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4359199280?profile=original

On Nov. 8th Mountain Voters approved Measure V, commonly known as the Rent Control Measure. If you are the Administrator of a Mountain View Probate Estate that has rental property to sell this is a huge deal. You need to know the rules in order to make sure the property is sold without breaking any new laws.

 

What does restricting rental price increases have to do with selling a Mountain View rental in Probateyou may ask? Well, I’ll tell you.

 

The reason is MOUNTAIN VIEW JUST CAUSE EVICTION.

 

Measure V relates to not only rent control, but also JUST CAUSE EVICTION.

 

Just Cause Eviction means that tenants cannot be asked to vacate just because the lease is up or they are on a month to month rental and you give 30 or 60 days notice (if they have been there a year or more).

 

Tenants can only be told to leave a Mountain View Rental Property under the following circumstances:

 

  1.      Failure to pay rent or other breach of lease
  2.      Continuing failure to give landlord access
  3.      Repairs that will last over 30 days that are needed for code upgrades or health and safety reasons. NOTE: COSMETIC REPAIRS ARE NOT INCLUDED IN THIS EXEMPTION. This would include a kitchen or bath re-model to make the property more valuable.
  4.      Owner or family member going to occupy the entire property
  5.      Withdrawal from rental market with 120 day notice to tenant, unless over 62, disabled, or a tenant for 5 years or more. In these circumstances you need 1 year notice.

 

The good thing is that single family homes, condos, and duplexes are exempt from both rent control and Mountain View Just Cause Eviction. If you are an Administrator of a Mountain View Probate Estate that has a four- plex or more units to sell Mountain View JUST CAUSE EVICTION rules will apply to the estate.

 

Some things you should NOT do before selling the building are:

 

  1.      Try to evict the tenants because they make the building look messy.
  2.      Try to evict the tenants because the property is dated and you want to upgrade it before putting it on the market.
  3.      Raise the rents above the allowable rent increase so the CAP rate looks better and makes the property more valuable.

 

Some things you can do when you are selling a Mountain View Four-Plex  or larger building in Probate.

  1.      Paint the exterior
  2.      Make sure the tenants do not leave personal property outside the building
  3.      Upgrade the landscaping
  4.      Give the tenants an incentive to keep their apartments clean and allow showings.

 

This law is new, and takes effect Dec 23rd. There is an emergency ordinance that was passed Nov 16th to keep landlords from evicting tenants in order to raise rents on vacant apartments before that date, so if you are reading this before Dec 23rd you are out of luck anyway.

 

Just remember the Mountain View rental market is strong, and even with rent control and Just Cause Eviction there will be buyers for your Mountain View Apartment in Probate so relax, hire a great real estate agent who knows Probate (like myself) and let the process work itself out.

 

If you have any questions about selling or buying Probate property in Santa Clara or San Mateo County please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

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The Stock Market Surges to 20K And The Masses Applaud Their Own Doom

Make no mistake folks, the stock market surge is based on credit and at some point, that credit is going to default. The scary part is, we all know this, we all know our country is borrowing to pay debt, our citizens aren’t saving, it’s not a secret and yet, we are applauding this credit driven stock market boom, to our own demise.

I heard it once said…or read it somewhere which is more likely…, “we can’t avoid the final collapse of this boom from credit expansion. The only choice we have is should the bust happen sooner because we voluntarily stop borrowing or later as the currency system collapses on its own”

Essentially, the problem is, our debt is growing faster than our GDP. Folks, it’s just not possible to grow the debt faster than what we make. Guys, it’s simple math…it’s going to stop.

As I read about this some more, it was put this way to me…… “So let’s run the math experiment as ask what will happen if the Fed is successful and total credit grows for the next 30 years at exactly the same rate it did over the prior 30. That’s all. Nothing fancy, simply the same rate of growth that everybody got accustomed to while they were figuring out ‘how the world works.’ What happens to the current $57 trillion in TCMD as it advances by 8% per year for 30 years? It mushrooms into a silly number: $573 trillion. That is, an 8% growth paradigm gives us a tenfold increase in total credit in just thirty years:” Chris Martenson with PeakProsperity.com

To drive this home….the GDP of the ENTIRE GLOBE was only 85 Trillion in 2012. It’s going to crash….it has to and when it does, the dollars in our pockets will be worthless…literally not even worth the paper they are printed on. So….when you see all these people cheering and raising the roof over the stock market, don’t forget, it’s got to bust at some point and maybe sooner than later considering we are now over the 90% debt to GDP threshold.

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BPO AUTOMATION GROUP- CLEARLY THE LEADER IN THE BPO SOFTWARE INDUSTRY!

Finish Your BPO Orders Faster With The Industry Leader Since 2009.

