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13 August 2018 | 26 replies
I'd check with/hire an attorney to get access to the property and an RO that prohibits this person from entering upon YOUR property.I'm interested in hearing how this progresses as it is surely something that each of us will face whether acquiring by Tax Lien or other distressed means.
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24 January 2018 | 20 replies
Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth 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; andBoth 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 2017, the solo 401k contribution limit is $54,000, 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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30 May 2018 | 77 replies
My realtor responded with either NO (if something was prohibited) or HERE ARE THE TRADEOFFS (if I was the one who had to make the choice).I may have left money on the table by taking the conservative path (I'll never know for sure), but the transaction when through without a hitch even though it had a couple of close calls that could have derailed it.A good realtor is worth every penny of commission in my opinion.
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7 November 2018 | 36 replies
-------SERVICE/ASSISTANCE ANIMAL AGREEMENT(Addendum to Rental Agreement)The Month-To-Month Rental Agreement (the “Agreement”) dated_______________________ between ________________________________________________________________, as Landlord and ________________________________________________________________, as Tenant of real property located at _______________________________________________________, is hereby amended to include the following terms and conditions: The rental agreement specifically prohibits keeping pets and animals without Landlord permission; Tenant agrees to follow these terms and conditions in exchange for permission to keep a specific animal:Conditions for keeping a service animal or assistance animal [tenant must initial]:_____ Tenant attests he/she has a confirmed disability as documented by a qualified professional._____ Tenant attests that this service/assistance animal provides a necessary service/assistance specific to Tenant’s disability as documented by a qualified professional.Name of animal: ______________________________________________________________________Description of animal: ________________________________________________________ (type, breed, color, age)Veterinarian: _________________________________________________________________________Emergency Caretaker: __________________________________________________________________Tenant agrees to:1.Provide proper care for the animal in accordance with veterinary recommendations or ASPCA (American Society for the Prevention of Cruelty to Animals) guidelines.See www.aspca.org.2.Not to leave the animal unattended for any unreasonable periods of time.3.Adhere to local ordinances, including leash, vaccination, and tag/licensing, requirements.4.Clean up after the animal and dispose of animal waste properly and quickly.5.Not to leave animal food or water outside the dwelling, as it could attract other animals.6.Keep the animal from being noisy, aggressive, or from causing any annoyance or discomfort to others.7.Immediately remedy any complaints that arise from animal behavior.8.Immediately pay for any damage, loss, or expense caused to others by the animal.9.Provide animal with regular health care, to include inoculations as recommended by a veterinarian.10.Spay or neuter the animal when it becomes of age to do so.11.Arrange for an emergency caretaker for the animal.12.Maintain adequate insurance to cover claims resulting from damages or injury caused by pet.Tenant agrees to indemnify, hold harmless and defend Landlord against all liability, judgments, expenses (including attorney fees), or claims by third parties for any injury to any person or damage to property caused by Tenant’s animal.Landlord reserves the right to revoke permission to keep the animal should Tenant break this agreement or provide false or misleading information.Landord ___________________________________________________Date __________Tenant______________________________________________________Date __________.
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10 September 2019 | 79 replies
I recommend putting something in the lease prohibiting them unless you authorize it in writing.
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9 September 2019 | 14 replies
I mean, in 4.17 they specifically prohibit any lease with a duration less than 90 days, and then in 4.18 they pretty much prohibit any agreement (whatever you call it) where the unit is conveyed on a time increment basis for 30 days or less.
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11 January 2022 | 115 replies
The cost of the books is prohibitive.
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27 July 2013 | 5 replies
Cost in that case can range from a few thousand dollars for application, survey and re platting to being cost prohibitive including legal fees, hearings, legal actions, partitions to various governmental agencies, etc.
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28 February 2011 | 5 replies
A wet closing refers to a deal that is funded with your own funds (or that of your own borrowed funds) to close a transaction.A dry closing refers to a deal where you use an end buyer's funds to close your transaction, then the second transaction closes.Example:A=Your seller (usually a bank short sale or REO)B=YouC=Your end buyerFirst the A-B transaction must close, then the B-CIn a wet funding, you bring the cash to close the A-B, then you close the B-C.In a dry closing (also called a simultaneous closing), you would use the C buyers funds to close the A-B transaction, then the B-C closes on very same day.Dry closings are harder and harder to complete these days as most title companies no longer allow them and new rules/guidelines from banks also prohibit them.
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2 September 2011 | 6 replies
Also these follow up injunctions may be of interest... where they prohibit (via permanent injunction) the defendant from filing "fraudulent liens".