All Forum Posts by: Jodi M.

Steven Hamilton IIDavid Beard

Thanks guys! I will make some phone calls and try to find out if I can/should transfer it to a solo 401K. Does it have to be a C corp or can it be an LLC if we report income on a schedule C? We have some buy and hold properties but we also flip houses and do construction, but none of those are our W2 job. I'm also in the process of getting my RE license so if nothing else I should be able to go ahead with it at that time?

Who transfers the current funds the company managing the 403(b) or the school district I work for?

Thanks!

Steven Hamilton II Will Barnard

I know you guys are refering to 401K's here but is it possible to use the funds in my 403(b) to invest in real estate or roll it into something such as the solo 401K that can be used? I currently use all traditional financing so even if it's a loan to myself (LLC in my husbands name) it seems like atleast I would collect the interest instead of the bank. If I can do this who do I contact to get it set up and would it work better for flips or buy and hold? Any ideas would be appriciated. Thanks!

I currently have IPERS and a 403(b) for my retirement. Is there a way to use the money in my 403(b) to invest in real estate or take loans against it to invest? I currently use traditional financing for my properties so taking a loan from my 403(b) and paying myself interest Vs the bank seems like a good idea.

If I can't use the 403(b) can I roll it over into something I can use and who would I use to set that up?

Thanks,
Jodi

Thanks Steven!

Steven Hamilton II

If June 7th will be the 1yr plus 1 day when would you suggest we write the purchase agreement and close?

They are going to use the bank/loan officer we've gone through for every house so I've talked to him and he agreed to let us finance some or all of the downpayment if needed. I just have to decide on the terms/rate which I will probobly check on with my atterney on.

Thanks for all the information :)

Christopher,
I'm new at this too but it looks like you have a great start! Good luck :)

Steven Hamilton II

We have not signed a purchase agreement yet. Can we sign the purchase agreement and close at the same time? That way we can close on the 366th day?

Suggestions on how to finance a down payment for the buyers? We may end up financing $7,000 for them. What terms/interest rates are typically used?

Steven Hamilton II,

We bought it with bank financing and planned to fix a few things and rent it out. Started working on it and found some major problems so we put a lot more work and money into it than we planned. Now with it's current value it makes sense to sell.

The buyers are currently tenants. They were renting one of our other houses for the past year and planned to move into (rent) this one when it was done. After seeing what we did they decided they really liked it and with low interest rates + the benefits of owning they want to buy. We agreed on price and have bank approval for them but are waiting to sign a purchase agreement and close.

Steven Hamilton II
J Scott,

How will capital gains rates work on a foreclosure that was bought with the intention of being a rental but is now going to be a flip. We bought it in June with the intention of quickly fixing some things and renting it out. Started working on it in Sept and found out it had a lot more problems than expected so we completely rehabbed it. The tenants moved in (Feb) and are going to buy it. Our attorney recommended waiting to close in order to make it a long term gain. They've agreed to rent it until June in order to meet the 1 yr and 1 day. What taxes should we expect to pay? This is only our 2nd flip but the first one we used for a 1031 and deferred the taxes.

Thanks

We have purchased 3 properties at or under $30,000 this year and 3 that were between$30,000 and $35,000. You might want to try a local bank, that's what we did and had no problem gettings loans that ranged from $15,000 to $34,000 along with a line of credit for rehabbing. Good Luck to you :)