 

BPO Automation Group

Phone: (360) 223-2482
E-mail: sales@bpo-automation.com
495 Grand Boulevard Suite #206

Miramar Beach, FL 32550
www.bpo-automation.com

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Solo 401(k): A Good Retirement Savings Option for the Self-Employed

Among the available retirement options, Solo 401(k) plans are worth considering, due to their relatively high contribution limits, flexible investments and the ability to make after-tax Roth contributions.

Here are some reasons self-employed business owners should consider Solo 401(k) plans.

Higher limits

Because the self-employed professional wears the dual hat of the employer as well as the employee of the business, the contribution limits for a Solo 401(k) include both employee deferral (up to $18,000 annually, plus up to $6,000 in catch-up contributions for those over 50) and profit-sharing employer contributions (up to 25% of business income, depending upon the structure or type of business).

Combining these two, the Solo 401(k) limits for 2016 are $53,000, plus a $6,000 catch-up contribution for professionals 50 or older for a total of $59,000.

Under an alternative retirement savings plan for business owners, the Simplified Employee Pension (SEP) IRA, the contributions are limited to the lesser of 25% of the business income or $53,000 for 2016. The absence of elective salary deferrals or catch-up contributions restricts the overall contribution limits of a SEP-IRA when compared with a Solo 401(k) plan.

Here’s an example of how the Solo 401(k) leads to higher limits: Let’s say you had a business income of $100,000. With a Solo 401(k), you can make profit-sharing contributions of up to $25,000 along with employee-deferral contributions of $18,000, totaling $43,000. On the other hand, a SEP-IRA would allow you to make only a profit-sharing contribution of $25,000, hence limiting retirement savings.

Alternative investment options

A self-directed Solo 401(k) retirement plan offers alternative investments, including real estate, tax liens, tax deeds, mortgage notes, private equity, personal lending, precious metals, and the traditional stock or bond investments. These alternative investments help you diversify your portfolio while achieving competitive returns.

However, these investment vehicles and alternatives require an understanding of their core operating principles. Make sure to educate yourself before investing in them and, if necessary, get an expert opinion.

Tax-deferred growth

Like all 401(k) plans, with a Solo 401(k) plan your retirement savings enjoy tax-deferred growth. Thanks to compound interest and the steady rise of equities over time, this should be a solid investment. Compound interest is one of the key factors that decide the size of your retirement fund. In the purported words of Albert Einstein, “The strongest force in the universe is compound interest.”

Roth savings option

You can opt for the Roth feature in your self-directed Solo 401(k) retirement plan, which allows you to diversify your tax strategy with after-tax investments that will not be taxed when you withdraw your funds in retirement.

And unlike the regular Roth IRA, there are no income phaseout limits in a Roth Solo 401(k) plan. Under a Roth IRA, a single filer over 50 making less than $117,000 can contribute up to $6,500 in 2016 ($5,500 under 50), but as the salary grows, eligible contributions decrease proportionately. If you make $132,000 or more, you will be ineligible to contribute to a Roth IRA in 2016. A Roth Solo 401(k) has no such phaseout.

Last chance to set up a Solo 401k for 2016

If you want to benefit from the higher contribution limits of a Solo 401(k) plan in 2016, set up your retirement plan before Dec. 31, 2016. You can make actual contributions for 2016 until the regular tax-filing deadline, but an account has to be set up before the year’s end.

This article was originally published on NerdWallet.com

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Goldman Sach

Over 2016, Goldman Sachs has become a major player in the default loan industry buying all the bundles of Fannie Mae loans throughout the year.  I have noticed that the properties are now starting to pop up in my area but the agents are from about a hour or more away.  So the question it does anyone know who to get into Goldman Sachs?

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Anyone who has looked for acreage in places like Pescadero, Gilroy, or Morgan Hill has probably come across a situation where a neighbor or friend has horses or goats or cows who graze the property. You ask to see the lease and the response you get is often, “There is no lease, they have an informal agreement that Ms X gets to keep her livestock on the property in exchange for the livestock grazing Mr Y’s land.

 

Mr Y does not have to pay the high cost of keeping the grasses and weeds cut and Ms X does not have to pay the high cost of boarding and feeding her livestock. It is a win win, and for decades no one has formalized the agreement.

 

Then, unfortunately Mr Y dies and his heirs need to sell the Probate acreage in Pescadero, or Gilroy, or Morgan Hill. There is no documentation of the agreement and no one is sure what Ms X’x rights are, or what the estate has to do to terminate the relationship. Or maybe the buyer of the Pescadero Probate acreage’s , Mr and Mrs Z’s don’t understand what their  responsibilities are if they want Ms X to continue grazing, but don’t want her to have full tenant’s rights. In other words, Mr and Ms Z still want to use the land, so they do not want to lease out a portion of the Pescadero or Gilroy, or Morgan Hill land. They just don’t want to have to pay someone to mow it.

