All Forum Posts by: Neel Shah

Hello,

I work full time and have a 401k through my employer.

I also invest in real estate and own 6 properties which are rented out.

I wonder if I qualify for “Solo 401k”?

Any help/thoughts will be appreciated.

Thanks!

 Hi Joe,

Thanks for the reply.

How did you overcome 3 properties requirement from PenFed? I don't have all my properties under <3 LLC, so that loop hole doesn't work in my case.

Hello,

I have several rental properties in MA and have build equity into them.

I want to get HELOC or Home Equity Loan against my investment properties. I prefer not to do cash out refinance since interet rate on these properties is very low.

The only bank I have found so far that will do home equity loan on investment property is DCU, one loan per member up to $50K.  PenFed has limit of 3 properties so i do not quality. 

Are there any other banks/CUs you recommend that will do HELOC/home equity loan on investment property?

Thanks!

Hello,

I work full-time and invest in buy-and-hold real-estate for long term investing. 

One property has come up recently which will net me $30k profit, if I fix it up and flip within a few months. 

I'd like to pay minimum amount of tax as possible on the fix and flip profit :).   

What are some of the tax strategies I can utilize to minimize tax on fix and flip ordinary income? (anything from new tax law changes?)

Thanks

Neel

@Matt Clark

Thank you for your feedback.

I can certainly provide the town with photos of leak and repair receipt (along with claim). 

Does this mean they would remove the Sewer charge (Sewer charge is majority of the bill so I would benefit quite a bit)?

Also, does this have a name or something - I am trying to look for a way to present it to them in the best way possible...

I am assuming the insurance would not cover any of the bill itself, right?

Hello everyone,

I recently had water damage due to a pipe burst in my rental house.  I submitted an insurance claim and it was fully covered by the insurance. 

About 2 months later, I received my water/sewer bill.  It turns out many cu. ft. of water was wasted when the pipe burst and the bill is over $3500 just for one quarter.   Will this water/sewer bill be covered by the insurance??

I had not accounted for this big of water bill charge - looking for way to minimize/cover this.

Any help/insight will be greatly appreciated!

Thanks!

Neel

Thanks all for the responses.

Attached is the picture of pipe (looks like it is disconnected from joint due to freezing(?) or something else(?), and conditions of Causes of Property Loss from my insurance.  Which Cause does this damage fit into?  

I am hoping insurance would cover it...

my mistake - it is pipe joint disconnect (not burst).

I am just worried that since the house is on the market to be rented (therefore vacant), the insurance company will try to deny it.. Am I over thinking?

Hi,

I did some upgrades (flooring, bathroom, paint) to my rental property and put it for RENT in February. 

A pipe in the attic burst and it caused damaged to the ceiling of garage and drywalls around it (before tenant moved in)

I will be filling a claim to my home owners insurance company, and want to make sure I don't hit any roadblocks. 

So, the house was vacant when this happened and my insurance is written as non-owner occupied (landlord's) insurance.

Will insurance company deny the claim because no one was living in the house (it was listed on several websites for rent)?

Also, by since insurance company will make a payment, I am assuming my insurance for next year will go up (can someone advice on how many % it will go up by?).

I have three other rental units, will insurance on those units go up as well?

Thanks!