All Forum Posts by: Nick Peraino

Thanks Brian!

Hey all,  Does anyone own rental properties in, or manage properties in the Bradenton or Holmes Beach area?  Thanks!

Travis...I can't tag when I'm on my phone.  I'm in Pensacola and just started my campaign with Jerry.  I've gotten 1 call a day 4 days in a row and 2 today.  Mostly people not selling and some rather irritated about getting the letter and wondered how I got their information.  It's rather nerve racking.  It's also VERY hard to get the script going.  These people just start talking and go go go... I was like sheesh...can I get a question in here? Haha.  

I'm curious...this thread is a couple years old.  Did you land and deals? Did you use the script? What did you find was the most successful approach?

Thanks!

Seems you're right @John Akolt. 

Here's a link for others that come across this thread.  There's a difference between contributions and conversions.. though not a big one.

 https://www.kitces.com/blog/understanding-the-two-...

Rather enlightening.

@Carl Fischer Thanks for your reply. I've considered the SD IRA. Problem is... I can't have an active roll in the management of the flip or rental. And all profits generated have to go back to the IRA. Yes it's an option, although less than I hoped for in terms of short term benefit.

Originally posted by @John-David Herlihy:

If you are self-employed already, depending on your investment plans, I would recommend looking into self-directed IRAs, Solo401ks, and ROBS (Roll-Over Business Start-ups). 

If you plan to keep all the money in the retirement plan, then a SD-IRA or Solo401k may fit your needs. If you want to create a business and get paid on an ongoing basis for your investments, a ROBS could be the answer. I am personally getting my business started through a ROBS so I can eventually draw a paycheck and realize my independence from the corporate world. Contact me if you have questions on my process and thinking.

@john-david Herlihy (again for some reason I can't tag anyone in my posts, on my android phone or computer)

Well... Ed Jones just got back to me and informed me that it's a traditional IRA and cannot be rolled into a 401k. My response was asking if a traditional IRA can loan. Waiting to hear back. I just want to find a way, any way, to use this money for REI. Even if it requires jumping through some hoops.

I don't plan to keep all the money in retirement. The whole point here is for me to be able to use the retirement funds to launch an investment career, and keep all profits. I'll then recycle the profits back into a REI. I'd like to keep it out of the retirement so as it grows I can eventually pocket some cash, if need be. I don't want it to be LOCKED away like it is.

I found this concerning a ROBS: (web address is https://fitsmallbusiness.com/rollover-business-sta...)

(First you must form a C Corp)

You must be a full time employee of the new C corporation. You must work full time (35+ hours per week) in the business. This means that ROBS are not a good fit for absentee owners or for passive income businesses like real estate investing.

1. Upfront Setup Fee = Approx. $5,000 (This fee must be paid out of your own pocket before the ROBS is set up. The funds being rolled over can’t be used to pay the setup fee)
2. Ongoing Monitoring Fee = $120 – $140 per month plus you may be charged a per employee fee if you have more than 10 plan eligible employees. (Some providers may charge you an annual fee instead of a monthly fee.)

The account was rolled over to Ed Jones after my wife became a stay at home mom and left the work force.  I am meeting with EJ next week so I'll find out if they allow it. Thanks for the reply.

I am considering taking a loan from a 401k for my first REI. I will be joint venturing with an experienced partner if I do so. My question right now is: Should I keep my 401k with Edward Jones or move it to somewhere like Fidelity? Any opinions on Edward Jones? Are all 401k different depending on who holds it? And does Ed Jones charge different fees than say... Fidelity or another institution? I ask because I'll be only taking a loan on some of it and leaving some untouched. I am aware of the shorter length terms that these loans typically are. Also.. I've been self employed for years and report losses on taxes. This has been a road block for me when wanting to purchase a primary residence. So.... Another question I have is: If I want to refi the investment property to pay back my 401k (with interest)... is a bank going to refi based on the property or based on my personal income. I don't want to bank on a refi, and then not be able to get it. If the property is a buy and hold and I buy right so that it's cash flowing, will a bank or loan institution base their refi approval on that or on my (seemingly low) personal income. Thanks!!

Anyone know what happened to podcast 021? Really wanna hear it!

Originally posted by @Nicholas Armstrong:

@Anthony Greco I have had great success chatting with the seller like an old friend. I ask general questions about the property that I need to know first hand, as well as asking why they are selling. But if you want to close more of your call backs just treat the lead like a human and don't rely so much on a script. 

If the seller brings up something about her dog.. ask questions about the dog and talk about your dog. If the seller talks about her dad's 1970 Corvette..  talk about the Corvette. Because when you do that and connect with a seller, she'll turn down 3 other higher offers and take yours because you took a few extra minutes to get to know her and her Cocker Spaniel named Charlie. And for extra brownie points keep a jar of milk-bones in your car for when you go walk the property..

Yes I am speaking from personal experience if you were wondering haha!

Invest a few more minutes in a conversation and it will pay dividends in the future, because most people don't take the time to connect with a seller, you'll stand out from anyone else he or she has talked to about the property and they will literally WANT to sell to you.

Happy hunting!

 @Nicholas Armstrong 

Completely agree!