 

The answer to this dilemma is for Mr and Mrs Z to grant Ms X a license for Ms X’s horses to graze on a portion of the Pescadero Probate property they are buying. The license can be terminated at any time by the owners of the property. There are no tenant’s rights for exclusive use and Mr and Mrs Z do not need to give any notice or have any cause to terminate the agreement. The right to graze horses is a personal privilege and is not tied to the property in question. The horses do not have any exclusive use and Mr and Mrs Z can use the grazed property any time they want.

 

If Ms X had a lease then she and her horses would have exclusive right to use the property and Mr and Mrs Z would have to give notice to enter that portion of the property and could not tell Ms X to leave whenever they want.

 

It is a distinction that is important to preserve the rights of Mr and Mrs Z to use their new Probate property in Pescadero, or Gilory, or Morgan Hill.

 

I suggest if you are going to do this you consult a lawyer before closing escrow on that gorgeous view property in Pescadero, or Gilroy, or Morgan Hill, or anywhere else you may find it.

 

If you have any questions about buying or selling property, especially in Probate in San Mateo, Santa Clara, or Alameda County please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

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“Compound interest is the 8th wonder of the world… Those who understand it earn it… Those who don’t pay it.” ~ Albert Einstein

Thanks to the efforts put in by financial gurus, a lot of people are aware of the concept of compound interest. For those of you a little dubious about the same, here’s a quick definition:

‘Compound interest is interest calculated on the initial principal and also on the accumulated interest of previous periods of a deposit or loan. Compound interest can be thought of as “interest on interest,” and will make a deposit or loan grow at a faster rate than simple interest, which is interest calculated only on the principal amount.’ ~ Investopedia

Being a retirement solution provider, we help our clients realize the benefits of compound interest and one of the best ways to do so is to contribute towards a tax-deferred retirement account.

Why invest in a tax-deferred retirement account?

  • Compounding of your money: Your money enjoys tax-deferred growth for several decades, accumulating more interest with every passing compounding cycle.
  • Qualified deductions: By contributing to a tax-deferred retirement account, you are eligible for qualified tax deductions, hence reducing your tax bills right away.

Couple compound interest with a Roth Solo 401 k & Get Tax-free Distributions*

How about combining the magic of compound interest with a Roth Solo 401 k account?

Roth Solo 401k account is a retirement plan for self-employed professionals and owner-only businesses, allowing after-tax contributions. Under the plan, the account owner pays taxes upfront and in return, they receive tax-free distributions.

  • Annual contributions: $24,000 in 2016 (including catch-up contributions of $6,000 for professionals above 50 years)
  • No income restrictions: Unlike a Roth IRA, there are no income restrictions for making eligible contributions to a Roth Solo 401k plan.
  • Tax-free withdrawals: If your Roth Solo 401 k account satisfies certain conditions, you can receive tax-free eligible distributions in retirement.

Here is a short Infographic to highlight some of the primary features of a Roth Solo 401k plan:

Benefits of Roth Solo 401 k
Benefits of Roth Solo 401 k
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After the election I started watching Bloomberg TV instead of the news/opinion channels I had been watching.  I guess I just got tired of all the yelling, in addition to the fact that I felt the need to try and get some clarity on what might happen to the economy, and more specifically the Silicon Valley housing market.

 

Besides the much needed civility I found on Bloomberg, I quickly came away with the understanding that no matter who the different reporters and commentators said they thought would be winners and losers in a new political environment, there was one thing everyone agreed on. Interest rates are going up. PERIOD, end of story. Janet Yellen was going to raise interest rates anyway, due to the favorable economic environment. But added to what would have happened, regardless of the election outcome, everyone agrees that we appear to be headed for an inflationary period.

 

I am old enough to have purchased my first home when interest rates were 19% and the most valuable homes were those that had assumable mortgages as 13% or less. Hopefully we are not going back to those days.

 

But we are going from interest rates in low 3% to now over 4% and presumably still rising. So what does this mean to the Silicon Valley housing market?

 

Common wisdom is that as interest rates go up housing prices go down since the ability for a borrower to pay also goes down. We have seen this in the past, but the decrease in price is not always proportional to the increase in rate.

 

Take this example.

 

A Million dollar loan: 30 year fixed

 

At 4.150%:  $4861 a month

 

At 5%:  $5368

 

At 6%:  $5996

 

At 7%:  $6653

 

The difference for each jump of 1% in interest translates into about a 10% increase in monthly payment.

 

For a conforming loan of $400,000 30 year fixed

 

At 4%:  1910

At 5%:  2147

 

At 6%:  2398

 

At 7%:  2661

 

Again, the difference for each 1% in increased interest rates equates to about a 10% increase in monthly payment.

