All Forum Posts by: Ian Kee

Regardless of what assets you have or don't have outside of the rental, you'll want to get the LLC setup, it's just good practice. Why wouldn't you? The cost is not much, and it adds a layer of protection beyond just the insurance. Insurance shouldn't be relied on as the sole protection against law suits.

See you there. =)

@Debra A. Yes!!! Isn't it great!???!! There are people with millions of dollars in their accounts, how does that happen when you can only contribute $18k a year? Growth...and not through the measly interest from stocks and bonds or mutual funds, which get eaten up with fees.... but from self directing them and investing it in real estate!

As Ozzy says it can be challenging, but to say it's not a good source of income I think is too pessimistic. I have plenty of friends who make a lot of money off of short term rentals and with the right system it's no more of a pain than long term. Either way, good luck to you!

Yeah don't over think it. You should definitely account for those costs, but you can't predict the future. What you budget for and what actually happens are rarely the same. :)

@Debra A. Hopefully this doesn't come across as rude....but if you were taught to never touch your 401k, someone taught you who wasn't thinking outside the box very much. Why not take a loan on the 401k? The interest paid on the 401k is paying himself back, plus the return that he'll get on the deal is extremely likely to be way better than what the 401k is earning. A traditional 401k that is invested in the traditional instruments such as stocks, bonds and mutual funds, is typically earning you way less than if you self directed it. Obviously assuming you know what you're doing.

So in short, I would say yes to the 401k. You should be able to borrow up to $50k or 50% of the value of the 401k....but consult your plan administrator to know for sure. The other matter however is if you should be doing the deal at all. If you're stretching yourself too thin, maybe not. You might get lucky and be just fine, but you don't want to train yourself to stretch yourself too thin. Do that and something inevitably will go wrong in the future.

Hi Shane, welcome to BP! Yeah, being a realtor certainly isn't a glamorous as being a flipper. There are a lot more risks to being a flipper though, so make sure you do your due diligence on everything before getting tied up in a deal.

That is a great way to make income! Are you planning on using Airbnb?

Sounds like you got a good thing going! Everything works, and nothing doesn't. Keep doing what you're doing!

Welcome to BP @Pragati Soni! I know a group of investors in the Atlanta area and there area a LOT of opportunities near you! You are in a fantastic location to begin investing.