All Forum Posts by: Nicholas Patrick

@Linda D. I've seen pictures of the property, and nothing looks that bad. The outside actually looks quite good, but the inside is a little dated. However, it is fully occupied. The property is in another state about 5 hours away, but the city I wanna move to after college. I don't wanna be the fish swallowed by the shark on his first deal. I'm trying to play things cautiously.

I would use rentometer and rent.com to determine my rent initially.

Never purchased real estate before. 

If a multi-family deal has been on the market for over 20 days is it safe to say that it's not really a deal?

Should it be a red flag that the person is selling even though the building is full, and they claim to be receiving positive cash flow?

I am a college student in the detroit suburbs looking to graduate in a few years. I do not have crippling student loan debt, but expect a small amount. Something in the ball park of 10k, probably. I am majoring in finance, and will probably end up as an analyst or something. I really want to own a real estate investing business instead.

I want to get into real estate investing as soon as possible. I only have about 3k in my bank account at this point. I believe I am lacking the funds to start investing, unfortunately. I really don't know anyone that's investing personally, so I can't even break in that way. Also, I'm really not that "handsy", and able to work on plumbing, electrical, ect. It's almost as if I have nothing to offer.

On top of that, I am unable to land an internship related to my career interests. This makes me nervous for when I graduate and try to find a full time job. This makes me want to start my investing business as soon as possible.

I'm really just looking for some guidance and advice. Any advice about anything would be appreciated. Thank you.

@David Dachtera I understand the princables of the solo 401k. You can pretty much invest in anything with some exceptions like art, rugs ect. My problem is, i either need to take withdraws or keep a job, right? My goal is to retire from my day job by 40. If I can't take withdraws or distrubutions from the 401k how am I supposed to live before it becomes accessible to me at 59 1/2 years old. Keeping in mind I want to retire no later than 45. You obviously have way more experience in this than I do. I'm just a little confused, I guess. 

I will definitely be contacting a tax accountant when the time comes. Right now though, this was a hypothetical question to try to further my understanding of the self directed 401k. Right now I need to finish school, and get a high paying job so I can start investing. There's little doubt in my mind that I will be using this strategy. The question I need to answer is to what extent I want to use it.

@Doug Watts Agreed. For invested minded people solo 401k > IRA.

I'm in college now facing what would equate to a down payment on an fha loan for a triplex in my market in debt by the time I graduate. Student loan debt can be crippling. It is the fastest way to get young people to start running the rat race though.

@Denny R. Depending on what kind of investing you are looking to get into it would be wise to find an attorney very early on. Everything else is mostly build as you go along.

From what I understand, I agree completely. Cash flow is king though. Net worth is overrated when you can't access your assets until your golden years have passed you by. What I was thinking is that I would transfer my traditional 401k from work over to a self-directed 401k. I need to build up some wealth that I can pass on to my future children and/grandchildren. Although, most of my investing would be through an LLC where I can have access to my profits upon the drop of a hat. @Eric James & @Edward B.

@David Dachtera I thought you couldn't start to officially take out money until you reach like 59 and a half, is this misinformation? If this is the case though, the benefit of having one of these accounts isn't as helpful for someone who wants to retire from an active job/business at lets say 40. They have no way to access their money until 60 without paying full taxes and a 10% early withdraw fee. Doesn't that make the whole thing kind of pointless? Of course, if you wanted to work an active job until you are 60 then this account is perfect. I'm referring to people that want to live off of their investment income at a relatively early age.