 Hey guys, so I wanted today to share with you one of my entrepreneur strategies Recently I Had my CPA and my attorney Advise me on creating what's called a solo 401k retirement plan And in that solo 401k retirement plan it allows me the opportunity to take my Existing IRA roll it over into a solo 401k Where then I become the custodian and The trustee so basically I'm able to manage My retirement by using a self-directed 401k solo 401k And in this video, I'll show you we just went to settlement on a piece of real estate And we bought this house about five weeks ago Site unseen We bought it in the name of my solo 401k We then marketed the property. We did no work. We didn't lift a hammer. We've marketed the property for resale and and Had an offer within about a week had multiple inquiries Posted it online as a for sale by owner great opportunity for fix and flip or maybe a great opportunity for buying hold a Couple strategies that we use in real estate Depending on who we're marketing and what type of property that we're marketing So this house was vacant It was owned by a group of investors from what I understood that Sat on the property. I think probably rented the property but basically It took us about five weeks to purchase it no fault of our own The owner had some leans and I think a judgment against the property. He was able to Get the original lender that he had a loan with on this property to agree to a short sale so basically the bank agreed that He owed, you know in a sense more than the property was worth and they were able to come to an agreement and Allowing us myself and my retirement plan to then buy this property But I wanted to share with you the strategy that we're using here is To acquire it Remarket it and either sell it Quickly like a flip where we don't do any work to it sell it as is to maybe another investor or somebody who's looking to get into an inexpensive real estate deal but I Think the the strategy the the entrepreneur spirit and strategy that we're gonna show you here is that You can manage retirement. So as I said, we just went to settlement We bought this property It was just over 16,000 and I'll put the numbers on the on the screen here So you can see the math of it and we marketed this property for sale for 24,000 And it's gonna cost us, you know, thousand bucks or so in Title fees to sell it. We got a all-cash offer for 22,000 And we accepted it So I'll go through with you How we acquired it, I'll show you the existing condition put some pictures up here and show you how we the condition that we acquired this property and We did no work once again. I'll say we didn't touch it. I've actually this is my first time going to the property So I just all right so we all from this investment property that we just went to settlement and sold and the buyer mentioned that They're quite possibly even over here this afternoon Getting out some of the trash That you might have seen in those photos I was like, I don't know mattress and couch Bunch of torn up. I think kitchen cabinets. So we are actually on West Edmundston Heading we are in the west side of the city of Baltimore coming over Think about six blocks up Is where this property was but you know, as I said the key to this Video is to explain to you guys a different entrepreneur strategy of What you're able to do within your retirement. So buying this property and then selling this property The gain that I will see on this investment and the sale of this property Will go back in it'll be distributed back into my solo 401k Tax deferred so that means I'm not paying tax on the game but you do have to understand how to do it, there's certain stipulations of What type of investments you can do? Real estate fortunately is one of them But I could not have done this in my solo 401k if I were gonna be the one doing the work Meaning if I were gonna buy the property Go in and fix the property myself. I can't be the worker B I could hire a contractor to do it to fix it up and then potentially sell it Then the gain of that sale would be distributed back to my 401k but for purposes of this video this strategy today was to Buy a piece of property at a discounted price that property needed a ton of work We didn't want to do the work. So the easiest thing to do was just to remarket the property put it out on the worldwide web throw it out on the internet and Find a buyer that maybe wants to do all the work, you know not everybody wants to be a flipper and you know quite honestly, I can't say I blame them because It would have taken a ton of work for this property and unfortunately in this area Retail value is just not there So we're to the left here coming around. This is Harlem Avenue And our property is just two blocks over So Harlem there's different areas of Harlem Avenue. This part of Harlem is desolate There's like there's nobody over here half of them are boarded up and Yeah So we're just around this corner here on the left This is North Dukeland, and I don't see anyone here But that doesn't mean how to pull over And show you guys the house. So this is our Property we're here to the left This corner house with the board on the front and as you see, there's one two Occupied there's one that's burnt out and then Down the street there One more boarded up You know, I'm gonna say half of this block is occupied possibly Lot of drug activity in this area, but You know, it's not it is not a bad piece of real estate. It's just not in the most desirable neighborhood But you know, it's one of the strategies that we're using. I don't see anyone here. So I don't I Don't think they came past to Start getting stuff So, I mean as you saw it's not it's not bad It's not great, but it was a Piece of real estate that we were able to get fairly inexpensive As I said, I'll put the numbers up here It was just over just over 16,000 on the purchase. We sold it for 22 minus settlement fees. I think it's about 3600 on the gain and I'll be taking that check cashier's check and putting that sucker right back into my solar 401k and Then venturing off and looking at, you know, the next potential so Once again Thanks for riding along with me Sharing entrepreneur strategies as best as I know once again, these are strategies that I'm using You know, I don't teach How you should do it. You need to figure out what's the best way for you? And I feel for me is just sharing how I'm able to do it and the strategies that I use So don't forget smash that like button down below subscribe to my channel and Like the content. I'd love to hear from you comment below as well If you have strategy questions or maybe even want to schedule a consultation I'd love to sit down and kind of go over what you're looking at to do and what maybe I can do to help So Chris Birch entrepreneur strategies talk to you guys soon