All Forum Posts by: Margaret Buoncora

@Peter Mckernan

Would you replace a current functioning 1000 gal septic tank to a 1250 gal tank in order to list my flip as a 4 bedroom as opposed to a 3 bedroom. My local county requires a 1250 tank to accommodate a 4 bedroom house. The cost is approximately $6800. I’m not sure how much more a 4 bedroom is worth over a 3 bedroom. Any thoughts?

Need advice on how to request an exception from the IRS regarding a distribution that was not intended from my SDIRA. My custodian issued this distribution due to a fee I failed to make. I also did a short term flip in 2021 so my tax implication is huge. I would like to take this distribution in the future to mitigate the tax bill. The custodian advised that my CPA should contact the IRS and request an exception. My CPA says they are passing the buck and the IRS does not grant exceptions unless in extremely rare cases. Can anyone shed light on how I can avoid the unintended distribution?

Can someone direct me to where I can find a form letter to advise the tenant that they need to vacate a property I just purchased for a flip? 

I'm looking to pull $100k out. I'm leveraged on 5 properties which includes my primary so one local bank was willing to do a cash out refi for only 50k. I have at least 60-70% equity in 3 properties, the SDIRA is free and clear, and 45% equity in my last purchase. All are rented with good income so I'm surprised to have hit a ceiling. Plus they are in LLC's which seems to add to my limitations. Any help would be most appreciated.

Looking to pull cash out of properties in upstate NY. Two properties in one LLC. One property is in a self directed IRA and one property is in a separate LLC with a partner.

Can you also share this information with the rest of us? 

Do contractors generally wait for insurance funds to kick in or do I need to lay out the down payment?

Thank you for this informative post. I have tried several banks to do a cash out refi and am running into obstacles as my properties are in LLCs and the banks are looking for a full income to debt ratio check on me personally. Since I have mortgages on all my properties I seem to be overextended. Are there any banks that look at the equity as the main criteria? 

@Brian Eastman Thank you for the insight and the information.