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All Forum Posts by: Dmitriy Fomichenko

Dmitriy Fomichenko has started 64 posts and replied 17424 times.

Post: Advice for starting in Virginia

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Michael Crump

if you have money in the 401(k) (I'm assuming it is with the past employer since you mentioned that you are unemployed), you can roll it over into a self directed IRA (or better yet into self directed Solo 401(k). By moving away from conventional custodian controlled 401(k), you will have the ability to use your retirement funds to invest in real estate. Now, keep in mind that if you go this route, then all of the gains and profits from the deal must go back into your retirement account (sheltered from taxes) and you are not allowed to do any work on the property yourself. You need to educate yourself on what "prohibited transactions" are when using your retirement account for real estate (or other non-traditional investments).

Post: New Member - Bakersfield, CA

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Brad B. welcome to the BP community!

Post: New member from Chicagoland area

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Account Closed welcome to the BP community!

Post: New Member from Austin, TX

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Jamie B. welcome to the BP community!

Post: Movin' To Tacoma, WA

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Sam Albert welcome to the BP community!

Post: New Member - Pittsburgh, PA

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@John Cardillo welcome to the BP community!

Post: SDIRAs, UDFI and UBIT

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

Yes Daniel, that is correct, you would still need to get non-recourse loan for SD 401(k).

Post: SDIRAs, UDFI and UBIT

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Daniel Cruz

to create a self-employment activity you don't even need a business permit or filing for a DBA. Any network marketing would work... wholesaling, referral business, etc. You don't even have to generate income, just have the intend of generating income in the future.

Post: SDIRAs, UDFI and UBIT

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Daniel Cruz , good question! @David Beard was right on saying that you can avoid UDFI tax by using self-directed Solo 401k, you should look into that.

The other reason for using Solo 401k is that you avoid custodian fees and delays by being trustee of your own plan. I also love the participant loan feature which gives me access to my retirement funds at any time - tax free and penalty free.

Post: New to BP from Chicago South Suburbs

Dmitriy Fomichenko
#1 New Member Introductions Contributor
Posted
  • Solo 401k Expert
  • Anaheim Hills, CA
  • Posts 17,873
  • Votes 6,270

@Dominick Adolfo welcome to the BP community!