 

So, in order to make waiting a money saver, If interest rates go up 1% pt. housing prices must go down over 10%. At a 2% pt hike housing prices must go down over 20%, and at a 3 pt climb they must go down over 30%.

 

Do we expect this to happen in the Silicon Valley housing market in the near future?

 

No one can say for sure, but let’s look back at housing rate drops during the big crash of 2008-2010/2011 in some different neighborhoods.

 

These are average prices for all residential real estate. Some segments fell more than others, but on average I looked at what the mean sale was for single family homes, town homes and condos in four locations: Palo Alto, East Palo Alto, 94087 (Sunnyvale west of El Camino), and Willow Glen.

 

Palo Alto

 

High before crash:  $1.3 million

 

Low after crash       $1.2 million

 

 

East Palo Alto

 

High before crash:   $628,000

 

Low after crash:       $295,000

 

 

94087

 

High before crash:    $779,000

 

Low after crash:        $717,000

 

 

Willow Glen

 

High Before crash:     $793,000

 

Low after crash:         $637,000

 

 

 

What so these numbers tell me about the Silicon Valley housing market, and by extension you?

 

If you are planning on buying in one of the areas where prices held up fairly well during the crash, then waiting for prices to drop as interest rates rise may not be to your advantage.

 

If you are planning on buying in a location that did not hold up well during the crash then an increase in interest rates may get you some savings in the long run or maybe bigger, better property.

 

My only concern would be that places like East Palo Alto that suffered so badly during the crash may not drop as much with higher interest rates since the location is so convenient to Facebook and Google. That may put enough pressure on these east of 101 neighborhoods to keep the prices supported more than they were in the crash.

 

I believe the same may be true in San Jose as companies like Google and Apple move south where there is more available space. In neighborhoods like Alum Rock or South San Jose where there is a lot of investor activity it may be better to wait until prices fall.

 

If you have any questions about buying or selling a home in the Silicon Valley please feel free to contact me.

 

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When it comes to retirement savings, we all do wish for the same amount of investment freedom that we usually get with our other investments. Traditionally, most of the financial institutions offer limited investment options, starting with stocks and bonds to mutual funds and CDs only. The last recession taught us one thing for sure i.e. not to invest your entire savings in the stock market. So, how do you achieve better control over your retirement savings? Checkbook IRA is the answer to these questions.

What is Checkbook IRA?

In simple terms, checkbook IRA is a self-directed IRA that offers unlimited investment freedom to the account owner. The owner doesn’t need custodian consent for making investment decisions, hence eliminating transaction delays and associated costs in the process.

Checkbook IRA
Checkbook IRA and its benefits

Understanding the benefits of Checkbook IRA

  • Checkbook control: Checkbook IRA is structured in a manner that puts you in charge of your retirement funds. You do not require custodial consent before making an investment. When investing your retirement funds, you can do so by either writing a check or direct wire transfers.
  • Unlimited investment opportunities: Saving money in a self-directed IRA with checkbook control allows you to invest in any qualified investment class, starting with real estate, tax liens, tax deeds, mortgage notes, private lending, precious metals, and even private equity. You can achieve true diversification by investing funds in different asset classes.
  • Tax-deferred growth: Being a qualified IRS plan, your Checkbook IRA will reap the benefits of tax-deferred growth. For an instance, if you hold rental properties in your account, the rental income will go directly into the retirement account and grow on a tax-deferred basis until retirement. Your investments will benefit from compounding over the next several years. You will pay taxes only at the time of distributions.
  • Cost effective: The absence of a custodian can save money otherwise spent on transaction/processing charges while ensuring minimal transaction delays.
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As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

 

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

 

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

 

3rd Example:

 

Mom and Daughter 1 own a home together. Both are on title as Joint Tenants and own it equally. They need cash so Daughter 1 gives her share to Mom and Mom gets reverse morgage.

Mom does not make a will leaving 1/2 the house to Daughter 1 and 1/2 the house to each of the 4 daughters including daughter 1. She plans on doing it, but never gets around to it.

 

Mom dies unexpectantly, with no will, no trust, and only a verbal agreeement with Daughter 1.

 

Reverse mortgage company tells Daughter 1 she needs to sell the house or pay back the reverse mortgage. Daughter 1 can not sell the house or do anything without Probate Court permission because she does not own the house any more and there is no will or trust.

 

Daughter  1 calls me and give her a referral to a Probate lawyer who will get paid through the sale of the house since there is no cash in the estate.

 

Daughter one will ask the court to appoint her Admistrator of the estate then ask the other 3 sisters to give up the half of the equity that was supposed to go to Daughter 1.

