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14 March 2016 | 6 replies
@Harry MetzingerAs the article says, most, if not all, banks are prohibiting this in the affidavits and closing docs.We used to do this with some success, but banks are no longer offering the deep discounts that we saw a decade ago that make this arrangement make sense.
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22 March 2016 | 8 replies
And don't ex-meth houses have all sorts of code violations that are prohibitive to overcome?...
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1 May 2016 | 4 replies
BP prohibits me providing his name and contact info in this forum, but I shall be glad to share it privately.
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24 October 2016 | 4 replies
I tried to send John's cell earlier, but bigger pockets prohibits numbers and emails so I'm not sure how to get John's cell to you.
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5 January 2014 | 7 replies
Germain Act which prohibits a lender from exercising the "due on sale" clause when a relative inherits a property applies ONLY if the relative (you in this case) is a person who occupies or will occupy the property.
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24 October 2017 | 14 replies
Having said that if you are only looking for one deal direct mail may become cost prohibitive.
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31 January 2018 | 8 replies
I sometimes work with a few folks from other, more cost prohibitive markets, who like the benefits of the MI market / mid-west market.
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29 January 2018 | 4 replies
[Either Landlord or Tenant may break the lease by providing 60 days written notice and a set fee to the other party.]Smoking is prohibited inside any building on the premises.
11 January 2018 | 4 replies
You may also ask the IRS/DOL for a Prohibited Transaction Exemption(PTE) and buy it from your IRA.
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30 January 2018 | 3 replies
If you are not self-employed then an IRA can also be opened.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.)