All Forum Posts by: Ben N.

Hi, does anyone know any attorney or provider that can assist with 1) transferring a Texas rental property from my relative to me (so that I can refinance), and then assist with a LLC (series?) formation (and transfer of asset into this)?

I'm in CA. I'd like to know how much this should cost and any other special considerations for the deed, and LLC terms?

Thanks!

@Brian Eastman, 

Thanks for the clarification.  I appreciate the advice to play it safe :)

@Bernard Reisz, 

 Can you re-clarify this point:

"

if he "does not have enough money in his account" to do the deal on his own, utilizing retirement funds to enable him get the deal may constitute a prohibited transaction.

"

An example may help clarify;  so if he had 10k in the 401k plan, and 90k in his bank, can he still partner with his 401ki plan to buy a 100k property?   

If no, this seems to conflict what @George Blower example...  

@Brian Eastman, @Linda Weygant

Thanks for clarification.   I should have clarified Scott wants to keep the plan in the deal.     It sounds bringing a non-qualified partner into the deal makes sense.   Thanks!

Hi all, I'm curious if anyone can offer their opinion on how this prohibited transaction should be restructured:

"Scott desires to purchase a rental property for $100K and would like to own the property personally but does not have enough money in his account. Therefore, he uses $10,000 from his Solo 401k Plan and $90,000 from his personal fund to finance the purchase."

For a new investor that doesn't want or doesn't have 100k in his checkbook 401ki, what are some ways this could be restructured to be valid?   

Thanks!
Ben

 HI Allen, good to hear.   I had a condo in Riverside I sold a while back.  Thanks for the helpfull hand! 

 I think the club is having a tax seminar on the 15? I'll be attending.  Beside the $25, is there any other requirements?  Are there monthly fees?

Hi everyone, just found the community and joined after listening through 30 episode of podcasts.   Looking forward to discovering RE investing and setting up some passive income.   Any local meets in the OC area?  :) 

Cheers!