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4 October 2016 | 17 replies
@Waylon GatesFollowing 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; 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 2016; 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.)
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4 October 2016 | 21 replies
I'd have to get material lists from each sub, have many of the lower bids eliminated because of that, then review the list, then push it over to you, then when their estimate is short go back to you, go back to them with your push-back, then figure out who will pay to finish the work.
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4 October 2016 | 6 replies
4) MLS Cash Sales: You can also have an agent pull all cash transactions where no mortgage was recorded.
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2 October 2016 | 2 replies
The military moved up my orders by 9 months and the other homes in the area sold in the past year for much lower than my home.
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2 October 2016 | 1 reply
Pros are your interest rates are lower than a commercial mortgage, there are more people that can buy it on the back end and your down payment will be slightly less.
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9 October 2016 | 39 replies
You would need to take a property run down in an A area and inject it with rehab to buy at a lower price or maybe build new from the ground up.
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6 October 2016 | 6 replies
Obviously the price point is dramatically lower than custom ordering to spec but if it's junk I'd rather not be burdened with replacing it again in the near future.Appreciate the feedback, thanks!
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13 October 2016 | 16 replies
Does your company handle online rent transaction tenants can make direct to the owner/property managers?
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2 October 2016 | 9 replies
I've seen other appraisals where a short sale was used as a comp, and it was indicated that it was a short sale, not an arms length transaction.
2 October 2016 | 3 replies
I know some of the mediocre craigslist photography was a big turn off for me while I was looking for places to rent, so if you're looking to step your photography game up in between tenants in the Florida Keys (prefer upper and middle keys at the moment, but could be willing to travel to the lower keys for the right opportunity), shoot me a message on here.I would also be willing to help with light cleaning if necessary in between tenants.