All Forum Posts by: Carl Fischer

@Mirzet Mehovic

Get a “satisfaction of mortgage” and get it recorded in the county that the property resides. Get the original “note” signed and stamped “paid”. If you are not sure how to do it then get a title company or attorney to help you. Very important stuff. 

@Garrett M.

The owner is on the deed which is public knowledge. Usually a contract between the owner and the property management company is signed. The property management company uses its lease etc. per the terms of the contract. 

@James McCarthy

Check with your 401k plan administrator to see if your plan allows for the penalty free $100k distribution-not all do. If so, ask your cpa if you do the rollover to an IRA, immediately or within 3 years, does that constitute a pay back within the 3 year window. I think it does-but not clear yet. You also may have the option to roll it to a Roth Ira and pay the taxes over 3 years. You are thinking of how to better yourself and family in hard times-congrats!

@Jason Butts where do they make their money? Where is their birth certificate from? Are they foreigners/immigrants? Credit cards? Drivers license? 

@Nicholas Aiola

I had a lot of respect for your Godfather. 
Glad to see someone pick up the gauntlet. 

@Nicholas Aiola

Any relation to Al?

@Nicholas Aiola

Any relation to Al?

To my knowledge no.  You are thinking like a 1031 exchange with real estate but with stock. Seems like it would be ok but don’t know any code that allows that. Check with CPAs @Lance Lvovsky, @Ashish Acharya, @Michael Plaks, @Brandon Hall

@David Chappell

You can set it up SDIRA anytime-no rush. I generally think it is better not to use your tax advantaged plan for your first RE deal. It’s always good to have a comparison. Do it when You want or need to minimize taxes. However, hopefully you are taking advantage of tax saving contributions TO IRAs/401ks etc as much as possible. 

@David Chappell

If your in that tax bracket then that’s what it is. What you are experiencing And seeing is what drives me to SDIRA Roth accounts for real estate. Tax free income builds wealth much quicker than taxable accounts. In addition, when you sell you have to pay the depreciation recapture tax-another rude awakening. It is smart of you to analyze it the way you are. So many people don’t understand it. Good luck.