Rodney Sums
Investment horror stories
6 September 2017 | 1 reply
I would love to learn from your experiences if you're not too proud to share!
Nadiya Lonkevych
Recommendations for RE Agent in Baltimore/Anne Arundel Counties
27 September 2017 | 7 replies
Does anyone have any names to share?
Jordan Northrup
Starting your REI business and building your marriage
6 September 2017 | 3 replies
Clyde, thank you for sharing your perspective and experience on this.
Mo Farraj
New Flipper - Would love some advice
8 September 2017 | 9 replies
For those who have tested the waters - would you mind sharing your biggest mistake and how you could've avoided it when you first made an investment in a property?
Jerry Thompson
401k's Roths and Financial Independence
9 September 2017 | 12 replies
With some patience and a good realtor I think I'll find what I need.. will def share when I get there!
Jorge P.
Need Scope of Work for Finish work - Painters/Compound/Taping
7 September 2017 | 4 replies
I think :-)Would appreciate any help from anyone who has one and is willing to share.
Elizabeth Wilson
Got lots of detailed pre-foreclosure Info - What to do with it!?!
23 September 2017 | 18 replies
You could potentially team up with a reputable local wholesaler/company and allow them to perform ALL of the work and share the spread with you.
Dave Whittaker
Turnkey homes through investment companies
19 September 2017 | 16 replies
Please share details.Thanks!
Dave Carpenter
Interesting Development Deal in Cedarburg, WI
24 January 2020 | 9 replies
I'll share what I learn.
Sam Miller
Starting from scratch with a Self Directed IRA or Solo 401(k)-
8 September 2017 | 8 replies
@Sam MillerFollowing 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 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.)