All Forum Posts by: Fred Kite

The current proposed bill has the following clause: "The bill also prevents investing in an entity in which the IRA owner is an officer." which is generally how the checkbook IRA is structured (IRA owner is the Manager of the single member LLC that is wholly owned by the IRA).

See https://waysandmeans.house.gov...

Also https://www.advantaira.com/blo...

Sec. 138314. Prohibition of Investment of IRA Assets in Entities in Which the Owner Has a Substantial Interest.

To prevent self-dealing, under current law prohibited transaction rules, an IRA owner cannot invest his or her IRA assets in a corporation, partnership, trust, or estate in which he or she has a 50 percent or greater interest. However, an IRA owner can invest IRA assets in a business in which he or she owns, for example, one-third of the business while also acting as the CEO. The bill adjusts the 50 percent threshold to 10 percent for investments that are not tradable on an established securities market, regardless of whether the IRA owner has a direct or indirect interest. The bill also prevents investing in an entity in which the IRA owner is an officer. Further, the bill modifies the rule to be an IRA requirement, rather than a prohibited transaction rule (i.e., in order to be an IRA, it must meet this requirement). This section generally takes effect for tax years beginning after December 31, 2021, but there is a 2-year transition period for IRAs already holding these investments

I own a tax lien certificate in Florida that I filed a TDA on.

I was notified that the property owner has filed for Chapter 7 Bankruptcy.

Is it necessary/advisable for me to file a Proof of Claim with the Court and why?

(And for future reference is the advice any different for Chapter 11/13 or if I owned a certificate that I had not filed a TDA on yet?)

Thanks

@Jairo Paredes I did not get the name.  Still searching.

Looking for someone in Florida because they will likely be able to serve as the registered agent without me paying an additional yearly fee to someone just to use their address (and I'll need it for 2 LLCs).

Can you PM me the name of the group in Miami?

I need a Florida based attorney to create an LLC operating agreement for and IRA owned LLC.

Does anyone have any recommendations?

@Saskia Wijngaard I will private message you.

Yep.  In the process of getting a quote right now.  Agent's guess is that an HO-8 is $3-4k (with MINIMUM coverage/ high deductibles) and HO-3 will be twice that (and I don't know if I can get away with an HO-8 policy).

And I started researching HELOCs and apparently they want Flood Insurance as well.  I am by the water and can't imagine how expensive that is going to be.

The crazy part is that I would settle for a loan amount that is in the neighborhood of land value so there really shouldn't be a whole lot of risk to the loan from the lender's perspective. 

What happens to a HELOC if I cancel homeowners insurance after 1 year. Will the bank find out / cancel the line?

no thanks, i'll skip the $5-10k/year cost.  house would have to be destroyed with a high likelihood in the next 10-20 years for that equation to make sense for me.

my primary residence has no mortgage/debt.  it's worth around $1.5MM with 2/3 of that attributable to land value.

i would like to get as much money as possible out (say $1MM) of the house for investment purposes at as low a cost as possible.

are there any banks/institutions who will write a mortgage where i don't have to buy home owners insurance (the cost is sky high)?

longer term fixed mortgages are preferrable but i can deal with an ARM if that's the only option.

any other options i should look at?