All Forum Posts by: Pearce G.

@Account Closed Sort of depends on your definition of wealthy.  Take out your calculator...multiply 27K by 1.16 over and over (to represent  your 16% annual cash return compounded)...and see how many years it takes to "get wealthy" by whatever your definition is.  Starts out slow, but accelerates.  It won't make you wealthy in a year, but it will eventually snowball, especially when you add the appreciation, mortgage paydown, and tax advantages mentioned by others.

Quick question for large multi landlords.

What kind of arrangement do you typically have with towing companies?  Do you tow only when someone calls to complain?  Or do you arrangements with tow companies allowing them to cruise through your properties and tow any car that doesn't have the right kind of sticker?  

Thank you! @Brian Eastman

Suppose you take out a loan from your solo401k.  You make the regular payments up until you turn 59 1/2.  After turning 59 1/2, you stop paying.  The remaining balance would be a taxable distribution, right?  

Would it be taxed as an early distribution or a regular distribution?

@Forrest Shealy reach out to @Troy Gandee  He organizes networking events, usually quarterly.  Plus he's a great resource himself.

Inspected in December...corrections made...passed re-inspection in January.

If you're not having the same problem, I guess it's more of a transition thing than shutdown-related...inspection/re-inspection, new PM, new office, etc. all at the same time.  Just have to wait for dust to settle.

I changed property managers in December.  Tenant is current, but neither the old PM or the new PM has received any S8 co-pay from North Charleston Housing Authority for Jan or Feb.  New PM says they have heard it's due to shutdown.  Or maybe because NCHA moved offices about the same time.

Anybody else having this problem?

@Jay Hinrichs On MY boat, yes.  It's a kayak.  :-)  But no, I'm not on deep water.  Marina is 5 min away...as is downtown Charleston.  it's a neat spot with a full acre of high ground.  Feels like 30 miles out of town.  

Don't you need a second home in Charleston???

@Jay Hinrichs who did you work with at Berkshire Hathaway?  I'm putting my Charleston home on the market...same price range...712 Ellis Oak 29412.

@Anthony Rosalia I have a specific suggestion if you want to PM me.  Nothing to gain for me except that I own a property in the same subdivision.