to help rehab 3 kitchens & bathrooms in Cleveland Heights. Looking for a *fair price*, not necessarily the cheapest. I definitely want someone that does solid work, can complete projects on time and be in good comm. Thanks in advance for any referrals! -Tony

Welcome to BP Cameron Lister !!!

Hi BP folks! Looking for a good cement contractor that can add a bit of driveway to a Cleveland Heights property of mine. Anyone come across anyone good recently? Thnx.. -Tony

Bryan Otteson Funny, I was just talking w/ my wife last night about exactly what you posted... using the retirement $$ for secured private lending. Out of curiosity, would you put your money in the retirement accnt and use it for lending or take a big tax hit on it and have less for REI, but more flexibility?

Great responses folks!  Thanks for all the amazing viewpoints & advice on this.

a few things:

- I'm self employed so I don't have an employer matching my contribution.

- I've got 19 more years before I hit 65.

- I believe I can borrow up to $50K easily from the 401K, then pay it back w/ minimal interest which goes back to me.

One big question on this though... if i put the money in the 401k now, I'm basically postponing paying taxes on it.  Thing is, someday I'll actually have to pay taxes on this money let's say when I'm 65.  Although it possibly will be a lower rate than what I'm at now, it's still something.  

With that said, what is your opinion on taking the tax hit now and having the utmost flexibility for REI? Or, do the 401k contribution now and still be able to invest in REI, but in a somewhat restricted manor?

Curious what everyone's thoughts are on the following 2 options: 1. Put money aside in 401k and take a nice tax savings now, but not be able to leverage the money easily for REI. With a Self Directed 401k I may have to put up to 50% down to leverage, which greatly diminishes returns. 2. DON'T put money in 401k, pay tax on it now and have less cash to invest, but I have much more flexibility with it. Option #1 makes the most tax sense as I'll be paying less in taxes and at least still have some minimal access to the money, but I *hate* that option as I much prefer liquidity. Thoughts?

Hi @James Wise.. Noted re: dealing w/ Clev Heights!!!

As far as this property goes, there are separate utilities and entrances to each unit.  We're now just waiting to see what the appraisal looks like and confirm the entire property is fully insurable.  If both of those its items look good, we'll continue.  If not, we bail and find something else.