Results 1 to 2 of 2

Thread: ROBS w/ Guidant or Catchfire??

  1. #1

    Default ROBS w/ Guidant or Catchfire??

    I was wondering if anyone had any experience with these companies and the whole idea of rolling over 401K into your own business?

    I am considering an established liquor store, So it wouldnt be a complete gamble.

    Thanks

    Keith

  2. #2
    Banned
    Array
    Join Date
    Sep 2012
    Location
    Georgia
    Posts
    2,111

    Default

    I've looked into using our IRAs to purchase property, which is close enough. Profits from it stay in the IRA. If the store needs additional cash, that has to go through the IRA as well. It's screwy for running a business day-to-day. On the other hand, if you use it to buy the property and lease it back to your company for day-to-day operations and lease payments, that might work and you can always sell the day-to-day operations and keep the lease payments coming. But if the building needs repairs, the retirement account pays for those unless they're in a lease. Insurance? Yearly property taxes? There are a bunch of things around owning property that will take money back out of the retirement account.

    Pretty sure a retirement account can't guarantee a loan, so that means you're on any loan and how does that affect the ownership of the property relative to the retirement account owning it?

    Check with your accountant for specifics and rules that might screw up your particular situation.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •