All Forum Posts by: Ali L.

Thanks for your response @Ashish Acharya. Yes, as aforementioned, all income is passive. It's too bad that tax law doesn't allow for tax-free retirement savings via this vehicle. I am curious if anyone else is in the same situation. Any workaround other than paying yourself a salary? 

Hello. Has anyone created a Solo 401(k) to invest excess real estate income, primarily for investment? I am wondering about tax implications, as real estate income is usually considered passive. In addition, LLCs are generally negative EBITDA. 

Thanks for the breakdown. I am looking to purchase my first property in Toronto/Ontario. Are you familiar with the first time home buyer program where the government adds 5-10% towards down payment and it's tacked on to mortgage principal after a few years? 

@Mike Adams New York is worse 🤣🤕

@George Lay Thanks for sharing. I'm just learning about these products. Great that all these vehicles are available for tax deferred/penalty free early withdrawal to finance a down payment. What are your thoughts on first time home buyer program? I was surprised to learn this was not a grant. Seems not worthwhile if you can afford 20%+ down payment.

@Mike Adams I know in NYC, it's only possible to (try to) expedite an eviction that is already filed by submitting an Affadavit of Support and Motion based on nuisance grounds. Nuisance would include creating danger to property and other residents. Best advice is to start eviction process and speak to a Clerk to expedite. Right now every Court is backlogged and long shot getting a hearing. I am told August 21 is likely for a case filed in Nov 20.

@Maria Peeters And I'm sure you're aware that the first time home buyer has a 4x income max purchase price. This makes buying in Toronto impossible because max income is $150K. The best you can get is a 2 bed condo in a up and coming area and hard to make a return with high HOA fees I'm seeing

@Maria Peeters I'm thinking along the same lines. Note that I found a good MeetUp Group hosted by Doorstowealth.com and attending first webinar this week to learn about areas with good potential in/around Toronto. Some landlords are open to rent to own schemes for Toronto condos...

@Andrés Uribe Great. Also try HSBC - they have a global banking division. The min deposit requirement may be a bit high.

@Andrés Uribe Try online only biz banks like BlueVine and Avvo