 

Hopefully the Probate Court will agree to all of this. It is not guarenteed.

 

As you can see, these are complicated issue, made more complicated by actions taken by owners and family members before the owners died. 

 

The moral, just because you think you have the right to sell a house in probate, that does not mean you do. Be sure and consult a Probate Attorney and a Realtor who understand Probate Sales before you proceed.

 

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

Read more…

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“It’s not how much money you make that makes you rich, it’s how you spend it.” —Charles Jaffe

With a little bit of research, you will find out that the same piece of wisdom has been coined time and again by several financial experts. While there are multiple factors that define as well as affect your financial wellness, we are going to target the most inescapable one – Taxation. When taken at its face value, taxation may appear as inevitable as possible or in the words of Benjamin Franklin, “In this world, nothing can be said to be certain, except death and taxes.”

However, there are some legitimate ways to lower your taxable income, and put that money to work for your future. If you are an owner-only business or highly paid self-employed professional, these strategies could uplift your financial health drastically.

Self-directed Solo 401 k

Solo 401k retirement plans have gathered a huge following over the past couple of years and rightly so. When used efficiently, it could help you increase your retirement savings by up to ten times of the regular IRA contributions.

Self-directed Solo 401 k: What is it?

It is a qualified retirement plan for owner-only businesses and self-employed professionals.

What do you need to know about it?

Contribution limits: Up to $59,000 in 2016 (including catch-up contributions of $6,000 for individuals above 50 years old).

Investment options: Real estate, tax liens, tax deeds, precious metals, private equity, personal financing, and stock/bond investments.

Participant loan: Flexibility to borrow up to 50% of the account balance to a maximum borrowing limit of $50,000.

Four Ways to Cut Your Taxable Income With a Self-Directed Solo 401 k

1. Ten Times Higher Annual Contributions

With an annual contribution limit of up to $59,000, a Solo 401k retirement plan surpasses regular IRA contributions several times. Further, it comprises of two different contribution types, including salary deferral and profit-sharing contributions, allowing you to achieve maximum contributions quickly.

Salary deferral contribution allows you to contribute up to $18,000 in 2016 along with a catch-up contribution of $6,000 for professionals above 50 years.

Profit-sharing contribution allows you to contribute 20 to 25% of your business income to the plan. The total salary deferral and profit sharing contributions are up to $59,000.

2. Deferred Taxation on Capital Gains

Much like its other counterparts, a self-directed Solo 401 k enjoys deferred taxation, allowing your investments to maximize compounding interests. Considering the vast majority of investment options available under self-directed Solo 401k plans, you can boost your wealth generating potential.

The key is to make sure that your Solo 401k provider offers alternative investments. When you invest with a retirement plan, always target long-term gains over short-term growth.

3. Power of Roth Contributions

High-income professionals are often deprived of Roth saving options in regular IRAs but not in a Solo 401k plan. For self-employed professionals, a Roth Solo 401k plan allows after-tax contributions regardless of the income levels. You can contribute up to $24,000 towards your Roth Solo 401k in 2016.

One of the key benefits of establishing a Roth Solo 401k is its ability to offer tax-free earnings. That’s right; all the compound interest generated by your investments goes directly into your account. There are no taxes on qualified withdrawals

4. Purchase Real Estate Under Solo 401k Plan and Forget Rental Income Taxation

If you are a big fan of real estate investing, a Solo 401k plan could introduce you to an entirely new level of profits/returns. Here’s what you need to do.

Purchase a rental property with a positive cash flow through your self-directed Solo 401 k. It’s entirely the same process apart from the fact that your retirement plan will hold the title of the property and all the expenses/profits will go directly from/to the plan.

By doing so, you’ve created an effective income stream, while saving taxes on the rental income. Make sure to:

  • Only use a non-recourse loan for the purchase if needed.
  • Pay maintenance cost from the plan only.
  • Direct rental income to the plan.

In conclusion, we can positively say that a self-directed Solo 401 k allows you to unlock multiple asset options along with a tax-deferred growth of your investments. It is one of the best ways to create a retirement plan that outlasts you.

Image: https://pixabay.com/en/euro-money-finance-piggy-bank-save-870756

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As a realtor who specializes in Probate sales I have recently been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

 

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

 

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales. To see First Example click here

 

Second Example:

 

Mom owns home in Pacifica in a trust free and clear after Dad passes. She needs money for daily living expenses so she takes out a reverse mortgage.

 

Eventually she is unable to care for herself. She takes the house out of the trust and gives half to Daughter 1 as joint tenant so daughter has right of survivorship and right to sell house to pay Mom’s assisted living expenses.

 

Mom’s health gets worse and she needs to be moved to assisted living. Mom and Daughter 1 decide to sell the house to pay for the finest assisted living they can find.

