Mike B.
Using 401K to fund REI
Hello BP Members,I'm new to REI and live in the San Antonio, TX area. Has anyone here on BP withdrawn 401K funds to begin a REI career? I am not talking a Self Directed IRA, as I want cash flow now. Also, can you d...
Eva Morel
Withdrawal from 401k?
Withdrawal from IRA?Due to COVID I have access to withdrawal from my IRA penalty free. The purpose of the withdrawal would be to put the money directly into a real estate investment. I will still will have some money ...
Donald D Michna
Capital gains taxes after retirement
I was speaking to someone about there rental property and they mentioned that if they sell one of their rental properties after they retire or have of income of less than $33k a year that they do not have to pay capit...
Joe Xie
Direct deposit rent bank set up questions
One of my tenant inform me that she is switch banking, as a result, she need set up new ACH to pay the rent. The process include she initiated a try deposit into my bank account which it went through. After I told her...
Megan Hirlehey
Implications of taking money from one LLC to seed another
Hello BP,I am the sole owner of a LLC I created to buy and hold properties, and I just formed a new LLC with a business partner for some deals we will be working together. My question is, what are the tax/legal implic...
David Jiang
How to document cash payments to contractors?
What would be sufficient proof that a cash payment I make to a contractor is an expense for a project? I always have trouble with this as I do a lot of flips and have a few people who moonlight for me on their weekend...
Darren M.
Best way to utilize my 401k for owner occupied multi
Hello ALL!I am in Ohio and looking to buy a 75-100k owner occupied multi family home. I have around 14k saved up for a down payment but i'm trying to avoid the loan insurance by getting 20% down. I have two 401k accou...
Sara Underwood
Cancellation of listing agreement
Hi
I'm a seller and have decided that I want to cancel a shortsale after waiting for 6 months and hasn't got approval from the bank. Both buyer and I have signed the "Cancellation of contract, release of deposit and ...
Frank Jiang
Does Prepaid Rent Require Escrow Account? (Memphis TN)
Hi BP,I am currently changing property management for one of my properties in Memphis TN. As a last act of something the old PM has somehow convinced the tenant to prepay through July and decided to charge a manageme...
Tracy Sharpe
Money to put an offer in on a house in Preforeclosure
There is a house near where I live and it is going into preforeclosure. It was built in 2005. I am listening to various podcasts and many of the people I hear say that they put offers in on 30 or 40 houses at a time. ...