All Forum Posts by: Edmund Ricker

@Brian Eastman,

Thank you for the advice.  

I have been told by one law firm just the opposite of what you have said.  They assured me that I can make additional contributions as long as they are made proportionally so that ownership percentages do no change.

I have a appointment with an attorney to get a second opinion on my plan.  I will make sure I bring up your point and get his opinion.  

Thanks,

Ed

Good Afternoon,

I am about to get on a call with an attorney in my area to discuss setting up a multi member IRA/LLC that will be 50% owned by my wife's Roth IRA and 50% by my Roth IRA.

The fees involved are higher than a more "mainstream" Roth IRA, however, they are worth it to me.

To set up both IRA accounts and the IRA/LLC will cost $1,325. This includes the custodian's admin fee on both accounts for the next year. For this I get control over the funds in the accounts to invest in real estate associated investments. We plan to start with private lending and branch out from there.

I am fairly knowledgeable about these accounts, but by no means an expert.  I am happy to try to answer questions if you have them.  Private message me and I will return answers as quickly as possible.

Ed

Hi @Heather Kern, there is a meeting in Standish the 3rd Wednesday of each month.  320 Ossipee Trail W is the address.  I have attended one meeting and thought it was good.  I will be going back next month.

@Christopher Rutherford very nice flip.  I would say that is a success story to relish!

I am flexible.  I like the office space idea because it is a little quieter and easier to make conversation and network.  That being said, I am open to anything close to Portland.

Hi @Aqeel Salim,

I have worked with a wonderful Agent named Jenna Visscher.  She is with Keller Williams realty. 

She can be found easily using a web search.

Best of luck in your quest.

Ed

Good Morning,

I am a new Bigger Pockets member wondering if there is any interest in forming a group that meets regularly for networking etc?

Thanks for any input.

Ed

Hi @David O.,

I am new to BP, but I would love to meet up with like minded people and network.  I am an Enrolled Agent and Notary in Maine and would love to share my knowledge with others.

Thanks,

Ed

@Amy A., you bring up a very valid point.  All of the mills are either shut down, or soon will be.  Never can tell what gems might be out there....maybe something close to recreational areas that could be picked up for the right price and rented on a seasonal basis.

Just a thought.