All Forum Posts by: John Fortes

Hello @Sam Wocelka I understand that could be a problem for some. I have a buddy who recently got promoted and his income went up dramatically. He has $500k in cash and its just growing. His pain point currently is that he's going to shell out roughly $100k in taxes. He's looking for ways to mitigate that as of now and seeking opinions of multiple CPA's. 

There are ways that I have outlined in this blog. Take a look if you have a chance. Hope it helps provide some context. 

https://www.biggerpockets.com/member-blogs/11280/77940-you-have-a-money-problem

Welcome to the community! You'll start exploring and learning the platform. Use the key words for items that serve your interest so you can engage and/or learn in those discussions. Good luck! 

If your looking for a free mentor, that one is something that usually happens naturally. Super rare to find but possible. 

If your looking for a paid mentorship, you need to do your homework and go out and look at who fits your criteria. @Theo Hicks & @Hadar Orkibi hit it on the head with their posts. Good luck!

I know everyone has provided you valuable feedback but there is a few things I would like to point out. Do your research on anyone you are giving your money too. Know who they are and what they are about.

Second, go in with the understanding that the mentor is not going to hold you accountable. Some mentors will some won't. The idea is to reach out and talk things through, pick there brains, referrals and anything to help scale you but your drive has to be there. Don't burn thousands if the work you are putting in isn't generating anything because you aren't taking action. Now if you are do-er and your business will benefit from what a mentor than it might be a good move. 

All in all, know who it is that you are giving your money to and what they are providing. 

Find a way to provide value to one of those people you are meeting. Good luck!

CCIM if that is your focus. Good luck! 

This is a great questions. From my understanding, if its no longer your primary resident then it can be counted toward your net-worth. That is my understanding. 

Lots of content here that provided you the correct answers to your question. Sounded like you were speaking as a limited partner (LP) but crossed it up. 

To invest passively @Theo Hicks hammers out the investments more common for each offering. 

@Amy Wan lays down the law (literally). That's her expertise and what she see's as she's preparing docs. 

and Like @Ben Leybovich he provided an example of what the sponsor does to once the deal is under contract. 

To use Ben's model our last deal we went:

41 units

$50,000 EMD

$9,000 loan app

$15,000 PPM

As you have been provided with great responses. I just wanted to convey that I'm sorry for your loss. God bless!

Good job to you and your wife @Karl McGarvey. There are plenty of options and ways. Depends on what you really want to do at the end of the day. 

I wrote a blog post about this specific issue. Here is the link:

https://www.biggerpockets.com/member-blogs/11280/77940-you-have-a-money-problem

Good luck!