All Forum Posts by: Daniel Cruz

@Brian Eastman

@Mas Yoshida

Brian, 

Remind me again, doesn't the SD-401K avoid the UBTI / UDFI?

Is the SD-401K the same as a Solo-401K?

and can a Roth IRA be rolled into the Roth version of the SD-401K

I too have a SDIRA and last year filed a 990-T and overall the taxes came out to just above 10% paid on the income after deducting all the expenses

Speaking to "the Devil", now that's funny

@Bill Gulley

Wow, Thank you Bill for your wisdom, and your first few paragraphs are spot on as well. Worry not, I do plan to speak to a wholesale strategist BUT I also plan on obtaining a RE license (which includes attending the necessary classes), RE and business advice from a legal professional, tax and bookkeeping advice from the proper professionals. I know taking action is important, but the way my mind thinks, to me it's also important to have the chess pieces in place as well. The whole reason for purchasing the duplex was to help save and pay for the proper legal advice.

I'm hoping a good brain, a professional presentation, hard work, as well as being an open book will be my competitive advantage. Oh and I will register on your site.

@Engelo Rumora you are welcome

@Bill Gulley

Thanks for the kind words for me getting my RO license. I made a post on Facebook, there was A LOT of pain, stress and lost weekends involved; 9 to 10 hour days, 6 to 8 hours on weekends (I could of studied more but I essentially maxed out my brain's capacity to make things stick). My promotion was an actual condition of employment, meaning TVA hired me to pass or look for another job. Initial License Training at Nuc Plants have about a 40% fail rate.

What can I do to not sound like an affiliate marketer? I've been a member of BP since May of 2013 and I haven't posted that much at first since I don't know anything (which I document in my first turnkey deals – link part of this OP) and 2 I've been extremely busy. I tried to document everything I did. The above paragraph is why I'm buying property at FULL RETAIL, outside of my area and why I do not know my local market as much as I should. Truth time, I do plan on seeking a wholesale coach and I did a BP search for Tom Krol and some people have crapped all over his claims - nobody has said anything negative about Engelo or Memphis Invest (the other Turnkey operator I have property with) during the times I researched both companies. Nice thing is now that I'm done I can spend more time here (yee-haw) actually learning more REI and inputing my experience w/ turnkeys, non-recourse loans, UBIT / UDFI

@Fibian Berkeley - Thanks for the estimate

@Robert Smith, extended warranties, good idea. I just did a google search and found companies that service rental properties - Thanks

https://www.biggerpockets.com/forums/223/topics/33...

Terence,

Above is my experience for refinancing my turnkey properties. Because you are paying "full retail" for the turnkey property you'll only be able to refi from 70 to 80% LTV and you won't be able to fully repay the HELOC back. I'm newish so my experience is limited

 Fibian,

How much $work$ is needed? Since I'm a newish buy and hold investor I want to make sure I build enough reserves if I'm lucky enough to have a long term tenant. Thanks for any advice you have

 Bryan,

The non-recourse loan was just like any other except the interest rates are a little higher. An appraisal was required and was coordinated between the PM and the renters.

The cash out refi was like any other, but I had seasoning issues. Because I owned the duplex for less than 6 months, the credit union I went to originally would not give me a loan (they only offered me an expensive line of credit). Thanks to @Engelo Rumora who introduced me to @Jerry Padilla I got a 70% loan. I was not able to get an 80% loan also because I owned the duplex less than 6 months

Hey Adam,

Yeah unfortunately I pay UBIT. I eventually want to rollover my stuff into a SD 401K to avoid the taxes. One of my future goals 

I purchased the duplex for $74,900 free and clear.

I refi'd the duplex using conventional financing and pulled out $49,500.

$74,900 - $49,500 = $25,400 in equity 

Maybe I'm I don't understand what ROI is