All Forum Posts by: Pat Martin

I don't think you could do it. Because you dont have a traditional closing. You are wiring money to the trustee who will then send you a deed in the mail that you gave to go record.

No, thats not what your accountant was saying. If your accountant said what you said they did they have no clue what they are doing. Find a new one.

Yes it is but you need to get a w9 from him/her.

If you found really great deals why not wholesale them to build some cash so you can afford 25% down. If you need to find buyers go to the knoxville reia and network.

I'm sure I would just keep buying and growing and giving and spending!

My goal is 1,000 rentals paid for with a net worth of $100 million. After I hit that I'm sure ill set a new one.

2010 E550 (wife's car)

2007 Suburban kid hauler/old work vehicle

2013 tundra bought a leftover one at a bargain. Hopefully be my work truck for 10 years.

Also for you boat lovers out there have a 2010 Mastercraft x-15

All paid for in cash. All but the tundra bought 2-4 years old at half the cost of original price.

Marc do you mind sharing how much the reno cost on your property number 8? Looks like the homes I buy are pretty comparable to yours. So just curious.

Like most here said you only need it if you have someone depending on your income. And if you need it get term. For example I got $1 mil 30yr term for $600 a year. I'm only 28 though.

In my state of Tennessee the benefits of an S corp are wiped out by F&E tax. But I still get the benefit of depreciation.