Thomas asks…i have an investment property to be forclosed in California. can bank come after my primary residene?i can't pay for the investment property mortgage anymore. so it will be forclosed.
can the bank come after my primary residence in california?admin answers:Investment property is full recourse, you have to pay the money back. They can only attach a lien to your house, they can not seize it. They can seize other rentals, your bank accounts, your income tax returns and garnish your wages, but no, they can't seize your primary
Monday, March 7, 2011
Your questions about investment property
Donald asks…Can you have LLC set up as a property manager for investment property?I'm curious if you own a rental investment property under your individual name, can you have your LLC set up as the property manager and hence provide the protections of the LLC. Bascially, the renters would sign a lease to the LLC, and the LLC would "pay" you the individual.
Trying to leverage the protection of an LLC but since it's difficult to purchase under an LLC, you would have the house under your own name.admin answers:Not difficult at all. Quite
Trying to leverage the protection of an LLC but since it's difficult to purchase under an LLC, you would have the house under your own name.admin answers:Not difficult at all. Quite
Sunday, March 6, 2011
Your questions about relinquished property
Charles asks…Is this a fair immigration policy?1. To immigrate to our country you must be able to speak the common national language.
2. To immigrate to our country you must be a professional or investor. No unskilled workers are allowed. Investors must invest a minimum of 40,000 times the daily minimum wage.
3. There will be no special bi-lingual government programs. No bi-lingual programs in schools, no special ballots, no government business will be conducted in any language except the common national language.
4. Immigrants will never
2. To immigrate to our country you must be a professional or investor. No unskilled workers are allowed. Investors must invest a minimum of 40,000 times the daily minimum wage.
3. There will be no special bi-lingual government programs. No bi-lingual programs in schools, no special ballots, no government business will be conducted in any language except the common national language.
4. Immigrants will never
Your questions about like kind exchange rules
Charles asks…Wow, GREAT answers for my last question, so another family Q?Hi. I just got some great answers on a question about a terrible relationship with my mother.
My question now is about my own skills. My husband and I have decided to host an exchange student for a year starting this summer. She is 16 and seems wonderful through email and phone calls.
I want to do the best job possible, but had a terrible mother as an example. I feel that I am kind and responsible, but would like advice an ways to ensure that I do the "host mom" thing
My question now is about my own skills. My husband and I have decided to host an exchange student for a year starting this summer. She is 16 and seems wonderful through email and phone calls.
I want to do the best job possible, but had a terrible mother as an example. I feel that I am kind and responsible, but would like advice an ways to ensure that I do the "host mom" thing
Saturday, March 5, 2011
Your questions about investment property
Chris asks…How can I withdraw 401K with Penalty or taxes to purchase investment property?I would like to withdraw funds to purchase and investment property from my 401k. the 401K is with an old employer. What is the best way to get the funds without being penalized or paying taxes? Someone told me to transfer to an IRA account. Is that true?
OK, I am 35 and married.admin answers:No.
There are no exceptions to paying the tax.
There are a few exceptions to paying the 10% penalty but this is not one of them.
The same goes for IRAs.Robert
OK, I am 35 and married.admin answers:No.
There are no exceptions to paying the tax.
There are a few exceptions to paying the 10% penalty but this is not one of them.
The same goes for IRAs.Robert
Your questions about replacement property
Carol asks…I am trying o close on a home that is in need of a roof replacement.?I am on a tight dead line and do not have the time to get a estimate of what a new roof would cost so I was hoping someone in the Rochester, NY area recently had a roofing job done. The property is a 1750 sq ft colonial in need of a complete tear off and an asphalt replacement. Any quotes would be gladly welcomed so that I can reach a medium and have a better idea of the cost.
Thank youadmin answers:Don't guess. Get on the phone and get an estimate in WRITING
Thank youadmin answers:Don't guess. Get on the phone and get an estimate in WRITING
Friday, March 4, 2011
Your questions about 1031 exchange
Mandy asks…Can I use the 1031 Exchange if im selling one property for a higher value property? Im buying in incriments?Like if I sell a property worth 20,000 and buy two properties with that money one for 5,000 worth 10,000 and one for 15,000 worth 30,000 can I do the 1031 exchange if im getting my assets from tax sale auctions and buying in incriments like that?admin answers:quick answer yesKen asks…Can two home owners submit a 1031 property exchange if the properties are geographically separated?I'm buying a house in New Mexico and a
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