All Forum Posts by: Harold Groetsema

anyone know what company that can do a SEP IRA for 2019 ASAP?

I understand that Wayne, but he can lower his commission to 2% and do the deal. I've done for sale by owner on other deals, but wanted to keep him on board and not feel like I'm undercutting him. Thank you for all your input everyone, I know what I need to do.

normal is 6%, this was an arrangement made between parties. 

used realtor to buy property under contract now. Have a buyer wanting to purchase the home after renovation for set price already. Since the realtor didn't have to do anything to sell property other than paperwork, should they split the % equally between realtor and contractor.

I have a question that I'd like to ask. I as a flipper worked with a realtor that charges me 4% commission when I sell my flips. If I bring the buyer to the table to purchase a property even before I purchase it to flip for said buyer, would I still have to pay 4% commission or split the commission with the realtor? This would be the 3rd deal that we have done together.

I did similar to what Sue Copening did, I bought a manufactured home including the deeded property for a couple there in Florida that rented from me for 2 years. We decided to move down there and take our rental for our own. I felt bad so I offered them to find a decent home for sale that needs some work but livable. I bought it outright for them and let them rent it for 12% of cost which was $850, and add $400 to be put in a separate account for 4 years to save up enough for a down payment. Then after 4 years I will owner finance until they can get other financing. They pay for all utilities, renovations and other expenses. It's a win/win situation for everyone involved and it gave a deserving couple a new lease on life. It's been about 18 months since and everything is going well, the home is looking great and the value of the home is about 25% increase in value. They have about $7K saved in the other account for the down payment. 

I have a SDIRA Checkbook Controlled LLC. My Lawyer informed me I need to file a annual meeting report. I am manager of LLC not Member. Can I fill out the report or do I need to have my SDIRA fill it out?

I used IRA services to set up my SDIRA, then I formed an LLC that is owned by the SDIRA. The SDIRA is the member, and you are the manager of the LLC. You then open a checking account and fund the account from your SDIRA. If you decide to withdrawl money you will need to write a check from your LLC to your SDIRA and request a distribution. Hope this helps, just be very careful about illegal transactions.

Thank you for your responses, and I found the search button. I must have been blind. Actually, I'm trying to downsize, getting tired of the cold weather and become a snowbird.

How does Capital gains work if I purchase a duplex, live in one side as my primary residence and rent out other side. After 2 or three years I decide to sell duplex for say $60K more than I bought it for. Would I only be able to take half of the gains tax free or be able to take the full amount? I can't find a search button because I'm sure this has been discussed.

Thank you