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17 May 2020 | 2 replies
Does the construction period count as part of my 2 yr test for 121 exclusion?
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19 May 2020 | 6 replies
If you want to chat about the market and test some ideas, I'd be happy to connect.
13 July 2020 | 7 replies
Please note that the account into which the funds are deposited must be the same type of account from which the funds were first withdrawn (e.g. withdrawal of pre-tax funds from a 401k could be deposited in a pre-tax IRA but not a Roth IRA - "like to like").Loans:Payments on a 401k loan taken under the CARES Act must be paid back starting in 2021 over a 5 year term.Here are the details regarding the loans:NEW LOANS:The CARES Act which was enacted to provide relief to individuals impacted by COVID-19 allows for increased 401k loans and more flexibility for repayment of these loans.Specifically, you must be an individual who meets one of the following conditions to demonstrate that you have been impacted by the crisis (and it will be your responsibility to retain documents in your files that demonstrates that you are a qualified individual):Individual who is diagnosed with COVID-19, with a CDC-approved test;Individual whose spouse or dependent is diagnosed with COVID-19, with a CDC-approved test; ORIndividual who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or other factors as determined by the Treasury Secretary.On or before September 23, 2020, such individuals take a 401k participant loan subject to the following terms:Maximum Amount of the Loan: 100% of their 401k balance not to exceed $100,000.
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18 May 2020 | 1 reply
I'm not sure) and when a new outlet is installed and tested, the tester says that it's grounded.
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18 May 2020 | 2 replies
@Ahmad Frost - When I took the course and test I kept it pretty simple and just used the illinois.gov website below:https://www.illinoisrealtors.org/education/real-estate-license-illinois/It was comprehensive and provided enough information and detail for me to pass the test.
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27 May 2020 | 1 reply
Traditionally most of my sellers have been via probate.With that said, with the probate courts moving slow, and evictions right now being basically non-existent (due to widely shut-down courts) I've found it a little tricky figuring out what to do.I called my probate list about a month into the COVID situation (to "test the waters"), and most people said they were frozen 'till the pandemic blew-over.
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27 May 2020 | 14 replies
Test to see what works.John Martinez has a great video on this on his YT channel - the invisible funnel he calls it.
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19 May 2020 | 1 reply
They all meet the 1% rule/test Brandon (from BP) teaches that for a SFH make sure each unit produces a cash flow of at least $200, and for MFH $100 per month.
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19 May 2020 | 9 replies
On the multi side as a former Freddie employee in underwriting and now a Freddie/Fannie originator, 3 years IO tells me it's likely a 10 year deal or longer. 3 years is typical, on 7 year paper it will tap out at 2 years (there are refinance test restrictions, etc...).
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19 May 2020 | 1 reply
This is based on temporary regulations, but you only need to meet 1 of the 7 tests - 500 hours is one, but there are 6 others that are likely much easier to meet.For all of this, you should have a call with a CPA/EA with strong experience in real estate, outline your circumstances in detail, and see where you fallAs far as what hours count... really any services provided that you would consider "work" in real estate, but of course there are exclusions for work you are doing specifically to hit the hours or "investor" activities such as reviewing financials.