All Forum Posts by: Wilson Churchill

I wouldn't necessarily be opposed to it, if it meant that I would get the deal. It just depends on the numbers. I prefer to go straight to the listing agent because I know they are motivated by money, like everyone else. There was a time when a listing agent asked for an additional $1,000 on top of taking both sides of the commission. I didn't complain, because the home was a short sale and was the cheapest listing in the city.

Credit cards, loans from friends or family, life insurance loan, 401k loan, prosper or other peer-to-peer lending loan, personal line of credit.

If you aren't able to borrow the money, find more income and spend less money. Work two or three jobs, do work on the side, switch from an expensive phone plan to a cheap one, get a cheap used car, get roommates. Money in vs. money out.. Don't spend money. Buy used clothes.

I've used credit cards to finance my last two purchases. Just order balance transfer checks. You may have to pay a transfer fee of 3% or more, but some have no fee.

Have a penalty clause in your contract that deducts from their fee for every day they don't meet the deadline.

But to answer your question, double shots of bourbon. Just kidding, that's only occasional. Exercise is the best medicine.

 Edit: you lose $1 of the allowance for every $2 in MAGI above $100,000.

 Don't worry, you still get to claim depreciation against your rental income, even when making above 150k MAGI. The limitation applies to the "special allowance" of a passive RE loss against other income. You can use a loss on your rentals (whether the loss is from depreciation or not) of up to $25,000 to offset other income, if you "actively participate" in the rental activity. This special allowance is phased out between a modified adjusted gross income (MAGI) of $100,000 and $150,000. For every two dollars in MAGI above $100,000, you lose 2$ of the special allowance. Please see Publication 527, page 13 for more information: 

http://www.irs.gov/pub/irs-pdf/p527.pdf

Ca$h flow. Forced or regular appreciation (or inflation) is just a bonus.

Any costs incurred before the property was first ready for rent and placed into service are added to the basis of the property. Please see Publication 527 for more information: 

http://www.irs.gov/pub/irs-pdf/p527.pdf

I stay north of 8 mile.. Actually, north of 10 mile, when buying properties.

A lot of people want to blame the unions, but the real cause of the decline of Detroit, and the entire "rust belt", is our federal trade policy. There is no manufacturing in the rust belt compared to decades ago, because said manufacturing is now done in Mexico and China. The government could raise tariffs and implement other protective measures, but there isn't any indication that it will. The Republican party traditionally was the protectionist party, but they have largely been replaced by liberals that believe in free trade and open borders, even within the party itself. Of course the trade isn't anything close to "free". We pay for it to the tune of over half a trillion dollars per year.. While we maintain low tariffs, China and other nations continue to raise their tariffs on us. Our nation is being swindled and undermined by liberals and their self-serving ideology.

Can you get a higher rate of return by taking the amount of $ represented by the point and putting towards another property?