All Forum Posts by: Scott Raley

Great information. I liked the example you used when describing baby boomers downsizing in markets like San Francisco (really the greater Bay Area) and New York. I know where I do business in San Jose, Ca, more and more of my  real estate clients are choosing to tap their equity and then go buy a smaller unit, often on the coast ,in  the Sierras or out of state. They then turn around and rent their original home to generate income. As long as housing prices keep going up and rents keep going up, this is not a bad working model if you have a strong equity position. The other factor is that once you sell here (The Bay Area) is very challenging to come back and buy again. Likely higher prices, higher property taxes and the cost of living, are not favorable to people who try to re-enter this market. This in turn, makes people think twice before selling here and movinig on to greener pastures elsewhere. 

I too have my tennants in San Jose pay for their own water, utilities and garbage. Our vacancy rate is  currently right around  2%.  So, those who rent have to go with the flow.....no pun intended. 

Thanks for your reply Brian. Someone did say I could convert a SEP- IRA into a solo 401K. Is that correct? I have to say, this is extremely challenging to get the right information to make an informed decision. I think the lawyers had a field day putting these retirement programs in writing.

Also, I have both a SEP- IRA and a Roth IRA. Can those be combined into one Solo 401K account?

I file a corportate return for my business and not a  schedule C. Dmirtriy you indicated in your link that I needed to file a schedule C in order to qualify for the Solo 401K.  Is that correct?

thank you for your response guys. Great information. Can I convert my current SEP-IRA into a Solo 401K ?

I'm in the process of evaluating two Trust companies with San Francisco Bay Area offices to convert my tradition SEP IRA into a Self Directed SEP IRA. I've narrowed my seach down to two companies. One is IRA services, the other the Entrust Group. The fee structure is significantly better with IRA Services but the Entrust Group offers more hands on help both setting up the account and information on real estate investment opportunities. I'm interested in using my funds for private money lending in deed of trusts. Please share you experieces if you have worked with either of these companies. Thank you !

Best advice  I can give you is..................

Be kind to other people, become a student of  real estate  and work hard. 

Thanks for all your great suggestions. My nephew is very adept at  doing research. So, in addition to my personal advice, I want him to explore other information resources to gain knowledge about  the whole buying process.  

I have a nephew looking to make their first real estate purchase/investment. Would like some recommendations from members here on the single best book, in their opinion, for a first time buyer of real estate. This would apply to a buyer looking for their first primary residence. Looking for something not too soft but clearly written for an intelligent, thoughtful  buyer.  Also your recommendations on good website or blogs for first time homebuyers would be great as well. 

Your assistance is appreciated !