All Forum Posts by: Brett Synicky
Brett Synicky has started 25 posts and replied 779 times.
Post: Residential investor working on move to CRE
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Ed Fortenberry:
Hi all,
As stated, I'm transitioning from building my small residential portfolio to creating a commercial (multi-family) one. I'm using my self directed IRA so will need to work with non-recourse lenders. Getting started I will be looking for smaller (5-16 units) properties in tertiary markets. I look forward to connecting.
Thanks,
Ed
Post: Non Recourse Loan for Solo K
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Kwanza P.:
Is anyone here able to (or refer me to someone) who can do a non-recourse loan for a buy and hold I would fund with a down payment from my solo k?
Post: Non-recourse loans for LLC under SDIRA?
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
For anybody reading this here's some helpful information about prohibited transactions and disqualified parties.
Post: Best SDIRA administrator?
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
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Post: Best SDIRA administrator?
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Brad Hales:
Hey BP community. I currently is a local SDIRA company but their fees seem really high. Looking for recommendation on the best SDIRA for my retirement assets in RE. Thanks!
There are different types of setups. Basic SDIRA where you have to go through the custodian for all transactions and checkbook IRA where you don't. Depending on your situation a Solo 401k may be the better option. Checkbook will cost more initially to set up but way less over time since no transaction/per asset fees like in the basic structure. If you're self employed at all and have no full time non-owner, non-spouse employees and the money you're rolling in is NOT Roth IRA funds then take a serious look at Solo 401k.
Post: First property through a Self Directed IRA
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Ryan Neuman:
Hello! I am getting ready to purchase my first rental property through my self directed solo 401k and wanted to see if anyone had some tips and tricks other than the prohibited transactions. I'm using a turnkey company to ensure no issues from the beginning. Thanks in advance!
Will you be using leverage? Here’s a list of non-recourse lenders you can call through if you don’t already have one: https://www.biggerpockets.com/member-blogs/2810/50272-list-o...
Be sure to keep accurate bookkeeping records for the Solo 401k in case the IRS ever comes sniffing around.
Godspeed on the purchase!
Post: Who has a Self Directed IRA
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Dan Hawtree:
@Brett Synicky A solo 401k is only exempt to the extent of acquisition debt. Promotors usually leverage out at least once. You are correct that prescribed expenses reduce UBIT, but for how long?
Post: Who has a Self Directed IRA
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Dan Hawtree:
Stay away from debt financed real estate investments in a self directed retirement account.
Post: Looking for flippers to invest in
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Chris Magistrado:
Quote from @Brett Synicky:
Quote from @Chris Magistrado:
Looking to lend against my 401k for some flips, but I want to work with a team that has flipped before in or around the Bay Area. Sacramento is okay too. If this sounds like you or a team you know, please let me know!
Or something else?
Exactly. Loan against a portion of my 401k. My income is high. Across the rest of the US, it's very high. But am looking to reduce risk by working with an existing team that does flips. I have others interested in investing as well, but we want a team who knows what they're doing.
Interesting. Are you confident the spread is going to be high enough to be worth it? I mean the loan will be prime plus 1 or 2%. So that's 8.5 or 9.5%. Yeah you're paying the retirement account back but that's not your money until distribution so I'm asking about the personal funds, does it make sense? I'm genuinely curious about this.
Post: Looking for flippers to invest in
- Solo 401k and SDIRA Consultant
- Orange, CA
- Posts 805
- Votes 436
Quote from @Chris Magistrado:
Looking to lend against my 401k for some flips, but I want to work with a team that has flipped before in or around the Bay Area. Sacramento is okay too. If this sounds like you or a team you know, please let me know!
Or something else?