Ana Marie B.
Home Equity Loan vs. HELOC for downpayment on next rental prop?
19 October 2017 | 48 replies
đŸ‘€Great, I'll pass the info on taxes to my CPA for his CPA stamp of approval.I'm a bit of a pack rat when it comes to the investments-electronic and paper.
Alan L. Weeks
New Member from South of Boston area
18 January 2016 | 2 replies
Following is some information regarding the self-directed IRA and the Solo 401k which can both be invested into real estate.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); andThe 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 (self-directed 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.)
Eric Eastman
Kiyosaki on Real Estate Guys Radio predicting massive crash
19 February 2017 | 90 replies
Everything is electronic (at least that's what they're trying to do).There are various countries in South America who regularly de-value their currency because of inflation...that's been going on since the 60's.That's Kiyosaki's perspective and how he's viewing things.If you think "only fools get lucky on the upside" then you need to do some research with relation to Berkshire Hathaway and their success story. Â
Jay Hinrichs
OK who has received all or most of their rent this month ?
11 October 2020 | 589 replies
We did however mail out late notices and send electronic notification of late with fees noted but explained on notice the waiver and when the fees wod be applied.
Jake Carter
My Short Sale Experience with WaMu/Ocwen
10 January 2009 | 50 replies
She said they have a team of people who are responsible for accepting the faxes and then entering them into the electronic system that the loan resolution agents view.
Ruben S.
Signing new lease and security deposit
24 November 2022 | 3 replies
Or since They already agreed, I should just send the lease new for them to sign it.also, what do you guys think about sending new lease electronically via app?
Tony B.
MERS Understanding the process and service
12 January 2018 | 0 replies
We constantly run into clients asking about MERS (Mortgage Electronic Registration Service).
Josh Dane
Does the 50% Rule Apply to Section 8
22 January 2013 | 5 replies
The up side is rent is deposited electronically like clockwork. would take all the section 8 I can get but you must screen tenants just as car fully.
Brent Rieman
Prospective tenant checks all boxes but has bad credit
1 October 2022 | 63 replies
Cash reserves are pretty good evidence that she manages her finances fine & won't give you any problems.Getting her cancelled checks (or electronic payment record) is the only way to be sure the person paid their current landlord on time.Â
Thomas Hickey
Online rental payment ?
13 October 2017 | 9 replies
There are some older threads concerning this but due to rapidly changing technology wanted to see what luck people have had with online/ electronic payments?