All Forum Posts by: Eden Meng

Hi Everyone,

Currently, I have my flip business in Saint Louis. I am reaching out to other OOS investors how do you manage your rehab when it is way past the timeline. Currently, I have a weekly check in with my current contractor, but alot of time it is a chasing game.

He used to be great from the beginning of the projects. As time passed, he gets less and less reachable. How would you handle the situation if you ever encountered one? Please note that we will be flying out to the area fairly soon.

Thank you,

Eden

Thank you everyone for your input- truly appreciate it. 

Eden

Hi Wonderful BP Community,

I am in the process of acquiring an out of state property for mid term rental. The proceeds used to acquire the property will be from my solo 401K. I have my team on the ground when it comes to real estate agent, cleaner or other critical team members to make the property up and running. I have reviewed the IRC publication for prohibit transactions between the plan and a disqualified person which contain a few criteria including selling, exchanging and leasing the property. I dived deeper on the " leasing property part" and the only clarification is not to lease the property to disqualified persons. I would like to clarify if there is a possibility that I could be the leasing agent for the property?

Your input is greatly appreciated !

Eden

Thank you Todd- your suggestion is definitely something to look into.

Thank you Brian. Appreciate the input.

Eden

Thank you every one. This is very insightful. I appreciate the inputs.

@Michael Myers- Hi Michael- will send over my email address. Thank you for sharing white paper.

Hi @Brian Levredge- Since Chattanooga is my market of interest in a very near future, would you mind sharing with me what is the average price per squared footage for cosmetic rehab for fix and flip project?

Thank you,

Eden

Thank you Marty. I conveniently did not disclose a few facts. Please find my comments below:
 
1- The flips will be OOS investment. I have contractor who will do all the work for me.

2- I am currently a FT employee with real estate investment as my side hassle ( 2 OOS fix and flip going on) . To the best of my knowledge, I do not believe that I am qualify for Solo401K but will validate my understanding with my CPA in my upcoming session.

3- Yes, you are correct. I am aware of UBIT tax and I am in the process of exploring other options on how to minimize the impact of it.

4- This is the first time that I hear about equity participation note. Thank you for sharing with me. Will definitely look into it.

5- My thought process of syndication is to diversify my portfolio with some active and some passive investments. I have followed this syndication company for a while. Currently they are raising capital for Houston apartment complex. The projected rate of return is 10%, ROI is 50% , 1.5X equity multiple. The holding period is 5 years. And that is somewhat I have seen up to now and I am happy for something along this ratio.

6- Yes you are correct- diversification. 

7- Thank you for sharing the resources for SDIRAs/soloks. Will check that out for sure !

Eden

Hi BP Community,

I am currently in the process of setting up SDIRA with Check book control to do my flips. The proceeds from the flips will be re-invested in syndication deals or move back to invest in stock market.

I am reaching out for guidance if this will create any tax consequences for the current year? If so, how do you personally plan your tax around it?

Note: I already scheduled with couple CPA for consultation. However, It is nice to hear from my peers who have more experiences in this arena. Thank you !

Eden

Hi BP Community-

I am currently looking for a duplex in Tennessee that I am hoping to rent out to travel professional. As I am out of state and to have my duck in a row, I am also looking for property manager that helps to manager as well as design services to make the units ready.

I am wondering if any one is willing to share who they have positive experience with in the area as I called multiple property manager and none manages mid term rental? Also- if any one manages their mid term themselves from a long distance, I would love to hear your experience as well.

Thank you,

Eden