All Forum Posts by: Wilson Churchill
Wilson Churchill has started 8 posts and replied 461 times.
Post: Can you deduct real estate purchases from your taxable income?

- Madison Heights, MI
- Posts 471
- Votes 132
You have to deduct the cost of the building (not the land) over 27.5 years (for residential real estate). See Publication 527 for more information.
Post: Most Important Piece of Advice

- Madison Heights, MI
- Posts 471
- Votes 132
Have plenty of cash or credit available as a reserve. The more credit and leverage you use, the more having cash flow is important.
Post: Problems getting Line of Credit from rental property

- Madison Heights, MI
- Posts 471
- Votes 132
You may need to go directly to the bank or credit union to secure a LOC. Brokers don't make money on them, or so I've heard.
Post: International Private Money Lenders

- Madison Heights, MI
- Posts 471
- Votes 132
You shouldn't have to do anything differently, with regards to reporting interest expense. If you have "foreign assets", such as bank accounts or real estate, you may have to report those separately.
Post: Pay off credit cards or buy a 3 family in July?

- Madison Heights, MI
- Posts 471
- Votes 132
You could pay the cards off, then call the banks and request an increase in the credit line. You can then take advantage of 0% BT offers and borrow the money again if necessary. I would also apply for more cards and the mortgage on the same day, if possible, to minimize the impact on your scores while increasing your available credit.
Post: Business Line of Credit Options

- Madison Heights, MI
- Posts 471
- Votes 132
Originally posted by @Mike Springer:
I think using a line of credit is a great idea for your situation! I've done the exact same thing and the rates are pretty good, 5% for free and clear houses owned by a LP. I did personally guarantee the loans. If you guys are unwilling to do that, you may have to pay a higher rate and / or be approved for a lower LTV. Good luck!
Hey Mike. Did you get this through the Commercial side of a bank or CU?
Post: Is it worth refinancing this ol' house that I inherited?

- Madison Heights, MI
- Posts 471
- Votes 132
Find a friend or neighbor that knows how to do it and work out a reasonable hourly wage. If you can do any of the work yourself (and have a little free time) you can save a lot. Wiring and metal work boxes don't cost a lot. Might as well replace the main panel, if that hasn't been upgraded.
I can see flooring costing a lot for such a large house. Does it have original hardwood floors? If so, I would just rent a sander and do the job over a few days or so.
Roofing can be done, but I would be tempted to let a company do it on a larger house.
Post: Is it worth refinancing this ol' house that I inherited?

- Madison Heights, MI
- Posts 471
- Votes 132
20 to 25k is a lot. What needs to be repaired, other than the wiring? The wiring could possibly be done for around a grand or so, depending on who does the work.
Post: I am the rich guy you want to be - and I have nobody to talk to

- Madison Heights, MI
- Posts 471
- Votes 132
Do you have any children? If not, consider the possibility of having a large family. Intelligent, successful people should have lots of children, in my opinion. They can provide a tangible sense of purpose. They represent the continuation of your family's legacy. Without children, everything you have accomplished will die with you.
Post: Cash Flow from a Paid Off Duplex???

- Madison Heights, MI
- Posts 471
- Votes 132
Something around there.