All Forum Posts by: Gary Kane

@David Ebbeson What are those 2 websites you mention for rehabbing?

Thx!

Yes, it comes with experience for sure. Good points by both @Michael McDeviit and @David Dachtera.

Be advised, you will go through a period of hesitation with your first rehab, it's normal. You need to have a good feel for the end results of your first project, have confidence, and pull the trigger...a lot of investors don't.  As David says, have a good team behind you (contractors, large or small), and a good realtor (if your going to flip).  You'll be amazed what you can do once your "in the middle" of the project.  After that first project, things that were somewhat frightening in the beginning will fade on your next project.  My takeaway...Everything can be fixed!

Another tip...don't get to emotionally attached to the project, keep it simple and practical for the potential buyer...don't do the rehab as though you were going to move in.  Make sure you concentrate on the stuff that sells (good colors, updated kitchens and bathrooms)!

Good Luck!

You could also look at doing a HELOC (home equity line of credit) on your home, have some flexibility. Also depends on what type of investing you want to do...a HELOC would be good for fix and flip, but maybe not so for buy and hold. Just some thoughts...good luck!

@Larry Fried Larry, who is your Jax turnkey company?

Thanks!

I would add that I would also consider obtaining RE outside of my IRA...this would provide the tax benefits, but prevent from utilizing IRA assets to acquire, correct?

So maybe obtain rental income outside of IRA, do the re-habs with IRA, as all cash deals?

--Gary

@Brian Eastman Thanks for the post!

Looking for some guidance here. Little confused about the whole SD IRA (for real estate investing) vs. the SOLO-K. There's also the SD IRA LLC, Checkbook version that's being touted, but found some Self Directed info warning to be careful with these.

I'm interested in:

- Obtaining rental property for income, AND tax benefits

- Do some re-habs during the year (3-4/yr.)

I have IRA resources available, and would like to leverage those resources in pursuit of the above interests. I am a W-2 employee with a 401K plan with my employer.

What I am reading, if I were to attempt the SOLO-K, first I would have to show (prove) earned income of some business activity.  Wouldn't starting a part-time RE investing activity qualify? Or does it have to be something different like selling on EBay?

I'm also seeing that doing 3-4 re-habs may get flagged in a SOLO-K?  I am interested in trying to avoid the UDFI, but it looks like I may not be able to.

So what would be the best course of action for someone in my situation...SOLO-K or SD-IRA (with or without LLC)?? Try to avoid the UDFI, but may not be able to...may not really matter though?Getting confused...

Thx...Gary.

Technical professional working full-time ready to return to real estate investing. Have done a couple re-habs in the past, interested in the same as well as rental property. Have substantial IRA assets to work with, want to learn more about SDIRA RE investing and leverage.