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11 October 2012 | 5 replies
It was built right before the recession by an older couple who have since decided to retire and have no interest in doing anything further but enjoy their retirement.
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27 November 2012 | 13 replies
In my opinion there never is a bad time to buy as long as any property makes sense.It makes sense if it meets your overall goals.It makes sense if the property is a deal as defined by your goals.It makes sense if you have adequate funding either from liquid assets and/or financing.My business plan considers location, value add opportunities, cash flow, neighborhood demographics and bottom line how it will impact my future retirement goals.What doesn't make sense is overreaching and putting all your assets at risk.
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1 February 2013 | 30 replies
Definitely ready to retire from roommates.
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29 April 2016 | 16 replies
We made payments towards the principal as our income increased and after we maxed out our retirement funds but that wasn't until a couple of years ago.
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10 March 2015 | 14 replies
I have almost the same plan as you to retire in 10 years.
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29 March 2016 | 14 replies
Find a motivated seller / tired landlord who wants to retire.
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5 July 2016 | 23 replies
Rigo Medina the seller may be close to retirement and would prefer a steady stream of income at a good interest rate (6%+) that is better and more predictable than what they'd get from the stock market.
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15 July 2016 | 8 replies
@William RickettIn addition to the self-directed IRA you may want to consider exploring solo 401(k).Following 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;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 (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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1 October 2014 | 16 replies
If you will be in a lower tax bracket this year than when you plan on retiring, it would be worth it to look into (always do your research in many places) converting it to a Roth.
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25 July 2017 | 10 replies
My husband is retired from a career in mental health case management.