All Forum Posts by: Veronica Thomas

@Brian Eastman this is very helpful! I've been looking at the LLC self management option as well, definitely wondered if this better suited our needs. I'm a full time w-2 employee, so the solo won't work for me.

Can anyone recommend a SDIRA custodian?

I have a 401K from an old employer that I'd like to rollover. I've been looking at the rules and trying to educate myself on how I can best use this retirement vehicle. We current own 7 investment properties in an LLC. I'm just looking for more ways to add to our portfolio.

If you happen to know how much this rollover and custodial management costs, bonus points!

@M Trevor Bennett I'm definitely interested in finding out more. I need to research more on how this works. Buying real estate through the IRA?

I’ve left an employer after 9 years and have $100,000+ in retirement sitting in a 401K. I’m undecided on what to do with it.

Move it to IRA.

Roll it over to new employer.

Cash it out, pay the penalty, and buy more real estate

We own 7 investment properties. I have a full time W-2 job. My husband also has a W-2 job, but is about to leave it to work full time for our business of flipping/repairs/land clearing/construction.

He doesn't HAVE to have anything as far as money is concerned.  He's very well off (that's putting it mildly) and he's already said he will sell all 3 to us on whatever timeline works for both of us.  Even if it's one a time.  But I assume that even the one at a time is still owner financed.  We just got the impression the biggest hang up was the 6 year period vs the 5 year period.

We have asked to do the deal over 6 years as to not stress our rental income so heavily.  He's speaking with his accountant to look at the numbers, but he gave us the impression he really wanted this all said and done in a 5 year period.

My husband I and have been approached by a family friend who is looking to get out of his 3 single family homes (1 unoccupied, 2 occupied). He wants $250,000 over 5 years, so $50,000 a year in a one time payment each year.  Each unit will bring in $850 rent minimum.  The $850 isn't enough to cover the $50,000, but we do have 5 other rentals that each cash flow.  We both also work full time jobs.

I'm just curious if there is anything we should be looking for in an owner finance, questions to ask, hard points to be clear on.  Our other purchases have been traditional financing, so this owner financing is new to us.

@Colleen F. I’m having a hard time trying to figure out what to charge due to my husband and I being the cleaning and repair crew for our 5 properties.

Refrigerator was disgusting with contents spilled in it. Poop smeared on the bathroom vanity.

Broken blinds.

Paint/markers on the brand new carpet.

Dog chewed up a window seal and an area of the real hard wood floors.

We don’t out source that repair or cleaning, we do it all.

Just curious, do you expect the tenants to clean prior to vacating the property at the end of their lease? And if they don’t, do you charge then a cleaning fee? Obviously if this is expected, it needs to be in the signed lease agreement.

My understanding of a 1031 is that you have to own a property a year and a day in order to roll the equity into something else.  We estimate getting $800-$900 a month in revenue.

I feel like our tax burden would be pretty large if we sold it.  I've emailed our CPA so we can meet and get a plan, but I've not heard back.