All Forum Posts by: Joe Homs

@Stacy Tring where is the property at?  You can find an investor group in your area and network with them.  You can advertise it on Zillow.  You can contact a local (experienced Real Estate Agent) to help you with this.  Lots of options.

Good Investing...

@Julia Taylor honestly, I would not worry about your money if you kept it with the Big three banks.  What worries me is that you may have sold your investment outright and not done a 1031 exchange?  If that is the case, then you will be paying on the capital gains taxes of the sale.  

With your primary you have a 1021 exemption you can use up to $500K (Married Couples) and if there is any gain above that then you will also have capital gain taxes on that.  Check with your CPA.

Good Investing...

@Derek Gardner looks like you have several moving parts here.  The QI is just there to receive the money from the first sale and pay the next, so that you are not taxed on that transfer.  They should have nothing to do with your up-leg property.  The up-leg repair credit is negotiated with your current Real Estate agent and the seller agent.  If there is a credit, then that will be handled in escrow.

Yes, make sure that you try and use all the money from the sale of the first home and if there was a loan on the property it also needs to be replaced on the up leg.  I would seek CPA advise on this if you want to make sure you are not taxed on the sale excess (boot).

Good Investing...

@Austin M Habich I would reach out to @Dmitriy Fomichenko who is the expert in this field.  However, I have been buying and selling homes with my 401K for many years.

1) If you have purchased a property, what are the pros/cons of doing so through your IRA?  Honestly what a great tool that most people don't know about.  A great way to save for your retirement and more.

2) Do you manage the property yourself or use a management company?  You will need to use a management company.  One of the rules.

3) Have you witnessed any tax implications because you've purchased the property with an IRA?  None, if you report things correctly.

4) Any tips or tricks you can pass along with this method?  Too many to talk about quickly.

Good Investing...

@Elva Rinus check out the local meetups in the OC.

OCREIN - Learn How to Flip Homes in Less than One Hour (biggerpockets.com)

Cash-Flow Breakfast Club - Orange County CA - REI Mastermind & Networking event (biggerpockets.com)

Good Investing...

@Vi Huang Yes, tell him he has a certain number of days to complete the job or you will look for someone else to finish and contact the contractors board to report him.  Hiring a lawyer just makes them rich.  

Good Investing...

@Vi Huang contractors are only motivated by one thing, "Money."  Hopefully you have not paid him the entire contract.  If you are having that many issues with him, get a new contractor.

Good Investing...

I started over 40 years ago. I would suggest seeking some additional advise, but I always tell everyone to start out correctly from the beginning. When I purchase homes (in California) is use a land trust for privacy reasons and the beneficiary is my LLC for liability reasons.

Get the right info for your situation.

@Aaron Wilkins I am not an attorney or CPA, but you asked.

Keep stuff in my name so I have more lending options and better rates, including credit unions. All banks require this even if you have an LLC. Then you place it back into your LLC. There is way too much exposure for you to keep assets in your personal name.

Have iron clad insurance for myself as a landlord. The goal of any insurance company is to minimize there losses. Even having a iron clad insurance policy, which you should have anyway, is not a guarantee that the insurance company will make you whole. If the property is in an LLC then that is all you can lose. They can't come after you personally.

Move my top assets like my home and paid off cars out of my name into a trust to further protect me.  Trust are privacy instruments and not asset protection.

Anyone see a glaring hole in this plan? Something I missed?  Speak with someone who knows what they are doing to properly protect your assets.  You will sleep better at night.

Good Investing...

@David Lamb reach out to @Alex Barnett who can help you out.

Good Investing...