All Forum Posts by: Wei Jie Yang

I asked this last month. It seems as of now, no bank or financial institution has this product on offer. Freddie Mac just allowed a product like this to be possible for banks but no banks has yet created and released a product yet.

And the biggest difference between this and 203k is that with ChoiceRenvation we are able to use it for investments.

Thanks for the answers @Nicholas Aiola! Another question from me. Would hiring a PROJECT MANAGER to manage an OOS rehab be considered active or passive participation?

Scratch what I said. My RealProtect got back to me and told them it was a glitch that happened when they upgraded their software. She has reissued the insurance and issued a refund! Great service all around !

Did you happen to find anyone? I think I need a CPA too and I'm on a similar boat.

I agree with @Christopher B., They were reccomneded to me by Bridge Turnkey and I've used them on three of my purchases. I just noticed that one of my policies is wrong and I am trying to get in contact with the person who I bought it from. No luck. 

Just to give others clarity about my situation at the time of the initial 2.7k quote:

1) MFJ with one kid. 

2) 2 investment property(AR, MO) and one primary (NYC). 

3) agi much lower than 150k.

4) no entities. No mention of wanting to flip anything. 

I think overall my tax situation should be rather simple right? 

I didn't do it at the time because their monthly retainer was over half of my net monthly cashflow from my rentals at the time. cost/benefit it wasn't worth it. It's significantly less than that now but it's still pretty high up there. 

I did State that I wanted to buy 3 to 4 properties a year though. Maybe that's why it's so high? 

Is this standard pricing? Do I need that expensive a service at this time? Judging by some comments here it seems to be waaaay overpriced. But maybe not, I've never hired a tax accountant before so maybe it's just sticker shock. 

Can a tax professional comment? 

Why not just lend half of that to yourself and use it as a down payment? Avoid the fees and tax penalty and you're able to use half of what you originally wanted. You can choose to pay it back in 5 to 15 years so long as you don't quit in the meantime.

@Caleb Heimsoth Hah! 2k Was what I was quoted when all I had were two properties in two states. + Primary.  That's why I'm still kind of hesitant about getting a CPA when my portfolio is still relatively small.

Hi Nick, question about passive losses from rentals. Could I convert a portion of my traditional 403b and use the passive losses to offset the conversion? Provided me and my wife are not RE Professionals and our income does not exceed 150K?

Hi guys. Let me just see if I am understanding this. 

I can use my passive losses on my rental for 2019 to offset a conversion of my traditional 401k to a ROTH 401k or IRA in 2019? So long as my MAGI doesn't exceed 150K? Did I get that right?