All Forum Posts by: Brady Lamprecht

@Justin Windham Not sure why my edited post didn't tag you correctly, but see my response above.

Thanks everyone, I appreciate all of the helpful advice for a beginner.  

@Lane Kawaoka Not sure what you mean by "REI voltron", but I'm definitely open to expanding my circle.

@Kevin Grinstead I hadn't heard about using a SD IRA for real estate investing before vs using an LLC. Are you aware of a quick run-down of the pros / cons you can point me at? Concerning the idea of using a separate LLC for each flip / deal, I don't think that is really necessary (at least for me at this stage) do the all of the associated fees and tax hassle.

@Dmitriy Fomichenko Good advice on how BP is designed to work, thanks.

@Mindy Jensen No, I still have a day job (sarcastic yay) so if that is a stipulation for having a Solo401K then that is a no go for my situation.  Also, thanks for the information about the financing ideas.  What about Premier Members or Bellco?  

@Justin Windham I have retirement funds from my current employer that I can't transfer out, but do have a several other traditional and roth IRAs from Vanguard, Betterment, and WiseBanyan that I could use should the circumstance call for it.

Just wanted to introduce myself as well as ask a few generalized questions, so here we go.

As a network engineer by trade, I'm fed-up with the day-to-day 9-to-5 churn all while not truly enjoying the life in the process.

I stumbled upon BP a few months ago while following comments in some FI (Financial Independence) blog posts such as Mr. Money Mustache, Mad Fientist, etc.

I've been "lurking" ever since while trying to absorb all of the REI information on here that I can while not overwhelming myself in the process (which has definitely occurred more than once).

In the meantime I've actually gotten around to reading the ever popular "Rich Dad, Poor Dad" (had heard about it for years but never actually took action) and listened to at least 20 other webinars / podcasts.

Anyways, back to the introduction...

I live in Firestone which is just east of Longmont, CO.

The ideas of both fix-and-flips as well as passive income from rental properties is what I'd like to focus on initially, but the market up here in Northern Colorado is just "weird."  Does anyone else here agree with that statement?

I'm looking to get started with my first investment sometimewithin 1Q of 2018 and need some advice on how to setup things correctly from the beginning.

I'd like to create an single-member LLC and fund it with a HELOC that I've already closed on against my primary residence. However, I was just reading about Solo401k and not sure if that is the best way forward. Any advice one way or another?

Also, I need to network with others in the same general area as well as get some references from accountants or CPAs to handle the additional headache of taxes that come along with the territory.

Additionally, I'm hoping to get references of lenders in the area who are familiar with the REI world.

I welcome any other advice from the many others who have achieved their dream of actually enjoying life instead of just living it!

Cheers,

Brady