All Forum Posts by: Andrew S.

Easy to fix in a weekend. Ozone and maybe replace the carpets if cleaning them doesn't take the odor out. Mix TSP and water to scrub the walls, it'll pull the nicotine out. Kinda gross but simple and works.

Good morning,

I'm looking at putting vinyl planks in an upstairs unit in a quadplex (someone lives below).  Location is Montana so they'll be walking in with wet/ snowy shoes. 

I'm debating between:
HD Lifeproof flooring - 7mm product thickness with a 6 mil wear layer  $3.20 list price, I'll get it quoted, probably can get $2.60/2.80 per sq ft

National Builders Choice - 4.5mm product thickness with 12 mil wear layer   $2.60/ sq ft from local flooring company

https://my-nfp.com/wp-content/...

Does the 7mm vs 4.5mm dampen much more noise?  Both have a built-in underlayment

I assume the 12 mil wear layer will be noticeably more wear resistant than 6 mil. 

Curious what other experience has shown? Thanks!

@Mike S. Do you know of any good self-education sources for what you're describing? Websites, books, podcasts, etc? 

Get a P100 mask, spray them with a little water, plastic off the other rooms. Get ventilation. Rip them down in a half hour. 

I called Fidelity and they said since it's pre-tax it has to come out of paychecks. I can't make a "deposit". I've already maxed my Roth IRA and am not eligible for an HSA based on my employer's healthcare plan. The rest of my savings goes towards real estate. I'm pretty hesitant to look into life insurance.

Good morning,

So far this year, I have contributed $12k to my 401k.  I'd like to contribute up to the max $19,500.  I'm able to change my contribution percentage up to 75%. My pretax pay is $3912 per 2 weeks or $7825 per month. If I change my contribution to 75% (assuming it changes before Dec 15th) then I'll contribute an additional $5869.  Total of $17,869 for the year.  

Is there a way to do a "one-time" contribution?  I know it's complicated because 401k contributions are pre-tax. My 401k is through Fidelity. 
Thanks,

Andrew

Happy Monday everyone,

I was listening to the BP money podcast and learned about the individual or solo 401k option.  I have a W2 job with a 401k plan and rentals as my side business.  I contribute ~$15k and my company matches 8% into my 401k program. 

From my recent research - I can open up an individual 401k or solo 401k and contribute as the employer and employee.  

I'd like to contribute ~$5k from my rental business as the employeer.  Do I list this on the Schedule E to lower my profit?  What if this takes my business into a paper loss for the year on my Sch E?

Are these the accurate limits? 

-$19.5k to my W2 employer's 401k program

and solo 401K: $57k 2020 max - $19.5k = $37,500 split between employeer and solo 401k employee contritbutions? 

This statement from the IRS website - I can't figure out if I can put in $19.5 in my W2 401k & up to $19.5k in my solo 401k as the employee or a total between the 2 up to $19.5k?  

A business owner who is also employed by a second company and participating in its 401(k) plan should bear in mind that his limits on elective deferrals are by person, not by plan.

Thank you!

From IRS website:

Contribution limits in a one-participant 401(k) plan

The business owner wears two hats in a 401(k) plan: employee and employer. Contributions can be made to the plan in both capacities. The owner can contribute both:

• Elective deferrals up to 100% of compensation (“earned income” in the case of a self-employed individual) up to the annual contribution limit:
  • $19,500 in 2020 and 2021, or $26,000 in 2020and 2021 if age 50 or over; plus
• Employer nonelective contributions up to:
  • 25% of compensation as defined by the plan, or
  • for self-employed individuals, see discussion below

If you’ve exceeded the limit for elective deferrals in your 401(k) plan, find out how to correct this mistake.

Total contributions to a participant’s account, not counting catch-up contributions for those age 50 and over, cannot exceed $57,000 (for 2020; $58,000 for 2021).

Example: Ben, age 51, earned $50,000 in W-2 wages from his S Corporation in 2020. He deferred $19,500 in regular elective deferrals plus $6,500 in catch-up contributions to the 401(k) plan. His business contributed 25% of his compensation to the plan, $12,500. Total contributions to the plan for 2020 were $38,500. This is the maximum that can be contributed to the plan for Ben for 2019.

A business owner who is also employed by a second company and participating in its 401(k) plan should bear in mind that his limits on elective deferrals are by person, not by plan. He must consider the limit for all elective deferrals he makes during a year.

Please don't move out of Cali and try to change other state's laws to match Cali laws

Get a signed estoppel agreement with signatures from current PM & tenants for their rent, security deposit, copy of lease, and who's responsible for what utilities.  You'll have the seller transfer security deposits over at closing with Title company. 

Get record of utility bills you're responsible for. My sellers agent was sketchy about me paying the water bills, they turned out to be $480 per month.  Which turned out being fine, but took a while to get that info. 

Go to your city/ county planning office and look up past permits pulled on the property. 

Stay calm and have a beer (Or whatever you're into). 

Good luck

I grew up as a kid in a house with that style of split level layout. My over protective mother didn't seem to mind.  Highly doubt that would be an issue for a majority of people. Don't bring it up when showing people and no one will probably notice.