All Forum Posts by: Tyson Hosey

@Kenneth Garrett

I agree. That is what I'm hoping for. Would you say that is a typical deal? or is that a bit unrealistic with the 5%? I know everything is negotiable and each situation is different.

@Kenneth Garrett 

So an example proposal I would say: 10% down, 75,000 at 5% simple interest on a 10 year balloon. (7,500 down, 67,500 financed, $282 minimum payment, for 10 years)

@Kenneth Garrett oh ok, so it's not divided over the time of the balloon, it's divided by 12, and then you just keep that going for however many years you set with the balloon (theoretically)?

I'm trying to figure out ways of structuring a "seller finance" deal to propose to someone when I offer to buy their property. I know there are a million different ways to do it and one I keep hearing is X% simple interest 5 year balloon. I get the 5 year balloon part, but I've been in banking for so long that I only know amortized type of interest. 

So does simple interest mean that I only pay the accrued interest as a monthly payment?

oh ok thats a good way to think of it @Lance Lvovsky thanks!

Hey BP. Quick tax question: I know that I can deduct my mortgage interest, property taxes and homeowners insurance on my taxes, but can I deduct the principle payments along with all of that?

@Jana Cain Super helpful information. I downloaded a couple of schedules from irs.gov to kinda see what I needed and didn't, but I don't think I downloaded the schedule A.. so I'll have to re-look at that.

She didn't send me any sort of organizer, which was what I was looking for when I asked her what I needed. But again, she was so vague that I didn't find any help from her. I probably won't be using her for 2017's taxes, but I don't really want to start over with someone RIGHT before tax time, when she knows my situation already.

@Jana Cain good idea. yeah I tried asking her, but the way she responded made it sound like she didn't want to talk her way out of an hourly fee, (vague answer).

I'm putting together information so my CPA can file my taxes without having to do ALL the work. I have my business related expenses sorted out on a spreadsheet. Is there anything else I can do to make her job easier (and less expensive for me) from the business expenses side? I have them categorized (meals, travel etc.) but will there need to be any extra information for deciding what is a deductible expense, or is just the categories with dollar amounts enough?

@Brandon M. Good to know. I'm investing in another area outside of NM, but at least I know I can talk to my agent friends in that area and know what I'm asking for when I ask for the alerts to be set up.