All Forum Posts by: Alexander Timberlake

@Mike Cumbie Thank you for the detailed reply. That clarifies a lot. I guess it all depends on your perspective. 

Can someone explain the details of a solo 401k? Points I am curious about:

-Can you have a Solo 401k and a corporate 401k if you are still employeed?

-Is the Solo 401k the same thing as a self directed IRA? (except for the contribution limits... 17.5k vs 5.5k)

-What are the requirements for opening a Solo 401k?

@Jeff B. Could you explain how I would be in conflict with the listing agent? If I successfully get the property under contract and find a buyer who is willing to assume the contract, I should still get my assignment fee and the listing agent will still get the their comission. Win-Win...or am I missing something?

Thanks for all the information everyone! i definitely value all the insight. I don't think I am going to renew the Oneguard home warranty next year. I'll instead try and make contacts with local vendors/contractors.

@Fred Heller Thanks for the information! I didn't move into until may of 2016. So it looks like the first year I will be able to file is for the 2017 tax year.

Filing for the 2017 tax year is done in Jan 1, 2017 - April 30, 2017? Or is that window for the 2016 tax year?

Hello,

I found what I believe is a good deal on the MLS for a fix and flip strategy. I am more interested in trying to wholesale this deal, but I wasn't sure if it is possible to wholesale a retail contract?

Has anyone done this before? Is there anything I should be aware of?

Best,

Alex

Hello,

I would like people's opinions on whether home warranties are beneficial or not? I have had OneGuard for the past year and had a pretty poor experience. They either do not cover the item that needs to be fixed or I end up spending more money working through them.

Looking forward to your feedback!

If you are in the Houston, TX market, please add me to your network!

Hello,

I recently bought my primary residence located in Houston, TX (Harris county) in February, 2016. I would like to claim this property as my homestead. I have learned that there are two main advantages:

1. I can write off a large percentage of my home value from property taxes if I file for the homestead exemption.

2. If I sell the home, I do not have to pay capital gains on the first $250k.

I have a few questions:

1. Are claiming a homestead and filing for the homestead exemption different?

2. What is/are the correct form(s) to file for the homestead or claim the homestead exemption? (I see a document form 11.13 for Harris county that looks right, but I am not sure).

3. Will I be able to lower my tax basis for the 2016 tax year? The soonest I can file is Jan 1, 2017. I'm hoping that submitting a form on this date will be to lower my tax basis for the 2016 tax year (not the 2017 tax year)

4. Where do I submit these forms?

5. How can I check that these forms are received? How can I verify the property value basis that was used to calculate my property taxes?

Thank you!

Hello,

I recently bought my primary residence located in Houston, TX (Harris county) in February, 2016. I would like to claim this property as my homestead. I have learned that there are two main advantages:

1. I can write off a large percentage of my home value from property taxes if I file for the homestead exemption.

2. If I sell the home, I do not have to pay capital gains on the first $250k.

I have a few questions:

1. Are claiming a homestead and filing for the homestead exemption different?  

2. What is/are the correct form(s) to file for the homestead or claim the homestead exemption? (I see a document form 11.13 for Harris county that looks right, but I am not sure).

3. Will I be able to lower my tax basis for the 2016 tax year? The soonest I can file is Jan 1, 2017. I'm hoping that submitting a form on this date will be to lower my tax basis for the 2016 tax year (not the 2017 tax year)

4. Where do I submit these forms?

5. How can I check that these forms are received? How can I verify the property value basis that was used to calculate my property taxes?

Thank you!

I am having a problem uploading a picture as well. I've tried .jpg and .png