All Forum Posts by: Bill Schrimpf

@Spencer Tanaka - I agree with @Greg Scott, but if you did a big renovation, consider calling your insurance company a call to make sure coverage is still appropriate.

@Dave Meyer wrote this interesting article supposing inflation has peaked, and interest rates seem to agree with him. I saw gas under $5.00/gallon in Reno, NV, today. If Dave and the interest rates are right, what does this mean for the recession? 

I think we are in a recession; countless articles discuss what a recession is, how to measure it, which KPI's actually mean something, etc. We know the old measure of 2 quarters of negative GPD, but really...

I did some moderate belt-tightening the past 6'ish months, as did most others I know. Our family still took a vacation but were more conscious about everyday expenses and paid down some debt to free up future cashflow should something terrible happen. We didn't buy that new truck and moderated investment strategies.  

So, how long and deep will the recession be if inflation peaked and the worst is behind us? Will we buy that new truck in 2023 or not take a vacation? What about your family and business?

@John S.  —congratulations on your past success and new opportunity!  What makes you happy, what scares you?  What is your risk tolerance and what other obligations do you have?  Do you want to work hard, hustle for a few more years or have a flexible schedule?  When you understand these and other related items, then you can effectively formulate a strategy.

 That seems like the exact perfect thing to do.  It's boring, ethical and professional.

@Isaac Delgado - I have some real concerns about the program, but ultimately, I decided to give it a try.  I signed up last week.  Have you taken the plunge?

I was clear about my concerns, and you can read them there here but, as a long-time BP fan and member, I decided to give it a try, and the sales team stepped up!

An update...

It took some real patience, but finally received and signed an amicable contract for the featured agent program.  With all the concerns I posted about above, maybe it's a good program for all.  Time will tell.  It's easy to complain from the cheap seats, so in go, to the front row!  Hopefully, the leads are good, everyone makes some money and learns something!

@Scott Mac - What is missing from the layoff data and its impact on rents is where all the Patagonia vest peeps, (@Travis Timmons - LMAO) are living.  Of the 11k jobs, are those primarily concentrated in one city or dispersed around the organization worldwide?  

 Pretty much what I figured.  Hoping that someone has found a creative way to deal with this mess.  Thanks for the reply.

Questions—Can the owner of a property discharge an IRS tax lien against a property if the lien was related to the previous property owner debt?  Did the previous owner potentially commit any crimes by selling the property and not disclosing the liens?

My client bought a vacant lot about 18 months ago in an off-market transaction using a quit claim. He did not do a title or records search. He is now trying to sell the lot. The person that previously owned the lot, owed the IRS about $123,000 and the IRS placed a lien against the property.  The transaction appears to be an arms-length transaction.  

@Jesse R Wien - I'm putting together my first operation agreement this week. I chose to hire an attorney, and glad I did. I asked my Divorce attorney and CPA for a few recommendations, and one name was on both lists. Money spent on this attorney is a good investment. For a good attorney, this is mostly boilerplate stuff. I am not sure how I would feel inf this is my 5th LLC, but since it is my first, hiring a pro is good for me.

Talk to your partner, tell him/her that there are so many unknowns that maybe its best for you to hire an attorney together to draft an agreement to prevent bad feelings later.

A short list to consider, beyond all of David Greenes concerns:

you or your partner looses a lawsuit (related to another property, business, DUI, etc.)  Lookup charging orders.

you or your partner gets divorced or married

you or your partner want out