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InnDeep

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Hello everyone - My husband and I recently purchased a B & B on the Virginia shore. We will be closing on 9/9/20 - and from what I’ve learned here, then the whirlwind begins! Trying to prepare (and rest some!) now. Any words of wisdom are welcome!

I found this forum while researching the use of a ROBBS account to fund our purchase. Which so far has worked well, along with owner financing (even the lovely local bank couldn’t fund the business loan due to Covid - said to come back in 3 years to refi). The information here has been so helpful to us both. I just gratefully became a supporting member :) I’m hoping that one of the admins might help me change my handle here to become more anonymous? You all have good reasons for doing so And I’m certain that inevitably, I will too ;) I haven’t quite figured out how to PM or email via this interface or would have done so, please feel free to contact me. Thx!
 

Arks

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Welcome. I hope all continues to go well with your plans and dreams!
 

gillumhouse

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It is our pleasure to help newbies. Newbies is what keeps the industry alive. So happy you found us - it is a testament to what was said yesterday about keeping this a OPEN place. There are GOOD folkswhoNEED to find us (we get rid of scammers quickly).
 

GoodScout

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We were one of the first to use these types of funding mechanisms way back in 2012, so congratulations on putting your whole future on the line. Nothing like that to motivate you every single day!
We wish you luck and we're all here to help.
 

InnDeep

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Thanks GoodScout - your comments about the ROBBS process were very helpful in giving my husband and I a “real world perspective” on the way it would/could work. Definitely the better option than getting hit with all the tax penalties otherwise for a straight retirement withdrawal although complex on the front end. We are using Benetrends and they’ve made it all relatively painless so far.
 
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GoodScout

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Thanks GoodScout - your comments about the ROBBS process were very helpful in giving my husband and I a “real world perspective” on the way it would/could work. Definitely the better option than getting hit with all the tax penalties otherwise for a straight retirement withdrawal although complex on the front end. We are using Benetrends and they’ve made it all relatively painless so far.
That's the same vendor we used. They've been helpful, but make sure to budget $130 or so a month for their services. I asked my accountant once if he could take over the annual IRS paperwork to perhaps save myself some money.

His response: "I theoretically could read up and do this for you, but you're better off with an organization that understandings the intricacies of the law regarding the investment of 401k funds. This is one thing you don't want us or anyone to screw up, because the tax implications could be devastating to you and your business. If they know what they're doing, and it ain't' broke don't fix it."
 

InnDeep

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My husband asked the same question (if our CPA would be able to do the monthly maintenance down the road) luckily the CPA after reading up on the subject also politely declined for similar reasons to those your own stated (they’d never heard of the ROBBS process prior to working with us). I think you mentioned in an earlier post that you found the monthly service worthwhile - I duly reported that info to my DH ;) We have budgeted accordingly. Thank you again for sharing your experience!
That's the same vendor we used. They've been helpful, but make sure to budget $130 or so a month for their services. I asked my accountant once if he could take over the annual IRS paperwork to perhaps save myself some money.

His response: "I theoretically could read up and do this for you, but you're better off with an organization that understandings the intricacies of the law regarding the investment of 401k funds. This is one thing you don't want us or anyone to screw up, because the tax implications could be devastating to you and your business. If they know what they're doing, and it ain't' broke don't fix it."
 

InnDeep

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It is our pleasure to help newbies. Newbies is what keeps the industry alive. So happy you found us - it is a testament to what was said yesterday about keeping this a OPEN place. There are GOOD folkswhoNEED to find us (we get rid of scammers quickly).
I absolutely agree. So happy I was able to find you via google! Thank you!
 
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