REI ROCKS! PODCAST
Listen to another great episode with industry leaders in real estate.
Investing vs. Speculating with Dmitriy Fomichenko
In this 3 part series, Dmitriy highlights real estate, from self-directed IRA, solo-4O1K, single-family homes, to syndication in multifamily, and many more
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Part 1
Things you will learn in this episode:
[00:01 – 09:30] Opening Segment
● Let’s bring Dmitriy Fomichenko to the show
● He transitioned from working in the financial plan to full-time in real estate in 2004
● In 2009 he was given a task to help his clients with self-directed IRA
● Dmitriy shares how he branched out and started his own company in 2010
“The key is to learn from my mistake and other people’s mistakes, and do not repeat that.”
[09:31 – 15:00] Biblically Based Financial Principles
● Dmitry shares his struggle and challenges working as a manufacturing engineer
● Dmitriy talks about the perks of having an engineering background in the real estate industry
● Looking back, everything happens for a reason
● The idea behind his company is biblically-based
● Dmitriy shares his testimony on applying biblical principles to his finances and investments
● Good planning and hard work lead to prosperity, hasty speculation bring poverty
[15:01 – 19:11] The Difference Between Investing and Speculating
● Dmitriy talks about the difference between investing and speculating.
● Dmitriy talks about the fluctuation of the mutual funds he has in the market
Part 2
Things you will learn in this episode:
[00:01 – 09:40] Self-directed IRA
● Dmitriy shares his opinion about my foresight on hitting the double bottom once the artificial market manipulation is done.
● Why he chooses to transition from the stock market to real estate
● Dmitriy gives a simple explanation of what self-directed IRA is
● The limitation of your custodian
● Least prohibited transactions
“Move your money to the right side of the quadrant and slowly transition to be a full-time investor.”
[09:41 – 18:39] Solo 4O1K
● The difference between self-directed 4O1K and IRA
● Dmitriy explains the qualification of a Solo 4O1K
● Other benefits of a Solo 4O1K
● Dmitriy talks about the Cashflow quadrant book by Robert T Kiyosaki
● That is the beauty of real estate investing; you do not have to jump immediately. It is a process.
● Move your money to the right side of the quadrant and slowly transition to be a full-time investor.
Part 3
Things you will learn in this episode:
[00:01 – 09:09] Benefits of Solo 4O1K
● Dmitriy talks about the benefits of Solo 4O1K business owners and self-employed people
● The more income you make, the more tax that you would have to pay
● A solo 4O1K is a great tax shelter because it allows you to filter up to $57,000 a year from taxes
● The participant loan
● The amount of the loan depends on the amount of your income
● You can shelter your income from taxes and invest that into something that you can control
“Get one thing that sticks with you the most, and apply it.”
[09:10 – 17:29] Build Meaningful Wealth
● You got to start somewhere and move to the right side of the cashflow quadrant
● Increase your income and your investment, not your lifestyle.
● If you live like no one else, in a few years, you can live like no one else
● Be aware of your purchase habit changes
● Dmitriy offers a complimentary one-on-one consultation. To contact him, you can visit his website at www.sensefinancial.com/ and book a 15 minutes call to talk about your specific situation
● Final words from Dmitriy and me
You can connect with Dmitriy on LinkedIn and Facebook.
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