All Forum Posts by: Andrew Grieb

@Shadonna N. It is a private arrangement, not typical; everything is up for negotiation when it comes to property management fees.

@Will Gardner did you ever get a solution to your situation?  I am in a similar situation but as the buyer and I want to make certain both of our taxes are completed correctly.  Thanks.  @Kyle Hipp Kyle can you elaborate on how you handled this situation on deducting the interest? Thanks for your help.

@Shane Wilson , this is slightly different but along the same concerns of taxes and P&I: When I file my taxes at the end of the year, how do I claim the interest payments made on the loan since the 1099 will be in the former owner's name, correct? 

I have actually been doing the majority of the management myself using buildium software and google products.  i do have a resident agent that is my primary in person contact for tenants should they require immediate assistance.  If I am not able to commute there I pay my local rep to handle items on a per case basis.  I still travel there once a quarter and get to all of my properties at least once every other quarter.

On a side note about paradigm, the new owner reached out to us several months ago and asked for feedback on how to use buildium for managing the properties they were still managing.  She seemed genuinely interested in doing a better job and I hope she has had success, but I do not know for certain.  

Sorry I could not be of more help. 

I only have a few friends that are actively loaning IRA money, but I think 10-12% with 3 Points is what I have recently seen. Perhaps you could negotiate something long term that is better. What were you looking for or expecting?

Contributions are pretax, loan repayent is post tax.  

BP,

So last year I took a TSP (thrift savings plan) loan out of my TSP retirement account to fund some real estate transactions. The loan from my TSP gets paid back to my account and it pays the account 2% interest ((or I pay 2% on borrowing the money from the retirement account). This money is taken out of taxed income on my W2; shouldn't that mean that I can claim that interest on my taxes as a business expense?

Thanks @Derek Lacy 

For what reason would a  special form policy not include any of the options you listed?

We just got a quote for a duplex in Buffalo, NY and I need some help looking at the numbers from National Real Estate Insurance Group:

Purchase price:  $82k

Replacement cost: $90K

Deductible: $5,000

Premises Liability:  $1 Million

Per Occ: $2 Million

Cost: $600 per year

My main concern is that the policy does not include snow or inclement weather damage; an anyone help me with this?

Thanks,

Another thing to consider about the Traditional vs Roth for right now, is what kind of return you expect and what taxes you will pay now vs later. My goal is to get our accounts to a value of at least 1 million at retirement. If I can maintain a 12% ROI on my investments, I can maintain a $120K tax free income on each account without depleting the $1 million tax free nest egg--but if I needed to I could sell off those investments and cash out tax free. Good luck with your decision and let us know what you decide. I think it is always nice to learn more.