 

Mom moves to assisted living and 3 days later dies.

 

Daughter 1 wants to sell the house which has plenty of equity that was not used to take care of Mom, so she plans on splitting it with Daughter 2 and Son 1.

 

Reverse mortgage company says “Hold Your Horses.” You had no right to change title of house without our knowledge. They claim:

 

Reverse mortgages are for senior home owners only, not their children. Daughter 1 should not have been on title because she was not given permission by Reverse Mortgage Company.

 

Joint Tenancy is an equal partnership between all parties. All partied must be equally responsible for any liens/mortgages on the home. Only Mom was on the loan so she should have been the only one on title. 

 

You can see the problem here.

 

I suspect this one ends up in Probate Court with Court Confirmation needed instead of a fast, clean easy sale.

 

Tomorrow I will give you details on other issues that have come up in my Probate sales.

 

If you have any questions about selling a home in Probate or need a Probate Realtor in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

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Recently I have been involved with a number of families were trying to sell homes they thought they inherited or had title to, but wound up in Probate instead. Since the Probate courts are backed up, this can cause delays, heartache, and tension for the families and were problems that probably could have been avoided.

 

I want to say firmly, I am not a lawyer. I am a Realtor who specializes in selling homes in Probate and this is not legal advice. If you are going to be involved in intra family title changes PLEASE get the advice of a lawyer. This is complicated stuff.

 

I just want to give you a few examples so you can see that you should not assume anything when it comes to Probate sales.

 

First Example:

 

Mom owns home in Redwood City free and clear with no mortgage. She has 4 children and wants only 2 of the children to inherit the home. She signs a deed transfer her daughter, not a lawyer, drew up saying that instead of owning the house only in her name she gives 1/3 interest to one daughter and 1/3 interest to one son.

 

Mom dies. Son and daughter think they inherit the house 50/50, but that did not happeb. Deed does not say all three own as Joint Tenants. That would have provided the right of survivorship. Not only that, but daughter as executor of estate can’t sell the house. The 1/3 interest of Mom now has to go through probate and since there was no will all 4 children get to split Mom’s 1/3. Daughter has to be appointed by the Probate Court as Administrator of the Estate before she can sell the home.

 

It gets worse. They have to go through probate, hire a lawyer, and pay court costs for 1/3 interest in a house.

 

The mistake here was not spending the money up front to get advice on how to accomplish Mom’s wish that only two of her children inherit the house.

 

Tomorrow I will give you details on other issues that have come up in my Probate sales.

 

If you have any questions about selling a home in Probate in Half Moon Bay or anywhere else in the Bay area please feel free to contact me.

 

Marcy Moyer

Keller Williams Realty

Specializing in Probate and Trust Sales

650-619-9285

marcy@marcymoyer.com

www.marcymoyer.com

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Solo 401k Contribution limits for 2017
"The difference between ordinary and extraordinary is that little extra." ~ Jimmy Johnson

If you're a player or sports fan, you understand the importance of 'extra' effort. When it comes to your financial lives, that little extra could help you grow your savings exponentially. The good news is that the IRS has announced new Solo 401k contribution limits for 2017, allowing you to save extra for retirement.

What are the new Solo 401k contribution limits?

In its latest retirement contribution limits' revision, the IRS has allowed small business owners and self-employed professionals save more for retirement.

New Solo 401k contribution limits for 2017: $54,000 ($60,000 with catch-up contributions for individuals above 50 years); up from $53,000 for 2016.

  • Employee Deferral limits: There is no change in the annual employee deferral contributions, staying at $18,000 for 2017, excluding catch-up contributions of $6,000.
  • Profit sharing contribution: 20 to 25% of business income.

How does an extra $1,000 make a difference?

Example 1: Joe contributed $1,000 monthly to his retirement account, starting at age 30 until retirement. With an annual interest rate of 5%, compounded annually, Joe retired with a nest egg of $818,698.

Example 2: Michael contributed $1,083 monthly to his retirement account, starting at age 30 until retirement. With the same interest rate and compounding frequency as that of Joe, Michael ended up with $886,650 at retirement.

An extra $1,000 per year helped Michael exceed Joe's retirement savings by $67,952.

Four Reasons to start a Solo 401k plan in 2017

  1. Higher contribution limits: A Solo 401k plan allows you to save up to $60,000 in a financial year, making it one of the quickest ways to accumulate retirement savings.
  2. Roth savings option: Unlike a traditional Roth IRAs, a Roth Solo 401k plan allows an individual with higher income to save after-tax dollars for retirement. Imagine the returns your investment could gain when invested through a tax-deferred or tax-free vehicle.
  3. Alternative investment options: When compared with a traditional retirement plan, a self-directed Solo 401k offers an opportunity to invest in alternative investments. You can invest in real estate, mortgage notes, tax liens, tax deeds, precious metals, private equity, and even personal lending along with the traditional share and bond investments.
  4. Participant loan option: A self-directed Solo 401k allows you to borrow up to $50,000 or 50% of your account balance, whichever is less, as a participant loan. This is a crucial feature for small business owners or self-employed professionals that may not qualify for traditional loans.

