All Forum Posts by: Tyler Hogan

@Jay Helms yes I have a ton of respect for him. He's the one who educated me on personal finance and retirement growing up. However, I now realize he went through the "find a good job to work for 40 years, invest 15% into retirement" route which is fine for the average American. Now that I've gotten older and am learning new perspectives (like FI) I'm able to bring my own views to the table and he's liking REI. We've formed an LLC together and have purchased a duplex and invested in the apt syndication, which is something he's never done. It's actually pretty awesome to share this experience with him.

I think he’s right, but I will probably end up taking out the principle in my Roth if I end up needing the money to close on a deal and can’t find it anywhere else. Once my tax situation gets more complicated down the road I plan to get with a tax advisor to help me map out the best path for my situation.

@Mindy Jensen, I have been maxing out my own Roth IRA to date and was planning to max out my wife's starting this year. My job is commission based, so there is more income potential there and I recently started bringing in extra income with a side hustle. My wife is self-employed, so we are both working to dramatically increase income and hopefully max out our Roth's AND save for a down payment once the HELOC is paid off.

By the way, I want to thank you and @Scott Trench for introducing the concept of FI to me. I can't get enough of the podcast. I'm sad I have to wait until new ones come out now that I'm caught up. Ya'll gave me hope once I realized I don't have to be "stuck" in a job forever. I am so fired up about pursuing FI and cannot wait to see where this path takes my wife and I. Ya'll are truly inspiring and changing so many lives.

@Mindy Jensen , I have been maxing out my own Roth IRA to date and was planning to max out my wife's starting this year. My job is commission based, so there is more income potential there and I recently started bringing in extra income with a side hustle. My wife is self-employed, so we are both working to dramatically increase income and hopefully max out our Roth's AND save for a down payment once the HELOC is paid off.

By the way, I want to thank you and @Scott Trench for introducing the concept of FI to me. I can't get enough of the podcast. I'm sad I have to wait until new ones come out now that I'm caught up. Ya'll gave me hope once I realized I don't have to be "stuck" in a job forever. I am so fired up about pursuing FI and cannot wait to see where this path takes my wife and I. Ya'll are truly inspiring and changing so many lives.

@John Morgan thanks for sharing, I like this method. It sounds like you chose some great stocks and had great timing to get such a big ROI on $92k invested. I probably wouldn't be so lucky haha

@John Morgan so when you pulled the past contributions out you can’t ever put that money back for the previous years correct? If so, what would be the purpose of making the contributions in the first place? I’m not very educated on the capabilities with a Roth other than the basic stuff, nothing about RE. Maybe I’m missing something

@Caleb Heimsoth that is correct. We are not accredited. I am comfortable with the investment though, as I’ve known the syndicator for years. Thanks for the tip.

@Doug Pintarch I didn’t mention that I’m currently making 401k contributions through work up to the company match which is 3% dollar for dollar. I can’t turn free money away! Other than that, I’m not doing any tax deductible investing.

My father was an upper middle class wage earner and retired as an engineer a few years ago around 60 years old. People expect expenses to go down after retirement, so they think "lower tax rate" when they start pulling from these 401k and IRA's. His expenses actually went up, so he's had to find ways to get money more creatively than just pulling funds out and taking the tax hit. For example, getting a mortgage on his house paying 3.5% interest instead of paying a high tax rate to pull from his IRA. I see why he wants me to max out the Roth, which wasn't available when he was my age. I also realize that he was a W2 employee his entire life, which is not the route I want to take so my path will be a little different.

@Cassi Justiz I'm actually reading his book right now and love it so far. I look forward to finishing it. Thanks for the tip!

Hi guys, I wanted to get some outside opinions on something I’ve been thinking a lot about over the past year or so. 

I have a goal of reaching financial independence by 30. I am 25 years old, married, have a mortgage on my home and a heloc that I used to invest in an apartment syndication. Currently in the 24% tax bracket.

My father has always told me “max out your roth no matter what!”. I’ve been doing this and I realize the long term potential, however I feel like contributing $12,000/year slowing me down in the short term. I'm currently maxing out my roth and focusing on paying down the heloc with any other money I can come up with. If I stopped maxing out my roth I would pay the heloc off in less than a year and continue saving until I found a good rental property to purchase using my heloc and any additional cash I've saved. My thoughts are that if I repeat this process over the next few years it could expedite my journey to FI.

In short, should I continue maxing out my Roth or should I pause for a few years to pursue more real estate investments?

Thanks in advance.

I want to purchase a single family home from a wholesaler and practice the BRRR method. Does anyone know of any credit cards that would allow you to purchase a property with it? Looking for houses under $100K where I can rehab and then get a mortgage on it. I’ve heard of people doing this in the past. Is this still a thing? If so, what cards would you recommend and how do you go about it? Any other advice is welcomed. Thanks!