AL-Teef Jones
Are solar panels a good value add for B&H
4 December 2016 | 11 replies
But they get precious little sun in the winter, which lasts about 6-7 months.
Jesse Kindra
Self Directed IRA or Solo 401k
25 June 2016 | 44 replies
@Jesse KindraThe following IRS website is a good resource for self-employment requirements. https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-centerFollowing 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); and 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 2015; 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.)
Roemeo Barnette
The 1% Rule for Multifamilies
22 December 2018 | 14 replies
Simply can’t waste precious time Then net 10 then if I want to put cash in or not.
Precious Thompson
Renting
19 September 2016 | 2 replies
@Precious Thompson It depends what's important to you.For me, I'd want to know about parking, if they allow dogs, who pays for what utilities, is the unit cable-ready (what are my internet options), are there any units available on the top floor (quieter with nobody above you).
Account Closed
PETS, Service/Support Animals, Disability Confidentiality, Homeowner's Insurance & Bite Liability
29 April 2015 | 6 replies
tenant A loves dogs but the building policy prohibits pets. one day, tenant A notices thru the front window that tenant B moved in with 2 dogs (a pit bull mix and a german sheperd mix) with the PM present and no issue was apparently raised; landlord even pet and played with the dogs. tenant A feels betrayed and goes out and buys a yorkie. landlord finds out and issues notice of breach of contract and to vacate or restore the apt to its pet-free requirements.tenant A contronts landlord and demands explanation as to why tenant B has 2 big dogs but tenant A cant have 1 tiny one. landlord discloses tenant B provided proof that each of the 2 dogs are emotional support animals.tenant A asks tenant B why does she have 2 emotional support animals, and for a referral to a professional that could also recommend 2 or 3 dogs so he can keep his yorkie and get a playmate for his and maybe even the yorkie's 'emotional support' each.tenant B is insulted and files a HUD complaint that landlord shared that she needs emotional support (per Fair Housing Act, landlords may not divulge that a tenant has any disability to any third party).meanwhile, tenant C whose toddler was soon after mauled to death by tenant B's sheperd mix, has just won a case in California Supreme Court finding the landlord to be a statutory owner of the dog since it was accepted onto the premises simply based on a letter written by a 'pet therapist' without regard - and consequentially, with negligence - to the other tenants' safety and thus responsible for $2,000,000 in compensation to tenant C for the loss of precious human life, regardless of whether landlord was negligent or not, and regardless of whether animal was a service/support animal or pet.landlord, having lost his countersuit against tenant B for vicious 'support' animal's lethal actions, files claim for his homeowner's insurance to cover the $250 million he owes tenant C but claim is denied altogether on basis that building had a no pet policy and dogs were not declared and the pit bull mix, though recommended, was never even licensed.last but not least, landlord receives summons, subpoenas, etc from HUD and appears for trial in Federal Civil Court. judge finds landlord guilty of divulging that tenant has a disability and orders landlord to pay the statutory $16,000 for one county of housing discrimination, plus 300,000 in actual damages for the complainant (and of course, her attorneys fees) for she is emotionally scarred for life!
Joel G.
Hello from SF Bay Area....
2 May 2015 | 38 replies
Don't even get me started on Augusta National!
Wesley W.
Prospective Tenants, Application Submission & Deposit To Hold
14 August 2016 | 10 replies
If I do that, and then I realize they are just "kicking tires", I've wasted time - my most precious resource.Reflecting, this is how I got to the point of the "deposit to hold" agreement.
Mallory Guerrero
Tenant won’t vacate due to health issues
11 January 2020 | 36 replies
@Paul S.I have to agree again with “stick to the policies no matter what” I invest in Augusta, GA and EVERY new tenant I place throws me a sob story at least once.
Amanda Kwem
DUAL AGENCY not disclosed, pressuring 200k over asking with seller financing
24 October 2023 | 52 replies
Time is MY MOST PRECIOUS COMMODITY - treat yours this way.
Andrew Zappia
Best Cities to Invest In 2023 (House Hack-FHA-Multifamily)
26 May 2023 | 19 replies
I have done some research and its yielded results in cities like Oklahoma (Tulsa), Tennessee (Chatanooga or Knoxville), Georgia (outside of Atlanta, Athens, Savannah, Macon, Augusta, Blue Ridge), Indiana (Indianapolis), North Carolina (Charlotte, Raleigh, Durham), Missouri (St louis), Ohio (Youngstown, Toledo, Columbus), Kansas (Wichita), etc.