
12 October 2017 | 18 replies
Bingo.After talking with the owner, owner wants nothing to do with the property but has a mortgage on it that in his words,"He will never put another dime towards" and he had no idea if he has been foreclosed on or not, which it turns out, he had not been.So I get the name of the bank, and after several rounds and letters of authorization, and the officer being surprised that they had the mortgage still (They had a systems upgrade that purged information...) we finally get to the point of talking about what I could offer on the note as the institution has written off the mortgage (quick side note here the owner decided to do some remodeling work and took out the floors, subfloors and a few other walls so understand that this property is really nothing more than a shell at this point and will need all new systems, insulation, drywall, etc you get the picture, full tilt train wreck).

20 December 2017 | 8 replies
I'm not sure who has the authority to do this (or who did it).

5 August 2017 | 4 replies
If an agent (your property manager) is acting with proper authority using reasonable care it is standard practice for a principal (property owner) to indemnify the agent under common contract law.

9 August 2017 | 14 replies
Boiled down, it's getting a lease with the option to buy from the property owner, then not occupying the property yourself, but having agreed terms with he owner to be authorized to sublease to another qualified party, while you then serve as a quasi-property manger of sorts during the sub-lease term, then ultimately selling the property on a double close or similar funding situation tot he sub-tenant and using that money to pay off the property owner on your original contract.

6 August 2017 | 3 replies
Check with your local planning authority to see if the suite can get its own address.

9 August 2017 | 35 replies
You are hereby notified that you must object in writing to this deduction from your security deposit within 15 days from the time you receive this notice or I will be authorized to deduct my claim from your security deposit.

7 August 2017 | 6 replies
The HOA has full authority to request a vote.

7 August 2017 | 10 replies
A tenant's bank won't give you money unless the tenant specifically authorizes it (and a bill/invoice won't cut it)I would look into electronic rent platforms like Cozy.co (or others).

16 September 2017 | 4 replies
Based on the link Account Closed mentions above, it would seem like a good idea (if legal) that at the time that you create a note with someone, that one of the loan documents you have them sign is an "authorization for release of information" specifically naming the current or any subsequent first priority note/mortgage holders that lasts for the duration of the time while your note is unpaid.I think it would pretty easy to get that document signed before you give them what they want (money) and maybe a bit harder when they are going through a difficult time.

10 August 2017 | 7 replies
Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k SimilaritiesBoth were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions; andBoth are prohibited from investing in assets listed under I.R.C. 408(m).In order to open a solo 401k, self-employment, whether on a part-time or full-time basis, is required;To open a self-directed IRA, self-employment income is not required;In order to gain IRA checkbook control over the self-directed IRA funds, a limited liability company (checkbook IRA);must be utilized;The solo 401k allows for checkbook control from the onset;The solo 401k allows for personal loan known as a solo 401k loan;It is prohibited to borrow from your IRA;The Solo 401k may be invested in life insurance;The self-directed IRA may not be invested in life insurance;The solo 401k allow for high contribution amounts (for 2017, the solo 401k contribution limit is $54,000, whereas the self-directed IRA contribution limit is $5,500);The solo 401k business owner can serve as trustee of the solo 401k;The self-directed IRA participant/owner may not serve as trustee or custodian of her IRA; instead, a trust company or bank institution is required;When distributions commence from the solo 401k a mandatory 20% of federal taxes must be withheld from each distribution and submitted electronically to the IRS by the 15th of the month following the date of each distribution;Rollovers and/or transfers from IRAs or qualified plans (e.g., former employer 401k) to a solo 401k are not reported on Form 5498, but rather on Form 5500-EZ, but only if the air market value of the solo 401k exceeds $250K as of the end of the plan year (generally 12/31);When funds are rolled over or transferred from an IRA or 401k to a self-directed IRA, the amount deposited into the self-directed IRA is reported on Form 5498 by the receiving self-directed IRA custodian by May of the year following the rollover/transfer.Rollovers (provided the 60 day rollover window is satisfied) from an IRA to a Solo 401k or self-directed IRA are reported on lines 15a and 15b of Form 1040;Pre-tax IRA contributions on reported on line 32 of Form 1040;Pre-tax solo 401k contributions are reported on line 28 of Form 1040;Roth solo 401k funds are subject to RMDs;A Roth 401k may be transferred to a Roth IRA (Note that from a planning perspective, it may be advantageous to transfer Roth Solo 401k funds to a Roth IRA before turning age 70 ½ in order to escape the Roth RMD requirement applicable to Roth 401k contributions including Roth Solo 401k contributions and earnings.)