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15 October 2018 | 6 replies
The proceeds from the sale of the original property must be held by a qualified intermediary escrow agent (the proceeds may not be received by the property owner wishing to engage in the 1031 exchange).Concerning you transfer of the property to LLC, the IRS stated that an individual transferring replacement properties to a limited liability company (LLC) treated as a disregarded entity (i.e., SMLLC) does not violate the Section 1031(a)(1) requirement that the property be used in a trade or business or held for investment.So if your LLC is single member LLC, you can transfer( after you sort out Due on sale clause with your lender)
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6 August 2021 | 76 replies
Was Offerred rates of 5-6.5% after few phone calls, with early return penalty for 3 yrs etc and company was willing to transfer money to my account in 1-3 days ( it’s not a line of credit)Thinking of using this as a down payment for my next deal, but it took me 4 months to find my last deal.
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15 October 2018 | 17 replies
The seller wants to close fast, within two weeks, but would like 30 days after closing to move everything out.So we would close at the end of October, but full possession would be given, say, December 1st.Can I simply rewrite the Possession clause in my Purchase Agreement to say "Possession of the property and occupancy (tenants excepted), with all keys and garage door openers, will be delivered to the Buyer 30 days after title transfers.
15 October 2018 | 1 reply
Details: Purchase price: $50,000Loan amount: $40,000Down payment: $10,000Interest rate: 6%APR: 6.404%TIP: 116.332%Monthly principal and interest: $239.82/monthEstimated Taxes, insurance and assessments: $292/monthEstimated total monthly payment: $532Estimated closing costs: $8,247 (+$10,000 down payment)Breakdown:Origination charges: $950Appraisal and all title fees: $1,862Recording and transfer taxes: $800Prepaid homeowners insurance and interest: $697Initial escrow (2X months Homeowners insurance + 12X months $250 property taxes): $3,000Other (buyers personal attorney fee $450 + Title-owners Title Ins $405): $855Thanks again so much for your time and input.
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29 October 2018 | 6 replies
Solo 401ks allow you to hold Roth 401k funds and still leave the option of transferring assets to a Roth IRA.
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14 October 2018 | 2 replies
, but too late :-( The property transferred to my brother and I about 5 yrs ago via Dad's trust.
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29 October 2018 | 19 replies
What I was referring to though, is transferring existing retirement assets to a self-directed IRA or Solo 401k that will allow you to invest the retirement funds into real estate as well.
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16 October 2018 | 2 replies
:) I'm wondering about the details of how the transfer takes place from the current building owner to new building owner/landlord.
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16 October 2018 | 14 replies
I wouldn't touch that transaction; if California has adopted the UFTA, that not only is a transfer not-for-value, but also a transfer to an insider, and should be rescindable, whether you keep it or wholesale it.
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18 October 2018 | 8 replies
Fannie Mae just changed their rules a year ago that allows you to transfer the loan from your personal name to an LLC that you are the majority member of, without it causing the due on sale clause to kick in.