All Forum Posts by: Tricia O'Brien

Dmitriy, If the Solo 401K owns the rental property (and it's not a Roth 401K) and then I retire when I am 59 1/2 or older, can I owner occupy the property  without any penalty from the IRS?  Would I basically owe the IRS the taxes on the house as a distribution? So, for example, if the house is worth $100K fair market value at the time I retire (say at age 61) then I would pay taxes on the $100K as income?

I am considering creating a Solo 401K to buy a home which I would turn into a rental property. If I do that, can I later use that home as my personal residence? Would I have to keep it as a rental for 1-2 years before I could have it as a personal residence under the Solo 401K rules? Would the same or different rules apply for a self directed IRA (regarding using it as a rental and then converting it to owner occupied)?

If I set up a Solo 401K now, can I transfer IRA assets from an old IRA I established 2 years ago into the new 401K? I'm referring to an old IRA that holds stock mutual fund (say a Janus Fund). Or is the Solo 401K only to be funded from money I earn from self employment after the 401K is established ? Any replies would be appreciated!

Does anyone know any good property managers who work in Daleville and Muncie IN with SFR? Any replies would be appreciated!

Hello Indiana!

I need to find a realtor in Indiana who can give me comps based on the MLS on a house in Municie I'm interested in. Couldn't find comps on Zillow or Trulia, and don't think I can trust the assessed value. Any investor friendly realtors out there? Any replies would be appreciated!

I'm not familiar with "Prosper" or "Lending Club."  Are those the full company names?

Hello Fellow Bigger Pocketers,

Any ideas about where I could get a small loan to rehab a house in Indiana? The private money lender I talked to said their minimum loan amount is $65K. Other than a credit card cash advance or HELOC on another property I own, any other possibilities? I'd be open to the $20K being short term financing (5-12 months) or long term (5-15 years). Any replies would be appreciated!

Thanks John.  When you say "Register of Deeds" site you're referring to contacting the county  office ( in this case county recorder's office) and getting a copy of the deed for those properties I like to check for mortgages and other liens, correct? I have 5 properties I'm interested in.  This county uses a website called "Tapestry 2.0 - Land Records via the Internet" for selling property records online.  Do I want to order just the deed created when the current owner bought it and not other documents like "judgement," "land contract," "lien,""and "mortgage" from Tapesty 2.0?

I want to buy tax liens with the hope of eventually owning some of these properties, but I'd like  advice on how to evaluate the risk of high repair costs between 5-6 promising properties.  I've researched liens for sale at an upcoming tax auction in Indiana and the laws for that county.  I plan to have someone in that county take photos of the outside of the  houses and neighborhoods I'm pursuing.  I don't want to over bid and / or end up with junk. My questions are:

1) Since I can't inspect the inside, how can I make a guess as to the repair costs of, for example, a 3/1 SFR, 900 sq ft, built in 1955 compared to a 3/2 SFR, 2500 sq ft built in 1890? If they both look well maintained/restored on the outside do you usually assume the inside is well maintained too?

2) After you inspect them and determine occupancy, do you prefer to bid more aggressively on the vacant ones or the occupied ones ?

I know some investors care only about the interest rate and redemption period on tax liens, but I like to bid on just those liens where I would want to own the property. Any replies would be appreciated!

Bruce M.,  Can you tell me the names of the really good books on this subject that you are familiar with?   thanks, Tricia