My secret mentor hit me with an honest curveball!
My secret mentor hit me with an honest curveball!
SDIRA Consultants, SDIRA Holders, Real-Estate Tax CPA’s, Attorneys, Chime in:
First - my secret mentor is my attorney which sounds odd seeing that we have two different paths in life.
The reason he is/was my secret mentor is because he’s the first that gave me real honest advice and asked me the first meaningful question that lead me on my path. That advice was “quit playing” and that question was “why are you using your money?”
That wasn’t totally it, this person gave me several pointers on the process of purchases and made every transaction an ease for me and empowering me on who I was with each deal and that this was a business “MY BUSINESS”. He instructed me on getting a team, not just knowing the names of people in the fields that I needed but befriending them. Breaking bread with my Tax CPA (still working on this @Steven Hamilton II LOL), Golfing with my Banker, Watching the game with my contractor…
With all this said I forwarded him some paperwork from my SDIRA to format my LLC to purchase property through that LLC. My original question to him was; my plan is to go with a series LLC is it possible to create a unit (separate llc) within that for the SDIRA to have for the purchases I make for that account or does it have to be a total separate LLC?
His answer was "What's a SDIRA? Speak to a CPA and whatever you do don't let the SDIRA Company create your LLC."
Now shocked that the person I thought knew it all didn’t but thankful for an honest answer rather than being misled, BUT I’m back to square one where all of you come in.
- Is purchasing a real-estate in this format a good way to go (not everything just one or two for my later years)?
- Can it be done as a unit within my upcoming Series LLC?
One question that I searched but never found the answer to is:
- How to cash out when the time comes with the properties in the SDIRA (cash out the balance and take control of the properties, sell the properties within and then cash out)?