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9 September 2016 | 12 replies
@Patrick Philip,Well, banks are "flush with cash" these days, but no, they do not have unlimited funds.Also, when banks lend, they impose certain restrictions on the loans, the borrower, the collateral, the terms of the loan, etc. so the note can be sold in the secondary market or be insured by government-sponsored agencies like Fannie Mae, Freddie Mac, etc.Private lenders ("OPM") typically don't write loans to sell them, and typically are interested in the deal rather than the borrower's details.Using OPM down usually means putting some kind of partnership, joint venture, etc. together so the source of the down payment is less of an issue or a non-issue to the lender(s).Dunno if that helps...
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31 August 2016 | 18 replies
The reason is that is by state law you are considered an intermediary and not a principal, you are required to comply with the rules governing the behavior of licensed real estate professionals when running your wholesale operation.
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15 August 2020 | 12 replies
Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m).The Self-Directed IRA and Solo 401k DifferencesIn order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (IRA LLC)must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2016; the solo 401k contribution limit is $53,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)
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17 September 2016 | 12 replies
While there are truly amazing resources available, none of them seem to be really equipped to handle the nuances behind the content without the help and involvement of the community or retailer themselves.This is especially true when dealing with the laws and the rules promulgated by the various state and federal agencies.
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30 August 2016 | 6 replies
I am looking for information on employment verification and what the government has to say about it vs. what the bank has to say about it.
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7 September 2016 | 19 replies
If you're in the 25% federal tax bracket, twice the tax is extremely expensive.
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14 September 2016 | 5 replies
What is the average cost for filing state and federal taxes for property held in an LLC?
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29 August 2016 | 2 replies
(c) Assists or offers to assist in filing an application for the purchase or lease of, or in locating or entering upon, lands owned by the state or federal government.
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31 August 2016 | 15 replies
Its government stuff so sometimes they can be a pain on things, but I've never lost a deal once it was inked.They are moving way faster over there than they were last year, the ones priced right are getting gobbled up, you really don't have a week to ponder things if its a real deal.
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7 September 2016 | 7 replies
Timing is a waste of time.Any data you do find is monkey math manipulated out the wahoo to tell a story that the government/Federal Reserve wants to convey.