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6 August 2012 | 7 replies
I'm trying to follow suggestions from other members posts to obtain privacy(Land trust) and asset protection(LLC).
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17 January 2019 | 7 replies
This is simple watered down way to do it but at least it gives you a idea quickly on the profitability of the asset.
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27 September 2012 | 5 replies
Reading another post got me thinking about this again.For those of you who own larger multi-family, self storage, mobile home parks, etc, anything with a "resident manager" who lives on-site--do you give you resident manager signing authority on bank accounts and/or allow them to handle finances?
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18 September 2012 | 4 replies
If it's in a business entity and you want a loan, the person authorized to encumber the property in the company signs and the minutes or partnership agreements need to show such approval to act in that matter.
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24 September 2012 | 2 replies
So, just based on that sort of concept of capitalizing on every available asset, I am kicking around the idea of getting another rent out of the duplex and turning it into a triplex.
4 February 2013 | 6 replies
Does the HOA/ Board members have the authority to demand that i have my picture on the card.
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18 January 2014 | 13 replies
They are not going to buy investment real estate alone because they don't know how to find good deals like I do, and they're scared of many aspects of managing the asset, but I'm not.I believe this is a very powerful approach, and yes there are some kinks to work out, but it can be tackled.
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22 September 2018 | 15 replies
@Kim BlattYou may want to look into a self-directed solo 401k plan if you are looking for ultimate control over your retirement funds.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).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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12 November 2012 | 8 replies
Have a family member with an excellent credit history add you to their account as an Authorized User.
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22 September 2012 | 7 replies
Gon't exagerate.I remember one guy that came to me with a decent plan, decent numbers, sufficient assets and a decent product, but he didn't get a dime from me.....why?