If you're planning to kick start your retirement savings, a self-directed Solo 401k might just be the right option for you. Seek professional advice when in doubt.

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Our institutional buyers need deals!

Ok REO - PRO's, check this out!

Our clients have a HUGE appetite.

Yep, you read that right. 100 deals per month.

Two buyers have cold called me in the last 14 days. These buyers gave us some specific criteria: Combined market capitalization of almost $1bln.

The street finds out again that I am interested in doing business with institutional buyers again and my phone starts blowing up!

Here are some notes I made of their acquisition criteria.

Both want off market (aka pre-list) REO's, short sales, inherited property, probate etc distressed SFR's.


• $75k-250k all in price
• For the first client, minimal to no rehab. About 10k total rehab or below. 1980 or newer only.
• 10-14% gross. (annual gross rents divided by acquisition price)

Second client:

• $100k-300k all in price

• 1980 or newer.

• Will look at rehab projects of 50% or less of market value. Example - if ARV of 200k, then no more than 100k in rehab.

• Want good school zones


Geographic footprint
• Atlanta*
• Austin
• Birmingham
• Charlotte*
• Chicago
• Cleveland
• Columbia
• Dallas*
• Greenville
• Houston
• Huntsville
• Indianapolis
• Jacksonville*
• Memphis
• Orlando*
• Raleigh
• San Antonio
• Tampa*

Cities with * indicate second client also wants properties there.


First client

Multifamily apartment buildings $1-5mm
• Class A-C
• Cap rate 4-7%

Here is the way it works, we want distressed properties that we can put under contract that matches EXACTLY what the criteria says.
Send a bunch of garbage and watch the possibility leave before your eyes. Send EXACTLY what the criteria says and buy yourself two new BMW's for Christmas.

Send a non compete so as to protect ACP's position and include us on the purchase agreement so as to joint venture. Otherwise, we will pass.

ACP will joint venture with brokers/agents. Your name can also be on the contract and we will split profits equally. If required, I will review any joint venture agreement you have and execute when the terms state as such.

Now, let's go do 200 deals before Christmas!

R. Glynn Williford

American Capital Partners

731-574-18OO ofc

731-616-5OOO cell

glynn@amcapemail.com

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Special BPO AutoFill Software Offer09/29/2016

 

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Please call us with any questions you may have at: 360-223-2482 ext. 1 

 


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Miramar Beach, FL 32550
www.bpo-automation.com

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Masses of Marginal Agents

As a licensed real estate broker and professional Realtor® with an operating brokerage here in Nashville TN, I have experienced my fair share of marginal agents in my time. Truth is, it seems to have gotten exceptionally bad here recently with the Nashville housing market exploding as Freddie Mac ranked us #1 in the nation last month. It seems with this real estate boom, everyone and their granny is coming out of the wood work to help you buy and sell a home for the promise of fast, easy money. Unfortunately, the majority of the agents here in Nashville are either ignorant, immoral or just plain stupid. These marginal agents account for such a great number of practicing agents that they have a very negative impact on the consumer perspective of our industry and essentially myself.

The really sad part of this never ending nightmare is that I am not the only one who sees this problem and yet, nothing is getting done about it.  Even NAR the National Association of Realtors, which is this country’s largest real estate trade group put out a report a couple years ago where they admitted to the fact that…..

“The real estate industry is saddled with a large number of part-time, untrained, unethical and or incompetent agents. This knowledge gap threatens the credibility of the industry”…NAR DANGER Report

 ….so, as you can see, you don’t have to take my word for it. This industry is broken and when your largest trade group, representing over 1 million individuals and over 14,000 local associations comes out and says things like the quote above, bet your bottom dollar, “Houston, we have a problem.”

Just this week, I had a very interesting email conversation that you might find insightful, take a gander below for yourself…..

From: John Doe, Buyer’s Agent
>> Sent: Friday, August 26, 2016 12:09 AM
>> To: JGonzalez@LHRLLC.com
>> Subject: 574 Joyce Ln
>> 
>> I have been trying to contact you regarding the listing at 574 Joyce 
>> ln. I have a client that would like to make an offer on this. I need 
>> lead base paint discl and property cond. discl. as soon as you can get 
>> it to me. I have a cash buyer and we are ready to roll.

