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3 July 2020 | 34 replies
On the other hand, installing them gives me more control on the final look, and since the materials used in this renovation were higher end, ie, granite counters, porcelain tile, maybe it is a good idea for me to have more control over what the final look is with the blinds?
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3 May 2016 | 12 replies
`````````````````````````````````````````````````````````````````````````````````````````````From Attorney David Willis JD LLM:"Executory contracts include any transaction that defers some material action by either party that pertains to real property ownership or possession into the future.So why do lease-options fall within this definition?
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7 July 2016 | 8 replies
This policy will depreciate the materials used in the rehab in the event of a loss meaning you will be given less than you paid.
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29 April 2021 | 35 replies
I keep getting told not to do it but the savings are hard to ignore.I'm guessing 80$ a square foot for mid-range materials. 95$ will make something nice.
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22 June 2022 | 4 replies
When the lender sends an appraiser out to land that will have a house on it he needs architectural designs, blue prints, itemized costs for materials.
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8 June 2020 | 12 replies
Depending on your goals, holding U.S.A. property inside a corporation may even be preferable as it allows you to control when/if retained earnings are repatriated to Canada - if you're objective is to grow your holdings, you can leave the retained earnings in the corporation to be reinvested.An LLC is not automatically a "flow-through" entities, depending where you are operating, you may elect for an LLC to be taxed as a corporation or as a flow-through entity.
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4 October 2017 | 7 replies
Great material!
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18 October 2017 | 14 replies
From there you can consider other factors such as rents, deferred maintenance, required rehab, your required returns, etc and land on an offer price that's supported by data.There's a lot of material out there about negotiating with unmotivated owners.
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5 April 2018 | 2 replies
Links to reference material?
13 December 2017 | 29 replies
The key is that material services are performed, whether under an LLC, sole proprietorship or corporation, for example. https://www.irs.gov/businesses/small-businesses-se...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 (Checkbook IRA) 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 2017, the solo 401k contribution limit is $54,000, 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.)