Mike Lynch
Getting Home Ready For Appraiser
4 March 2017 | 8 replies
Our company policy is to always get a list of repairs and cost, including dates of when performed whenever an appraiser goes to an inspection.
Bryan Pham
How to transfer/open self-directed IRA account?
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.)
Brandon Blessed
1st DEAL Small multi family
6 March 2017 | 9 replies
It may not be comfortable (like I image online dating would be haha) but it is worthwhile and effective.
Richard S.
Looking for lenders that only require 12 months seasoning
3 March 2017 | 8 replies
Here is Fannie:Permissible Exceptions to Continuity of ObligationAlthough the following refinance transactions do not meet the definition of continuity of obligation, the new refinance transaction will be eligible and not bound by the limited eligibility parameters described below if any of the following are applicable: The borrower on the new refinance transaction was added to title 24 months or more prior to the disbursement date of the new refinance transaction.The lender documents that the borrower acquired the property through an inheritance or was legally awarded the property (for example, divorce, separation, or dissolution of a domestic partnership).
Felix Santana
Urgent Legal Help Needed!!!
6 March 2017 | 5 replies
Last week a year later to the date we get a call from the same company that we must pay a 547.00 fee per each LLC in order to continue operating. (350 per business licence and 197 for registered agent), which seems ridiculous being that in Florida the cost we have been told we need to pay is 138.00.
Doug McRae
I need help! Bond for deed situation.
3 March 2017 | 2 replies
Is there a way I can contact his bank and get a reduced amount to get the loan up to date?
Corey Clem
Inspection - tenant refuses to leave
7 March 2017 | 4 replies
They've in the process of evicting the tenant but the court date isn't for another 3 weeks.
Alfredo O.
Proper process for foreclosures and pre-foreclosures
4 March 2017 | 0 replies
Some of the properties that I am look at that today are already in auction status meeting a date has been set but not all properties are set up that way today.
Account Closed
What is a vacant board order violation?
4 March 2017 | 2 replies
It shows up to today's date of addresses that have violations.
Robert Anderson
Trying to figure out taxes on my first flip. Capital gains or no?
9 March 2017 | 5 replies
If your intent was to hold the property for productive use in business for trade or for investment then you could do a 1031 and you could get capital gains treatment if the closing of the sale crossed over that 5/27 date.