All Forum Posts by: Account Closed

My tax adviser is telling me I need to set up an SEP Retirement plan to lessen my tax burden this year. I am primarily trying to shelter profit from a flip. I am a W2 wager earner and have rental income as well. I do plan to continue doing flips. So, what are my options and what are the pros and cons of each?

I am confused about the differences between self directed IRAs and Solo 401Ks. Are they even the best option for me? Please help me make sense of all this!

Thanks again everyone for the replies. I decided to bite the bullet and have my CPA do the form. It is mind boggling how complicated the tax code. I hope to see a day this can be simplified!

You can set it up to either show your GV number on incoming calls or the callers actual number. I have mine show the actual number of who is calling, but if you go to Settings and then Calls, you will see the option under Caller ID to set it however you like.

It may be difficult to get a loan that small. I'd be surprised if you can get a 30 year loan at 4%. I think a better assumption would be 20 year loan with 20-30% down at about 5.25%.

Are you wanting it to have its own voicemail or go to your other phone's voicemail? To get it to ring to your phone, go to the settings page in a browser and add the phone you want to send calls to. It will send you a verification code to ensure the phone belongs to you, and then you are all set.

You may be able to find a small local bank who will be willing to work with you, but it is almost impossible to find one who will finance the purchase and renovation cost of a property these days. Your best bet may be to purchase the home with a conventional loan and use your cash to do the renovation. The hard money route is also viable, but be careful. As you have seen, it is very expensive.

This is the answer, and a quart will be plenty for the cabinets. This is the only stuff I've found that will let you paint over pine knots or other woods that bleed through paint. Don't complicate the job. Just put a coat or 2 of this stuff on and paint them any color you want. They will look like new.

@Jim Meloche 

I own 2 mobiles in parks. Both are great cash flow investments. They are cheap and there is always a demand for low price rentals. They are not "sexy" investments that you will want to brag about to your friends, but they make money. Owning the home and land is even better because you have a true asset with the land. Mobile home parks are also a great investment.

@Bill S. 

Bill, I am a Wolfpack grad and big fan! Its a tough life, but what can you do? 

As for the MH and land deals, I totally agree. That is the reason I included mobiles in with my mailing list. I own 2 and they are cash cows. But, I am trying to be very selective in what I jump on right now since I'm looking for a flip more than a rental. If I could get them in slightly better locations, I would buy them and watch them cash flow. 

I feel your pain! Getting great terms on commercial just doesn't seem to happen. I've probably lost more sleep at night over worrying about adjustable rates than any other issues in my business. Fortunately, I was able to pay off the one big adjustable rate loan I worried so much about. But the problem remains every time I acquire a new property. That elusive fixed rate seems impossible to snag. 

The best I've been quoted is 70% LTV, 5.5% fixed, 20 year amortization due in 10 years. Not terrible, but not great. Hopefully someone can point us in the right direction!