6 November 2019 | 21 replies
If it's a short sale, depending on who owns the note and the borrowers circumstances, relocation incentive may be granted to the borrower.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/702887/small_1719535825-avatar-brendonc2.jpg?twic=v1/output=image&v=2)
5 March 2017 | 6 replies
Why are people so vague about how much they make, how much the are borrowing, how much they are paying for the homes etc?
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/609809/small_1621493739-avatar-maggiej1.jpg?twic=v1/output=image&v=2)
1 March 2017 | 2 replies
Can anyone point me in the right direction or confirm that a borrower can take out a second FHA loan if the borrower only has one at a time and they're taken out over 5 years apart?
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/598344/small_1694574935-avatar-mukesh16.jpg?twic=v1/output=image&v=2)
6 March 2017 | 13 replies
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.)
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/468957/small_1621478046-avatar-megana4.jpg?twic=v1/output=image&v=2)
2 March 2017 | 6 replies
I'd borrow a enclosed trailer or POD and use the basement.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/667052/small_1621495065-avatar-alisonw5.jpg?twic=v1/output=image&v=2)
7 March 2017 | 13 replies
When I first started working at the volleyball camp, I was at my bosses house and happened to notice a book he had about coaching beach volleyball, and asked if I could borrow it.
3 March 2017 | 4 replies
I want to make sure I cash flow $200-300/month as if I was borrowing 70% investment loan.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/722631/small_1641841473-avatar-johnk230.jpg?twic=v1/output=image&v=2)
3 March 2017 | 5 replies
The owner occupied part means the borrower must intend to occupy the property within a certain time window and occupy it for at least one year.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/672165/small_1694748115-avatar-davidk202.jpg?twic=v1/output=image&v=2)
12 March 2017 | 14 replies
Bankruptcy is a borrower's remedy that is available when you cannot meet your financial obligations as they come due (ie you owe more than you can repay on a monthly basis).
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/595618/small_1621493406-avatar-bryanp26.jpg?twic=v1/output=image&v=2)
6 March 2017 | 7 replies
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.)