All Forum Posts by: Rich Somers

Hey Barry, welcome to Bigger Pockets.  I host a local meet up here in San Diego, our next event is Monday, December 9th at 7:30 in La Jolla.  There will be plenty of Active and Passive investors there for you to meet.  We would love to have you out, message me your email if you would like more information.  

 Hey Joshua, I'm glad you enjoy our REI event.  Hope you enjoy your holidays, I look forward to connecting with you at the next one! 

Please join us at our Special December REI Networking Event for a couple drinks and a chance to meet and network with other San Diego Real Estate Investors. No pitching, no fees, just networking.

This event will be catered and hosted at a new luxury home curated by the famed Beverly Hills design-builder Roman James. This contemporary home is located on the hillside of La Jolla and boasts 7,611 sft. and breathtaking panoramic views of the Pacific Ocean and La Jolla Shores. Special Thanks to two of our regular attendees Anthony Espinoza & Seth Struiksma for inviting us to host our Dec Event at their beautiful listing.

Monday December 9th @ 7:00PM

7930 Costebelle Way La Jolla, CA 92037

Beers & Deals San Diego Investing Network Event

Monday November 11th @5:30pm

Stone Brewery Liberty Station - 2816 Historic Decatur Rd. San Diego Ca 92106

Please join us for a couple drinks and a chance to meet and network with other San Diego Real Estate Investors. No pitching, no fees, just networking.  We meet in the back patio area near the fire pit. 

@Kevin Hoff

Sounds great Kevin, we look foward to meeting you there!

@Jason Graves

For some reason, the mobile app doesn’t show the details of the event. It’s Monday October 14th at 5:30PM - Stone Brewery Liberty Station. If you want to DM me ur email address I can add you to the event email chain. We meet once per month, always on Mondays, and always at the Stone Liberty Station.

Please join us for a couple drinks and a chance to meet and network with other San Diego Real Estate Investors. No pitching, no fees, just networking.  We will be at the Stone Brewery Liberty Station located on the back patio near the fire pit.  Please reach out for any questions at 619-866-8869. 

I'm searching for a great 3rd party PM in Cincinnati for a smaller multifamily I recently got under contract. Preferably someone who manages 500 + units in the Cincinnati area, has good systems in place, understands value add, can help with due diligence, and has experience implementing RUBS.  Please direct message me if you know of anyone who might be a good fit.  Thanks!

Hey Everyone,

Please join us for a couple of drinks and a chance to meet and greet with other Real Estate Investors.

This event is not sponsored by anyone, and there will be no presentations. Simply come to meet and greet other real estate investors and real estate professionals from San Diego. Everyone is welcome. Look for our signs on the patio.

If you are having trouble locating us, feel free to call Rich Somers at 619-866-8869.

@Justin Reyes

It depends on your tax bracket: If your tax bracket is low-withdrawal it now and pay the penalty. If your in a high tax bracket-take a 401K Loan instead.

If your balance is $30,000-Most providers allow you to borrow up to 50% of your balance ($15K). Any interest you pay on the loan goes back to ur own account.

If you did an early withdrawal you would pay the Fed a 10% penalty and depending on which state you live in another 2.5% penalty on top of federal and state income tax.

But I will say 401Ks are mostly a scam for the uneducated. These are my main take-aways:

1: It was an experiment conducted by WallStreet and the Govermnent back in the early 1980s so businesses could offload the liability of the pension systems onto the the employee.

2: People love when their employer matches but what they don’t realize is for every $1 dollar your employer matches, it’s $1 less dollar they are paying you in salary so it’s really not costing your employer anything to match.

3: WallStreet is collecting fees on ur 401K contributions. They don’t want you to know this so most people don’t realize this.

4: You can't access your money till age 59 1/2, and at that point they tell you it's better to leave your money in or roll it into an IRA to avoid paying hefty income taxes. Financial advisors advise you to instead take what's called the "safe-withdrawal rate" so you don't outlast ur money by the time you die. (4%). So if you have $500K at retirement, you can safely withdraw $20K per year and also pay taxes on that $20K. And they call this the "American Dream".

5: At age 70 1/2 they make you start withdrawing your 401K balance so the government can collect income taxes on ur money before you pass away.

6: The real winners in the 401K system are WallStreet and the Government. The real losers are long term 401K contributors. Your 401K balance is just a number on a computer screen-you can’t eat it. But you can eat cash flow from cash producing assets-that’s a fact.