From: Jesse Gonzalez, Seller’s Agent,

On Aug 26, 2016, at 8:01 AM,
>> Thanks for reaching out however, this is the first correspondence I 
>> have from you. Not sure why but, the first none the less.
>> 
>> As for disclosures, they can always be found in the multimedia section 
>> of the MLS. If they aren't I apologize however, I did check the MLS 
>> this morning after receiving your email and they appear to be there.
>> 
>> Some friendly advice: When in a market like Nashville, where Freddie 
>> Mac has ranked us #1 in the country and properties can be sold in 
>> hours of them hitting the market, it's not in your clients best 
>> interest for you to wait on communication, forms, or anything else for 
>> that matter before you send their offer in. Just so you know, there 
>> are no statutory or common laws, rule or procedures that would ever 
>> prevent you from submitting a client's offer immediately. Not to 
>> mention, even if there had been, you can always make your clients 
>> offer contingent on those forms, rules or procedures being completed. 
>> The lesson here is, never....absolutely never delay in sending in your 
>> clients offer...for any reason. To do so could be argued that you 
>> didn't represent your clients best interest and at the very least could be
> argued as negligent.
>> 
>> With all that being said, attached are the disclosures as requested. 

From: John Doe, Buyer’s Agent
> Sent: Friday, August 26, 2016 9:53 AM
> To: Jesse D. Gonzalez Jr <JGonzalez@LHRLLC.com>
> Subject: Re: 574 Joyce Ln

> Thank you for your intended guidance but as an experienced and highly
> trained ***** agent I am choosing to represent my buyer in a professional
> manner and we wanted to gather all the facts before making an offer. Thank
> you for emailing me the disclosures and will be sending an offer your way
> shortly. Thank you and look forward to working with you.

From: Jesse Gonzalez, Seller’s Agent,

> On Aug 26, 2016, at 10:30 AM, Jesse D. Gonzalez Jr <JGonzalez@LHRLLC.com> wrote:

> Ok....well, that's good to know however, I wonder what your client would say
> if in the name of "professionalism" and being a "*****" agent you lost the
> opportunity to get their bid in on the home. Not to mention, by doing
> so....it could be reasonably argued you were acting negligently. 

> None the less....good luck. 

Here’s the lesson that Mr. Professional Buyer’s Agent Extraordinaire “John Doe” seemed not to grasp. As a licensed agent, we have a fiduciary duty to our clients. Specifically, that means, we exercise the highest standard of care when representing their interest. It was in this buyer’s interest to get his offer to the seller as quickly as possible however, the buyer’s own agent threw up a road block in the name of his brokerage and professionalism. This road block demonstrates a serious lack of competency as to his fiduciary / legal requirements to present his clients best interest by submitting his buyer’s offer immediately. It’s important to note, his duty to get that offer to the seller immediately, supersedes any and all self-imposed or brokerage imposed internal processes, procedures or for that matter, expectations. I argue that the agent is actually negligent in his duty and opened his client to unnecessary risk this his clients offer would not have been seen and for that matter considered due to the fact that in the meantime, the seller could have been presented a competing offer and essentially make a decision and therefore, his offer would have been…at the very least, held as backup, if not flat out rejected.

Here's the sad part to all this, I am positive the buyer has no clue what his agent wasn’t doing for him and thinks he’s working with the best agent in town…..what a joke.  

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BPO Tools & Automation

Hi everyone,

BPO Labeler is a windows tool I developed to easily and quickly rename photos just by dragging each photo to the corresponding field names - the photo would be renamed and copied to the destination folder that was originally specified. 

You can also access the Price Opinion calculator by clicking on the "Tools" in the toolbar of the application. The price opinion calculator was originally designed for BPO Fulfillment platform but it should work for others as well and I plan on enhancing it upon request since i'm limited which platforms I can use/see.

I would like to know what other tools are currently being used in the BPO business thats makes life easier. If you would like to test BPO Labeler out, you may download it it from the post or contact me. It's free.

BPO Labeler original download link post

4359198465?profile=original

4359198400?profile=original

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Amazing apps for your Real Estate business

I get so much email these days that I dread looking at my mail.

What a waste of time sifting through over 100 junk emails a day, just to make sure you do not miss something important.

Checking spam.

Trying to remember all of your clients email addresses at a glance.

Same story agents?

I opened this email from one of my LinkedIn groups, and was almost ready to hit DELETE, and to my surprise, there were a number of interesting and innovative apps uncovered in this article that I would eagerly check out and use.

I am sharing the apps article with you to see if they will improve your real estate business as well. Anything that becomes a valuable tool and time saver in our business is worth sharing.

http://blog.narrpr.com/product/15-remarkable-apps-real-estate-business/

Check this out &

Make today great.

#FlippinMagicCLE

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