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All Forum Posts by: Tony Hightower

Tony Hightower has started 9 posts and replied 72 times.

Post: Underwriter denied me for potential owner occupancy fraud

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34
i do not believe "one bedroom smaller" should be a red flag. we are considering buying a duplex in a C class neighborhood and renting out our current home in an A class. the move to duplex will put us both within 6 miles of work and we currently live in a 4 bedroom but there is only 2 of us. suspicion should not be enough to stop a mortgage.

Post: Sellers Concession, useful or not?

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34
i had seller put in new HVAC and put on New Roof. Added 8k to selling price which only increased my out of pocket by $1600.

Post: Best Areas in Clarksville?

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34

i agree with the above. I have lived here 40+ years on every side of town. There are good and bad in all zips. 

I would not do any research on Google Data plant. They just broke ground and are only expected to employ about 70. 

Hankook is still ramping up and LG electronics is coming. Combined probably 2500 employees. Most major factories are in the same area. They also get employees that drive from all surrounding counties.

Currently, there is a real shortage of properties to purchase at prices i find reasonable for investment. I have seen many properties way over bid. If you are diligent and work that way, you will find something. 

Post: Amortization Schedule / prepayments

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34

Go to Microsoft Excel. File New. Search Amortization. 1st template should be "Loan Amortization Schedule". 

You can put in loan amount with dates. There is an option for "extra payments" That makes every extra payment the same amount..

Or just go to the Cell under extra payment, put in the extra payment for whatever month or payment it is. 

Post: 401K Roth conversion .... Solo option

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34

Vlad K.

Your comment about the 150k phase-out of itemized deductions also reminded me of the depreciation loss deduction. I am assuming that the Roth conversion would go toward my income for the year meaning I would have more than 150k in income and not be eligible for any depreciation deductions. 

On a separate note, I think this has been asked before. Is the cost to set up a Solo401k deductible?

Post: 401K Roth conversion .... Solo option

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34

Thanks for quick reply Dmitriy.

Okay, so even in a Roth the full amount of growth is not tax free. I will still have to pay on the gains of my employer match?

I thought on a solo401k I could only put in a percentage of earnings. I can put 100% up to limit?

Tony

Post: 401K Roth conversion .... Solo option

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34

I currently have a 401k with my employer with a mid 100's balance. I also have the ability, self employment, to open a solo401k with the intention of eventually rolling over my employer balance if I retire or forced to leave.

I also have the option of making my 401k a Roth. Roth was not available when account was started. I have not changed it because of the large tax hit I would take, considering my family income and thought I could convert in 4-5 years when wife retires(less income), I would still have 10 or so working years.

Question is, with the change in tax rate should I just go ahead and Convert this in 2018? Not sure If I can do partial conversion and plan over a few years to save some on tax hit.(Fidelity 401k?) . But I do believe I can immediately change my contributions to Roth.

2nd Question, When in a Roth 401k are my employer matched contributions taxed to me?

I know there are lots of other things that may go into it. And if I open a Solo401k this year(18) I will only be able to put in 4-5k.

Just wanting to be prepared for fast movement when needed.

Thanks

T

Post: Can a new appraisal shorten the time needed to remove PMI?

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34
just got mine removed on Oct. 16th for my Nov. payment. Bank wanted appraisal to be 75%. Been in house 4 years. Paid $450 for appraisal and i knew if it didnt make it to 75% it would be close. Mine came back at 74%, but i had planned to take a heloc if needed to make up 3-5%.

Post: Clarksville Real Estate Meet Up

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34

Yep, will not make tomorrow. Was just checking in to verify date.

Post: 401k/IRA for down pament

Tony Hightower
Posted
  • Rental Property Investor
  • Clarksville, Tenn
  • Posts 72
  • Votes 34
@George Blower Was this answered? If i start a solo401k today and put $2000 per year in for 5 years, then leave my W2 job and rollover 401k to Solo401k in year 6, assuming all roth funds, which if any need 5yr seasoning?