All Forum Posts by: Sunny C.

one thing my custodian is telling me is that the Ira has to be less than 50% owner of the LLC. The LLC was setup with 50% owenership by the IRA. Is that correct.

Thank you so much I really appreciate your guidance. Are you saying that I could have the LLC in the name of the IRA in my personal name as well as my partner’s name, ie. there is no issue with having me and my IRA on the same LLC.

I have a self-directed IRA and we have found a property that I need to rehab as my self-directed IRA does not have sufficient funds I have entered into a partnership with an individual and we are going to go 50 50. On this project. I would really appreciate if somebody can guide me on some of the issues I am facing. 1.Can both of the self-directed IRA and the individual open an LLC. This LLC will then own the property. 2. Can both the self-directed IRA and The partner be on the title of the property. Effectively I would assume that the LLC will be on the title of the property. 3. Are there any special tax issues given that the IRA and the partner are doing this project. Or is it simple enough that the price profits are divided amongst the IRA and the individual once the property sold. 5. Is it possible for me as an individual and my IRA to both contribute to the project as my IRA might not have sufficient funds. Is that allowed so effectively contribution of the funds will be from the IRA, myself, and then the partner, or do I have to have the IRA and the Partner exclusively be on the project. 4.any other guidance on this would be highly appreciated as this is my first project. Thank you very much for all your help.

I have a self-directed IRA and we have found a property that I need to rehab as my self-directed IRA does not have sufficient funds I have entered into a partnership with an individual and we are going to go 50 50. On this project. I would really appreciate if somebody can guide me on some of the issues I am facing. 1.Can both of the self-directed IRA and the individual open an LLC. This LLC will then own the property. 2. Can both the self-directed IRA and The partner be on the title of the property. Effectively I would assume that the LLC will be on the title of the property. 3. Are there any special tax issues given that the IRA and the partner are doing this project. Or is it simple enough that the price profits are divided amongst the IRA and the individual once the property sold. 5. Is it possible for me as an individual and my IRA to both contribute to the project as my IRA might not have sufficient funds. Is that allowed so effectively contribution of the funds will be from the IRA, myself, and then the partner, or do I have to have the IRA and the Partner exclusively be on the project. 4.any other guidance on this would be highly appreciated as this is my first project. Thank you very much for all your help.

I have a self-directed IRA and we have found a property that I need to rehab as my self-directed IRA does not have sufficient funds I have entered into a partnership with an individual and we are going to go 50 50. On this project. I would really appreciate if somebody can guide me on some of the issues I am facing. 1.Can both of the self-directed IRA and the individual open an LLC. This LLC will then own the property. 2. Can both the self-directed IRA and The partner be on the title of the property. Effectively I would assume that the LLC will be on the title of the property. 3. Are there any special tax issues given that the IRA and the partner are doing this project. Or is it simple enough that the price profits are divided amongst the IRA and the individual once the property sold. 5. Is it possible for me as an individual and my IRA to both contribute to the project as my IRA might not have sufficient funds. Is that allowed so effectively contribution of the funds will be from the IRA, myself, and then the partner, or do I have to have the IRA and the Partner exclusively be on the project. 4.any other guidance on this would be highly appreciated as this is my first project. Thank you very much for all your help.

I have a HUD property under contract where the inspection report says the following regarding the HUD Inspection of the Plumbing and the Spetic tank. What does this really say. see image below. Can i be reasonably positive that the Water and the Septic tank is ok on this property. It has a Septic Tank and a well. With the report listed below can i be reasonably sure that things are ok on the well and the septic tank.

Thanks so much Sandy Merskey was super awsome helpful

I have a HUD property that I have got in New Jersey and I’m trying to get a septic tank and well inspection done in the inspection period. I see charges all over the place for the septic and well inspection. Is the septic and well inspection necessary for getting a CO. What’s a reasonable amount to pay for Septic and Well inspections. Is this something we can do as a DIY. Does anyone know a good septic or well tank inspector for South Jersey Thanks very much. N

I have a foreclosure property under contract however I am afraid that there may be water damage due to freezing temperatures. Is there a policy insurance policy then I can get which would cover this situation and protect me from any possible freezing/water damage from the point of my getting into contract and then closing the sale and then further on from that point on words. So essentially I amLooking for a insurance policy which covers water damage from the point of signing the contract on words. Is there an insurance policy that I can get like this.

I am interested in buying a bank owned property with occupant in Mercer County NJ, it was built before 1978. Selller has given "An EPA-approved pamphlet titled “Protect your family from lead in your home,”which identifies lead-based paint hazards.". What else should I need to know before buying this property. 

And even if I buy The property, What is need to be done?