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All Forum Posts by: Jeff Porter

Jeff Porter has started 2 posts and replied 9 times.

Post: Self Directed IRA cash out refinance options

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2

@Carl Fischer

Thanks Carl, it does seem to get complicated with taxes. I think I need a better CPA and tax strategist.

Post: Self Directed IRA cash out refinance options

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2

@Daniel Dietz

Good tips to know up front, thanks!

Post: Self Directed IRA cash out refinance options

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2

@Dmitriy Fomichenko

Very helpful, thank you!

Post: Self Directed IRA cash out refinance options

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2

1 Setup Self Directed IRA Account and fund it.

2  Buy property $100,000 with funds from the SDIRA.

3  Collect rents, pay expenses, manage property through SDIRA.

Questions:  

Can the IRA take out a (non-recourse) loan against the property?

What can the cash out proceeds be used for (lending, buying another property, etc)?

Are there any taxes that would be due on the borrowed money?

Thanks in advance for any feedback, trying to be clear, hope this isn't too cryptic!

Post: Anyone use AppFolio? Competitors?

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2

We switched to Appfolio from QB about a year ago, had to hire a book keeper to enter all the transactions and keep it accurate.  The investment for us is returning Appfolio tools that increase efficiency and is saving more than the $200 cost, even with only 100 units.  Our goal was to have everything integrated, which has been accomplished.  Many great management features, you'll love it.   

Yes, agree, $10-15 increase each year.  I tell my tenants that they qualify for the best discount on their annual increase, that's why it's so low, not the usual $25 or more.  A small hedge against inflation. 

Post: When does it make sense to get an insurance license?

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2

Thank you Jason.  Sounds like it may make better sense to shop around for the best quotes on my policies (at renewal time?).  I've had a great relationship with my agent for 25+ years but have never shopped around.  But always wondered if I could be saving money.  In your opinion, what is the best way for a property investor (I also own a pub) to manage insurance costs?  

Post: When does it make sense to get an insurance license?

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2

Great input, thanks!  So you are suggesting checking with local insurance brokers to work under as an agent?  Are some better than others for property insurance or are most companies comparable?  What about working as an agent for a major company like allstate, farmers, liberty mutual ... ? 

Post: When does it make sense to get an insurance license?

Jeff PorterPosted
  • Investor
  • Riegelsville, PA
  • Posts 9
  • Votes 2
At what point does it make sense to take the time and spend the money to become licensed to sell insurance, represent an insurance company or brokerage, and sell yourself insurance? The thought crossed my mind and now I really want to get some answers. Especially since I have about 100 rental units and spend a good bit of dough on insurance already. It might also lead into providing insurance for my tenants. Anyone have experience in this? Dumb idea? All comments welcome. Thanks!