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11 November 2016 | 7 replies
You may also want to consider an IRA LLC or a Solo 401k.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 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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10 November 2016 | 8 replies
But you might want to check out the list of software solutions that BP provides here.
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28 September 2016 | 0 replies
I also have access to leads such as expired listing, probate, tax default, NOD, Absentee owners, and etc.
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29 September 2016 | 11 replies
We have a new president pretty soon and usually that is followed by a recession.As for 100 basis point swing, I have two broker listings for the same property.
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31 May 2019 | 20 replies
You can also join the mailing list on the website - amarilloreig.com
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6 October 2016 | 8 replies
Currently there are 6 active listings (some under contract already) that are between 2-4 unit buildings ranging from $150,000 (needs lots of work) to $800,000 (recent rehab, 100% occupancy).
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29 September 2016 | 2 replies
For title insurance, call the closing attorneyMortgage payments-This is not fixed, it is variable, there are lots of calculators on the internet such as http://www.quickenloans.com/mortgage-calculatorProperty taxes- Also varies per property, look up the assessed value on each property via a link from the town website, and then the town tax rate should be listed on the town website.
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28 September 2016 | 4 replies
Here's our list of important contacts:HVAC - Units only break down when you need them most.
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19 December 2016 | 8 replies
More than the extra money being in charge of the listing and knowing exactly what is happening is extremely valuable to me. 5.
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2 October 2016 | 6 replies
What is the most efficient way to find probate leads if the local papers will not give/sell you a list of notices?