All Forum Posts by: Rick Grimsley

Nice work Stephanie!  What seller concessions did you ask for?   Also what percent is the funding fee, 3.5?

If you purchased the land for cash and sold it on terms inside of the solo 401k would that trigger UBTI?  Also I understand that UDIF is not a concern with this type of plan, right?

Question for the experts.  Can you flip land with this plan.  Also, what if you resell the land on terms?  Does this cause UBTI?

Thank you for your advice Linda.

Thanks again, Chris! Yes, excellent advice. We have a very seasoned listing agent for the home we are selling and have worked with him before, so he will help with that. I think as a precaution, I will open a HELOC immediately on the new property during closing so that if there are any hang-ups with closing the home I'm selling, I will be ready to go with the HELOC from the new home to pay back the IRA without penalty. The idea here is to keep the overall cost as low as possible on the additional money needed to reach 20% down and eliminate that nasty PMI expense!

Chris and Ryan, I also discovered that I can take a rollover from some of my IRA's and then return the money back to them, if less than 60 days, without having to pay the 10% withdraw penalty. This could act as a temporary loan, giving me time to sell my existing home and pay the IRA's back with no cost. If my existing home took even longer, I could take the small second from the new home to pay the IRA's back until my old home sold. I have plenty of equity in the old home to cover all money needs for the transactions.

Great advice Chris and Ryan, thank you.

Thank you Paul.

Already doing 401k. I wasn't sure if I could apply for a HELOC when the home was for sale.

Hello all, we are buying a property and selling our existing home. We have 150k equity in the house we are selling. We are already in contract to buy the new home. We will likely close on the new home before we sell the existing one because we are just getting it on the market. I have enough cash to put down up to 15% on the new home and close the loan before my existing property sells (about 75k) but would need another 25k down to avoid pmi on the new property. I've got 800 fico score, long work history, no credit problems. The new loan will be about 480k total. Don't really want to finance the PMI because I will still be stuck with the bill on it. What ideas do you have?