All Forum Posts by: Michael Bertsch

Seeking some guidance from you guys! I need to help my father who is disabled with a inherited traditional IRA. He is going to be receiving it next week from Chase and then we are going to transfer it to Vanguard. From my understanding, there is going to be required minimum distributions (RMD). Can he file for an exemption? If so, what is the process for filing?

Could he lose his social security disability benefits if he withdraws too much from the ira?

Is 24hr notice legally needed to access  property's front and back yard? I know notice is needed to access the dwelling. Earlier today, I stopped by my properties to install faucet covers to protect from freeze. Shortly after, tenant calls me upset I didn't give notice. Was I in the wrong? I was there during normal business hours and there were no cars in the driveway. 

Ashish Acharya That’s what I was looking for! I appreciate it.

Let’s say the roof on your rental property gets damaged from a storm and you claim a casualty loss. At the end of the year, you have a net operating loss after depreciation and operating expenses. Can the causality loss further the loss and can it be carried over to reduce W2 income (person meets passive loss rules)? If not, will it have to be carried over to the next year?

Thanks for the feed back guys. I have a strong relationship with my lender. We have worked together for years. I just talked with him and he is fine with it. I will definitely do my due diligence.

Can you use a private lender to purchase properties at the court house during auctions? If so, how do you go about it? In my area, the auctions are every Wednesday at 10am. If I win the house, I have until 2pm to pay with certified funds. Im guessing the private lender will have his bank wire money to title company and the attorney will write up a promissory note. The title company will then either wire or give me a check to take over to the court house. I just want to have this strait before I start pursuing foreclosures.

Thanks guys! I just spoke with my lender. He said after living in the property for 2 year, I can get an appraisal done and it will remove PMI. It will require refinance if I want it done prior to that.

It’s going to be traditional loan not FHA. Is that going to be a little different?

@Chris Mason If I buy the house with 10% down, can I get an appraisal done in about 6 months or so to remove PMI? There will be a good bit of equity in this deal. ARV $200k, purchase price $140k, LTV 90%, loan will be around $126k

Thanks! That was very helpful