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All Forum Posts by: Account Closed

Account Closed has started 30 posts and replied 510 times.

Post: Mortgage Called Due Upon LLC Transfer

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70

Clear and informative article. Thanks for posting.

"U.S. Code Title 12, Chapter 13, Section 1701j-3 limits a lender from accelerating a note when there is a transfer to an inter vivos trust in which the borrower is and remains a beneficiary"

And then reassigning a new beneficiary - like an LLC - does not become a matter of public record.

Seems like it would be a lower cost, yet slightly more risky form of protection, than an umbrella policy. The risk being if the loophole changes, or for some strange reason you end up in a situation where you have to prove your intent.

And there appears extra tasks required just to see if you qualify to refi through certain lenders.

Post: Summit hotel group rate no longer available?

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70

I am staying 4 nights to get some skiiing in. I was able to get two nights at the $109.00 rate for the Convention Center Hyatt. I got the other two nights free with CCD points, a mile down at the Grand Hyatt. The Convention Center wouldn't take that certificate...

Post: BP Summit Contact List

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70

Thanks Greg. I sent my info for version 2.0

Post: What seminars are you most excited about?

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70

I've been a fan of the Norris Group for years. So I always look forward to seeing Bruce Norris speak. Janitor to Millionaire, How to Raise $500,000 in Private Money in 60 Days or Less... It's hard to pick one I am most excited about. Such a great line up all around.

Post: Summit hotel group rate no longer available?

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70

I just booked my flight. @Will I am on your flight to Denver.

I was about to book a room now, but saw this thread first. Maybe I"ll hold off until tomorrow.

Post: Withdrawing funds out of a 401(k)

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70

I wish in true BP fashion there was a way to turn this into a MikeOH inspired "Post your numbers" thread. Too many variables. Too many unknowns. Future projections instead of past data...

Post: Withdrawing funds out of a 401(k)

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70
Originally posted by Bryan Hancock:

If you work for someone else and there are matching funds that vest immediately you would be throwing money away not to at least invest what the employer matches. You can always monetize portions for deals by using loans as has been described in this thread.

I can see a case if the match vests immediately and it's self directed. Otherwise, I'd rather be taxed at 15% capital gains + a few $9.95 trade fees at Scottrade, and no penalties if I completely exit, instead of taxed as ordinary income (close to 50% ?) + much higher fees at retirement and not have full access to the funds for 20+ years.

I am a horrible day trader. I don't do it. So the $9.95 fee would not show up that often.

I don't mind being someone elses investment at all. But in this case it seems the people using my 401(k) get a lot more out of it than me.

Post: Anyone choose to pay penalties instead of quarterly taxes?

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70
Originally posted by Will Barnard:
Originally posted by Rich Weese:
For me, I may owe a small amount of tax and penalty and never have paid quarterlies. Rich
I concur, same with me!

Same here. I don't pay quarterly

Post: Withdrawing funds out of a 401(k)

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70

I can speak to why I wanted to withdraw.

1. It's still taxed as ordinary income when withdrawn, plus fees. Robert Kiyosaki was convincing to me on what the real return ends up being after taxes, fees and inflation. Though it's been a while and I'd have to research the details again.

2. Investing for the intermediate term, then readjusting, makes sense to me. However, tying up capitial long term does not. I can't tell what the world/economy will be like when it's retirement time. I can't predict anything. But I feel I have a better grasp over the next 3 to 7 years versus what will be happening in 20 to 30 years. Now it's arguable that you can mimick this in your 401(k) by reallocating your funds to different asset classes in the 401(k) as times change. I believe you can even get precious metals though your 401(k). However, that is still a bit restrictive for my personal taste. I'd rather use a Scottrade account and pay minimal fees.

That said, I am surprised at all the pro 401(K) positions from a lot of good investors in this thread. @Yuliany, I am not advising you cash out your 401(k). You're receiving some great questions from a solid group of investors here, that you should answer clearly for yourself.

I agree there should be savings or other asset classes outside of real estate. I am just not into the 401(k), and everytime I get to opportunity to get back in I just say no.

Post: Withdrawing funds out of a 401(k)

Account ClosedPosted
  • Los Angeles, CA
  • Posts 557
  • Votes 70
Originally posted by Jon Klaus:
You can take out money early, but it will be subject to your marginal tax rate and a 10% penalty.

Maybe you're right these days. This was In 2006: I was employed at Disney at the time and they said I absolutely could not withdraw (save for a loan or hardship) unless I terminated my employment.

In 2007 I did terminate and was very happy to cash the entire 401(k) out, and pay the marginal tax rate and penalty.