All Forum Posts by: Catherine Decker

Hi - I have been doing research on self-directed IRAs and SoloK's. I would like to either roll-over a 401K from a former employer into a SoloK or self-directed IRA or start one.

Here's what I want to know, has anyone done this? If so, can you recommend a "custodian" for these type of accounts?

How does one convert a traditional IRA or 401K into a SoloK or self-directed IRA?

I would love to free up my capital so I have more investing flexibility, but the answers to these questions have eluded me. Any tips or tricks from the BP community would be welcome!

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Originally posted by @Erez Jonathan:

Hello,

I am a commercial real estate agent in So California.

Here there is no problem to sign all documents "name and/or assigns" as long as you will be part of the entity who purchase the property. But if you just want to assign the entire purchase transaction to another entity it might raise a question that you might just wrote the offer on someone else`s behalf and have a way out based on this contingency.you are taking yourself out from the purchase and have no connection to the purchase that is not allow and sellers do not want a shaky buyer. Play by the rules and win.

Because the California contract explicitly states that the contract may not be assigned, I was told that we have to add the amendment .

Also, if assigned, the terms of the contract would remain the same and it's just transferring the contract, same terms, to a new person.

Appreciate your thoughts.

Best,

Catherine

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Originally posted by @Chris Music:

Catherine,

Welcome to BP and wholesaling! By adding that clause and signing "and/or assigns" you aren't doing anything illegal but they are definitely red flags for the seller and agent. As an active flipper and wholesaler I would recommend you focus on finding off-market deals and using a shorter personal contract that clearly outlines your right to assign the contract. Everything is disclosed and easy for the seller to understand. By finding the house through your own efforts you are adding value and deserve to be compensated for that. Going on MLS and submitting a bunch of offers on houses everyone else can see isn't really a value add in my opinion. Shoot me an email, I'll send you the contract I use.

Thanks very much! Really appreciate your advice.

If using MLS - would you suggest doing back-to-back sales instead?

I also sent you a message through the forum and would love to see the contract that you use.

Thanks again.

Catherine

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Greetings,

I am looking for some clarity from experienced wholesalers in California real estate.

I have just started wholesaling here in the SF Bay Area. Very excited!

I am working with a realtor who has not worked with a wholesale investor before and I want to make sure I am doing the right thing when assigning a contract.

Are my offers likely to be rejected because I put in an amendment to Section 26? Section 26 in the CA contract explicitly states the contract cannot be assigned. Of course, I am told if we include an amendment saying the "buyer reserves the right to assign the contract without buyer's consent", the offer will likely be rejected.

Also, I was told to sign all documents "name and/or assigns" but when referring to process in California, am told that isn't sufficient.

Any assistance would be greatly appreciated!

Thank you!

Catherine

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Hi BP Community!

I'm an Oakland resident and Bay Area native.

I'm excited to join the ranks of you real estate investors and to build a network of people who are seasoned investors, contractors and flippers.

Have been enjoying the podcasts and am especially excited that there are actually some real opportunities in Oakland! I look forward to seeing more.

Best,

Catherine

1 Vote

All Forum Posts by: Catherine Decker

Catherine Decker has started 8 posts and replied 35 times.

Post: Converting traditional IRA/401K to Self-directed or SoloK

Post: Assigning contracts in California in 2016

Post: Assigning contracts in California in 2016

Post: Assigning contracts in California in 2016

Post: New real estate investor in the Bay Area