6 November 2016 | 0 replies
I am looking for some referrals for real estate attorney's in the Orlando area that are good and used to dealing with investors on anything from structuring deals and writing contracts to writing leases.Any suggestions on good individuals/firms or ones to avoid would be greatly appreciated!
7 November 2016 | 7 replies
From I have read from the forums, it is recommended to form LLC for passive income from rental properties, and regular S-Corp incorporated for active income like flips or wholesaling.Again for rental properties, it is recommended to create "Series" LLC, meaning having all rentals under one master LLC, at the same time treating each rental as individual LLC.
11 November 2016 | 3 replies
The answer is going to vary by lender and according to your individual incomes as well as the structure of the buying organization.
9 November 2016 | 5 replies
Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth 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.)
7 November 2016 | 0 replies
I am new to investing and would love to start networking with like minded individuals.
9 November 2016 | 16 replies
Realistically the sky is the limit, you really just have to study up and see what you think would work best for you individually and in your market.
8 November 2016 | 3 replies
Ownership can be individually, in a Trust or any business entity.Through your TIC Agreement you can have owner partners in a silent position, they don't manage or oversee anything and you can have the power of sale or financing, this is because you're buying out their interests.
10 November 2016 | 5 replies
I am seeking to establish relationships with like minded individuals with mutual aspirations to grow and develop their business.
27 February 2020 | 9 replies
The crime is not as bad as it was but I don't see it as a "desirable" area and it is still considered "the hood" with a lot of low income individuals.
8 November 2016 | 1 reply
Lastly, when a self-employed individual maintains more than one trade or business, the questionarises as to whether the limit is based on the sum of earned income or loss from all trades orbusinesses under common control [as defined in IRC 414( c)) as modified by IRC 415(h)], or ifonly the trade or business maintaining the plan being tested is used.For purposes of the IRC 415limit, earned income for the self-employed individual is based on the sum of the earned incomefrom all the controlled trades or businesses, regardless of whether the related employer maintainsa qualified plan [Reg. 1.415-2(d)(6)].EXAMPLE: Andy, a sole proprietor, operates a law practice as a sole proprietorand has $100,000 of self-employment income from such practice for 2008 (prior tothe reduction for one-half of self-employment tax).