I'm POOR....but DONT want to be!

Buying & Selling Real Estate
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I'm POOR....but DONT want to be!

Zee Singleton
Rental Property Investor 路 Houston, TX 路 Member since 2011 路 69 posts 路 11 votes
Now that I have your attention...馃槈 How can I use my $5k tax refund to make money in Realestate? I've been reading up on crowdfunding. Any success stories? My ultimate goal is to buy and hold 10 properties that generates a $100k annual profit.
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Jay HinrichsBusiness Member
Real Estate Consultant 路 Summerlin, NV 路 Member since 2014 路 45k+ posts 路 66k+ votes
9y

spend 700 on your real estate license course get on with a top producer team so you can start earning money doing what you want to do that is transact real estate.. this will give you a base to work from get paid to see how RE deals work.. networking is great and you may just turn into a superstar real estate sales person making big dollars..

but only do this part time and with a top producer who is paying you and feeding you their referrals a leads..

trying to invest in rentals with 5k is almost a sure fire way to go broke. you simply are under capitalized.

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  • Account Closed
    Johnson City, TN 路 Member since 2014 路 586 posts 路 705 votes
    9y

    Stanley, your post is now 20 minutes old.

    0Reply
  • Bernard ReiszPro Member
    CPA delivering RE Tax Tools: 1031 Exchange, SDIRA, 401(k), Cost Seg 路 New York City, NY 路 Member since 2017 路 581 posts 路 563 votes
    9y

    @Zee Singleton As @Cindy Larsen has pointed out, there are some creative ways to approach RE investing. The Solo 401k is a powerful vehicle, but it does require self-employment income. Self-employment income is easier to achieve than you may think. Even if the amount earned is modest, it still qualifies as self-employment income for purposes of forming a Solo 401k Plan. RE rental income will likely not qualify as self-employment income, though. Rental income in a Solo 401k that has a Roth subaccount, allows after-tax contributions, and allows for in-plan Roth conversions is a great place for RE rental income. Best of luck!

    [email protected]
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  • Brian Gibbons
    Investor 路 Sherman Oaks, CA 路 Member since 2008 路 6k+ posts 路 3k+ votes
    9y

    @Zee Singleton

    2 things, 

    1. Get your courage up

    Les Brown

    2. Buy this book on Texas Law on Res RE

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  • Jaelin Proffit
    Fairfield, IA 路 Member since 2017 路 1 post 路 0 votes
    9y

    That was a great tip, Jay Hinrichs.  I've been contemplating getting RE license anyway.  How do I find and "get on with a top producer"?  Are there realtors who will PAY you - maybe be their assistant or something?

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  • Bernard ReiszPro Member
    CPA delivering RE Tax Tools: 1031 Exchange, SDIRA, 401(k), Cost Seg 路 New York City, NY 路 Member since 2017 路 581 posts 路 563 votes
    9y

    @Zee Singleton @Cindy Larsen Great info!

    Would add that Solo 401k plan can use leverage for RE investment without generating UDFI, unlike Roth IRA.

    [email protected]
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