All Forum Posts by: Nitin Dhiman

I wouldn't rely on Zillow for estimating rents in the area. I'd suggest calling a few property managers that are present near the property.

Thanks everyone for your very helpful responses. @Justin Fox, I'll contact Lisa at CMG tomorrow. Thank you for the reference.

Hi @Robert Grant . Thanks for the response. I don't own any property in California. I'm renting currently. (I don't own any property outside of Texas).

Hello experts,

I'm trying to do a cash-out refinance of a single-family rental in Texas. The property has been rented out for the last 4 years and I live in California. I'm being told by some conventional lenders that Texas doesn't allow cash-out refinancing of a rental if I don't own a primary residence in Texas. Something about Texas (a)(6) rules (?).

The issue is that only 2 out of 8 banks I've spoken to are aware of this, while the others can't confirm. I don't want to spend weeks in an application process if there's a chance that I'll run into this with underwriters at some point before close.

If you're familiar with this problem, I could definitely use your guidance.

Thanks!

Now that's music to my ears :)

Thanks @Mark Nolan

Thanks @Dmitriy Fomichenko. Do you know if this limit also applies to rolling over an IRA into a Solo 401k ? i.e. Is the rollover amount also capped at the earnings of the side business?

I've read through quite a few of the existing discussions on Solo 401k on this forum. Brilliant stuff. However, I have a very specific question regarding allowable contributions to the Solo 401k.

If I have a side business (outside of my regular day job) as a sole proprietor, do I need to limit my contributions to my Solo 401k to the income or profit from my business? For example, if I make $10k in revenue from my side business, can I only contribute up to $10k into the Solo 401k? Or am I able to contribute, say $40k (income from other sources) so that I can maximize my Solo 401k while deferring taxes on the extra $30k contribution?

Thanks!

Nitin

@Clayton Mobley, @Dave Foster .... thanks for your valuable input. I do recognize the importance of having an intermediary well ahead of any transaction. I ain't messing with that stuff without professional help! I really appreciate your comments.

Thanks @Jennifer Lee. I think I didn't pose my question correctly.

The property has been a rental (investment) property for the last 3.5 years. It was my primary residence before that. I'd like to sell the rental property and invest profits into a new rental property.

Based on your comment, it seems that I don't need to worry about the holding period if the property is an investment and profits from its sale will be invested in a rental property.

Hello experts,

I believe that for a full tax deferral of profits through a 1031 exchange, I need to have occupied the property for at least 2 of the last 5 years. A rental property that own was occupied by me for the first 18 months of the last 5 years, and was rented out for the remaining 3.5 years. If I sell this property today, would the sale not qualify for a 1031 exchange? Or does the tax due on profits get pro-rated in some way?

Thanks!

Nitin