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9 February 2024 | 5 replies
Just be mindful that the 401K distribution will be subject to A) Federal TaxesB) 10% PenaltyC) State TaxesIt may be more advised to take a 401K distribution in a year where you are not making as much money as your overall taxes might be lower.The question you have, is will the return on the real estate that you purchase, out weight the return that you will get in the stock market that it is invested in?
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9 February 2024 | 8 replies
Also, get quotes from builders, and remember to consider ongoing costs like taxes and upkeep.
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8 February 2024 | 3 replies
__________________________Provide the name and physical description (size, color, weight, license) of the animal:_______________________________________________________________________________Does the animal perform work or do tasks because of the disability?
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8 February 2024 | 8 replies
But, I feel that other options are better for building long term wealthLet's say you end up keeping the property.
8 February 2024 | 19 replies
I think it is important to look at current data and not put much weight into the numbers people were seeing during the covid frenzie.
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8 February 2024 | 5 replies
Then its weight an increase and how much at one time vs the cost of turnover.
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10 February 2024 | 39 replies
Sure, it's turnkey but even new construction has issues, it's a rental property and upkeep costs real money, so let's be real.
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7 February 2024 | 2 replies
$XX,XXX upfront and then $xxx per month or per year... whatever, the options are endless here on the agreement side and the additional benefit is there is NOTHING for you to upkeep because again the Tenant owns the structure, lastly if there is a default and your agreement allows it you may assess penalties to ensure it does not bring down your existing property's value, and beyond penalties if the default continues you can foreclose on the structure... the structure is your security.
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6 February 2024 | 2 replies
I'd also demand co-signers (parents, most likely), in case things go south you'll have someone with money who is collectible.2) There must be a plan for common area upkeep - kitchen and bathrooms get dirty fast.3) Competition around schools where I'm at is stiff.
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7 February 2024 | 14 replies
@Mason Myers, I can't ballpark a cost since my bookkeeping firm doesn't provide tax services but if you plan to grow your REI activities I recommend making a relationship with an REI-savvy tax professional now as you're just starting so they can follow your journey from the get-go.That's what I did as an REI when I was first starting out and it paid off as I continued acquiring properties and needed tax guidance along the way.Once you have more REI activity, a great REI-savvy tax strategist as well as a tax filer will be worth their weight in gold.If you want to chat in more detail about all of this send me a DM.