All Forum Posts by: Ed D.

Sorry typo on the last one as my phone doesn't let me post correctly. The correct term is ROBS and is rollover as a business and the company the specializes in this is called Guidant Financial although there are tons of others like CPA's who can help. This is a good and better format to do this with retirement funds rather than withdrawing them outright yourself and encounter any penalties. This is a loop hole in the irs tax code that allows small business owners start/fund their businesses with retirement funds. But again, your opportunity is reduced with a Roth as this type is strictly geared for special cases as I mentioned earlier like younger people who fall in lower tax brackets. If you start a Roth at a high tax bracket its not as good as a traditional Ira or 401k. Contributing to a Roth in your 20's when you are at a 20% tax bracket is more beneficial than contributing at 40 and being in a 30% bracket. This is because in your 20's you will take advantage of contributing in a lower tax bracket all those years and allowing your money to grow with minimal taxes up front. Doing it at a high tax bracket will be a disadvantage to you as it will be less money to grow for you. So a Roth and a traditional Ira are geared for different purposes and different types of apropos.

Hi, Is the Roth the only retirement plan you have? Do you have a 401k, 403b, traditional IRA, etc? You may want to research on your own for Roths there is some good info on rothira.com From my experience on wall st, Roths are best for people who are younger (20's, 30's, etc) and have a lower income bracket than someone who has more advanced career. That's because the contributions to a roth are already taxed. Meaning what you are putting in right now into your Roth is taxed already up front. Therefore the earnings and your contributions are free of any additional taxes with the Roth fund. As you grow in your career and earnings power your tax bracket increases and then the benefit of a Roth is more pronounced as you spend more time with it and contribute in past years via your lower income bracket. The big plus here is that there are no penalties to anroth for withdrawing your contributions. However, any earnings on those contributions will be penalized u less they meet the guidelines like spending it on your first house or a family death etc. I would stay away from doing this with a Roth. A better alternative is a 401k and looking into what is called. ROBS or rollover as a business. You can essentially rollover your Ira or 401k into a business and not be taxed or charged any penalty. Look at guidance financial or google ROBS 401k.

Hi, I'm no credit expert but Here's my 2 cents. Same as the previous posts that inquiries are not as concerning. Usually an inquiry will drop your score temporarily unless it's a bad inquiry. But if this leads to an increase in credit in the long run it should be positive eventually. I've had a few inquiries like when I opened a new account and this drops my credit initially but then after some time the score goes back up as it normalizes and the account opening increases your credit limit. If you are still concerned, there is most likely no benefit to you going to the branch manager as the credit portion of this is not managed by the branch. So little your friends can do unless they work directly in the credit area. Also, many of these are control directly by the reporting agency. There are companies like Lexington Law (google them) who work on these things for you and can remove them but they are slow at doing this. There are better more personalized companies that can work faster I have one for New Jersey but not sure about where you are. How this helps somewhat.

Gary Harris Thanks also for replying. Same details as I posted to Chris. You seem to be fairly close as well. I am more than happy to attend any events you have planned just let me know the details. I don't know how to post my personal info here so let me know if you need it. I do see that you have some involvement in selling so if there is a list out there you can send me that would be great. I'm no expert and perhaps don't have the knowledge nor ability to give anyone here tremendous benefit yet but I do believe I can be an asset with my background and hopefully with some investment savvy. I am definitely interested in networking and meeting those more advanced around my area.

Chris Masons thanks for the encouraging words. I'm still at the investment bank full time so this will be my 2nd full time job as I plan on going full speed. I agree, and hope, that my background will help. There's definitely a lot of stuff I need to learn which are more admin or procedural. The investment part of it is the easy part it's the other things like taxes or legal entity formation and how to take best advantage of all areas once you have the property. I don't think I'm too concerned with buying, analyzing the property, and making a decision on the numbers. Most of that stuff is what my entire life has consisted of but with different products. The tax world in real estate is a bit more of a new world to me since things are slightly different for individuals than for investors. Either way, I work on midtown close to Bryant park in Manhattan and would be great if we could network and meet up. I'm interested in primarily starting with Multi Family probably around the 4 unit or so. I do want to focus on a specific area at first to get my comfort level up to par. But like stocks I'm not going to shy away from other markets if there is value. My focus is always to find value first for long term rather than trying to make a quick Buck. I also plan on staying in the bank until my portfolio increases and I need to manage it full time so for now am looking to learn from people like you and perhaps build relationships which can get us to work together in the future who knows.

Hi All, First I would like to thank everyone here for all of the informative posts. I am definitely seeing some good use for this site. My name is Edwin and I am from Northern New Jersey. I currently work in NYC and grew up in the NYC metro area most of my life. My background is in investment banking and I currently work for one of the top 3 largest banks in the world. Sorry but most people hate investment bankers because of the housing crisis but rest assured I didn't cause it. Lol. I do have a background in working with Mortgage Backed Securities and bond desks. Because I work in IB I have a lot of exposure to interest rates and economic data which is something I am better acquainted with than actually fixing houses. In other words, I am a numbers man rather than a handy man although I can work a hammer and nail from my military background as well. Either way, I'm new to REI and have not closed any deals yet but do expect to close on something within the 1st quarter of 2016. I am currently looking at properties and have a few in mind that I want to negotiate with. So am looking to learn as much as possible from everyone here and hopefully I can offer some good pieces of advice myself on investment data which may be new to some. If anyone is in NJ and wants to network please feel free. Im interested in investing in a buy and hold strategy and my philosophy is the same for stocks and real estate. With stocks I am an value investor and look for distressed companies to buy that I can find value in. There is a difference between price and value and when looking at a longer term horizon price seems to be less important than actual value. Although Price erodes value at a certain threshold. With the securities markets psychology is one of the most important things. Either way, I plan on learning from everyone here and I already see great advice here. I would love to hear how everyone has started in this industry and what have they improved upon through the years that perfected their initial entry into real estate? If there are forums for this please share. Thanks all.

Great Success Mike T, Would love to hear more details on how you structure those deals. Are you buying them cash out right? Or via financing? Also, do you purchase these via an LLC or any other legal entity or just personal? Thanks Mike for sharing. Regards