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30 June 2015 | 28 replies
Self Direct your IRA and be sure to advice the Custodian that you plan of forming an IRA/LLC..this way they can set you up appropriately and allow you to purchase the LLC with ease once your Attorney has it set up.2) Form an IRA/LLC - this requires an Attorney who is familiar with this formation as it is no-where near a normal LLC - also your IRA must be Self Directed before the LLC can be formed.NOTE: Steps 1 and 2 may want to be done together...consult with both professionals first, put a plan together and then use them to execute the plan.3) Sell the LLC to the IRA and open a checking account - this now gives you full control of the funds and you don't need to go through the Custodian for anything during a transaction...the Custodian will keep your records so a few times a year you will have to report to them what the LLC is doing so make sure your records are "tight"4) Use the IRA/LLC Checking Account responsibly and be sure to avoid Prohibited Transactions5) Work with an accountant/CPA to be sure that you are paying the lowest UBIT possible which does require excellent book keeping6) You then are the Manager of the IRA and can execute all related transfer documents regarding the asset for your IRA...keep in mind that you can not ever pay yourself or other disqualified individuals out of that account.AGAIN...I STRESS... this is a great strategy to deploy BUT you MUST know what you are doing, what is going on, how you can use this powerful strategy and when in doubt..ASK FIRST not after the fact.
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17 February 2015 | 32 replies
And landlords who own the fewest units are the most vulnerable to total destruction, especially in "tenant friendly" (let's not be too harsh and call them "anti-landlord") states.
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17 February 2015 | 13 replies
Account Closed I don't really see number of deals executed as a measure of success.
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17 February 2015 | 5 replies
"Efforts to get a lien waiver signed" are irrelevant, only the actual execution of one means anything.
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17 February 2015 | 2 replies
Even if your credit is pure poopy, commercial financing of some kind should be available with little to no hassles using 20% ($1m) down provided your LTC does not exceed 85-90% which I'm sure some pre-construction commitments/sales can overcome even if it is.Take your Feasibility Study, Market Analysis, City Approved Plans, Business Plan, Pro-Forma/Projections, Land Use Approval, Environmental Approval, Corp of Engineer Approval (as needed), Soil Sample Reports, Executive Summary, Builder Portfolio and either an Architect Rendering or Scale Model and march on down to the local bank.
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5 December 2012 | 59 replies
Flippers who execute well are rewarded with quick sales.I've seen an increase in demand in rental areas that's driven up purchase prices above where they were last year.
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8 March 2013 | 27 replies
Your SDIRA or solo 401k plan can not buy ANY property, or portion thereof, from yourself as YOU are a disqualified party to the plan.You can "partner" with your plan, but the rules and steps are complicated and if not done exactly right, you risk executing a prohibited transaction.Lastly, a SDIRA is NOT far superior to a 401k plan "because the tax advantages on the back end being Tax Free." - as this statement is false.
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23 April 2012 | 9 replies
How is ownership currently vested, on the deed executed in 1985?
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24 April 2012 | 12 replies
For the most part, our agreements give the gp/managing mbr authority to execute operations as long as its in the approved annual budget, or within a certain percentage/dollar amount in excess of budget.3.
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25 December 2013 | 20 replies
I agreed to let the bank pay for the attorney and other title costs, in execution of a title transfer that benefits both parties.