All Forum Posts by: Indra Tanudjaja

yes, cash out refinance..and keep the property... i am using the same mortgage company to cash-out refinance...

Hi. i am wondering if other had similar situation.

my Heloc just approved at Bofa.

my plan is to use the heloc funds for flipping (down payment/rehab cost).

currently, i don't have any property to flip yet (have few realtors looking for deals)

BoA said i could get 1% rate discount on second year (first year fixed at 3.25%) if i pull out 100K at closing, and the funds need to sit there for 3 months minimum in order to get the 1% discount. (out of pocket cost would be around $1500 from interest/principal).

should i pull out 100k to get the 1% discount on second year (but no property on hand yet), or let go that 1% discount and save $1,500.

what would you do?

thank you in advance for responses.

yes, cash out refinance is a great idea.. i am working on it now with a broker.

thank you!

Cash out refinance sounds a good idea. I will start calling tomorrow. Thanks Dave.

This is unlikely, but can I do 1031 to my kids college funds (529)? Maybe some goes to 529, rest go to land development/flipping projects.

Thanks

Hi. I could use some advice from BP.

i am thinking to sell my rental property in Jacksonville, FL (via turn-key provider).. bought this property about 3 years ago, and bought new. Its been going well so far, tenant just renew for another 3 years lease, never late in payment.. so far no/minor maintenance cost...

need to sell because i really need the extra cash for my kids college fund (need to catch up), and some for starting a small business..

i need advice on how to sell efficiently and maximize the gain as much as possible (if there's any)

I am thinking these options for me:

1, if the turn-key provider willing to offer (buy back) this property.. have contacted them yesterday

2. i heard of https://www.roofstock.com/

i wonder if any of you have sold rental properties here, and hows the experience?

3. hiring local Jacksonville agent to help me sell . i have contacted a few from yelp.

there's penalty to sell (property mgmt fees), which i need to do the math, and then pick the best option for me.

thank you in advance for the responses.

regards

Indra

Hi, maybe this scenario discussed before.

i have rental property in Florida (via turn-key provider); 

i am thinking to sell it to join land development project local in CA and if there's extra gain, i will invest the rest to my flipping business (just started).

is this scenario qualified for 1031, ? if not, any advice on how to minimize the capital gain tax as much as possible?

thank you in advance for all the responses.

regards

Indra

 Thanks for the responses.

fyi , i actually already have ROTH IRA setup years ago..

should i convert SEP IRA to ROTH IRA instead? or SEP to Traditional IRA?

if converting SEP to Traditional, is one allowed to have ROTH and Traditional IRA at same time?

if yes, this means i can contribute $5,500 on ROTH and another $5,500 on traditional per year? ( i am under 50)

thanks again,

Indra

Hi, 

maybe this scenario was discussed before. i could use some advice from CPA/EA.

my scenario: 

I opened SEP IRA years ago when i was self-employed.. and then i haven't been self-employed for the past 10 years..

so  , the question: 

can i contribute funds to my SEP IRA with the income i earned from my current employer (which is after-tax income)?

( i researched online, SEP IRA funds should be "pre-tax"? )

thank you for your time,

regards

Indra

Hi, i am looking too.. i am in east bay. let me know if you find one. or maybe we can connect, thanks