All Forum Posts by: Edmund Ricker

@Maurice Colbert this is a multi faceted issue that you facing and there is no easy or right answer.

What is your timeframe for wanting to build a new home?  I am assuming it is fairly short...maybe a couple years.  If this is the case, I would NOT invest any proceeds from the potential sale of your current home in the stock market as one other member suggested.  With a short time frame, it is far too easy for stocks to lose value.

As far as purchasing rentals with the proceeds, that would depend on how much you could safely leverage the funds and what kind of return you could expect.

Long story short....there are too many variables involved to get sound advice in a short blog post.

I would start by writing down a list of goals and then seek advice from a trusted tax advisor/financial planner and real estate professional to get solid advice, based on your individual circumstances. 

Only then can you make a truly informed decision.

Ed

Good Morning Everyone,

I am a new investor and I am contemplating becoming a licensed real estate agent in Maine.

I do not plan to pursue a career in real estate at this time, but I might in the future. I am really looking at the advantages of being able to look at property more quickly and write my own offers.

I know there are costs involved with getting and maintaining the license. What happens after you pass the test? As I understand it, you must be affiliated with an office/agent. How does that work and what are the costs? I am concerned that an agent will not want to bring me on because I may not generate enough commissions to make it worth their while.

What options are there to create a mutually beneficial partnership with an agent so that it is worth their while?

Thanks,

Ed

Good Morning Everyone,

I am a new investor and I am contemplating becoming a licensed real estate agent in Maine.

I do not plan to pursue a career in real estate at this time, but I might in the future.  I am really looking at the advantages of being able to look at property more quickly and write my own offers.

I know there are costs involved with getting and maintaining the license.  What happens after you pass the test?  As I understand it, you must be affiliated with an office/agent.  How does that work and what are the costs?  I am concerned that an agent will not want to bring me on because I may not generate enough commissions to make it worth their while.

What options are there to create a mutually beneficial partnership with an agent so that it is worth their while?  

Thanks,

Ed

Hi Timothy,

I just came across this posting and see that the house has a pending offer....did you put that offer in?

Hopefully you did and on your way to reaching your goals.

Ed

@Renata McCulloch, thanks for the information.  I will check it out.

@Jay Raught, thanks for the information.  I will check it out!

Hello Bigger Pockets!!

I am looking for suggested reading on learning about investing in non performing first and second mortgages.

I would welcome any books that you know of.

Thanks,

Ed

@Heather Kern, the meeting in Standish is tomorrow if you are still interested.  

@Brian Eastman,

I went back and re-researched multimember IRA/LLC's and this is what I found:

- There is disagreement on whether or not subsequent contributions are allowed. However, the Department of Labor addressed this issue in Advisory Opinion 2003-15A. Although this opinion specifically referenced retirement plans under ERISA, the DOL stated that its opinion should be read with the same effect as IRC4975. This can be relied on in the IRA context and makes clear that subsequent contributions do not constitute a prohibited transaction. They should be done on a pro rata basis to protect agains a transfer of ownership between an IRA and a disqualified person.

This information came from the book cited below.  I encourage anyone to read it if they want to learn more.

Sorensen, Mat. The Self Directed IRA Handbook.  SoKoh Publishing, LLC.  2014.

@Brian Eastman,

Sounds good.  I will make sure I explore both of those points thoroughly!