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December 06, 2021, 11:51:48 am
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December 06, 2021, 11:51:48 am
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Author Topic: Do you enjoy your career? What do you do?  (Read 15007 times)

Offline JJ Andrews

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Re:Do you enjoy your career? What do you do?
« Reply #15 on: January 25, 2007, 11:32:13 am »

who needs to spend hundreds of bucks paying to listen to trump or other teachers in the industry, when you can listen to dsandlin!    :)       good post
 
 

Offline benjiej

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Re:Do you enjoy your career? What do you do?
« Reply #16 on: January 25, 2007, 11:36:23 am »
I am full time Network Administrator. I put in about 113 hours a week and then I work as a stocker 3 times a week. On Sunday I am all out REI. I am still looking for that first elusive deal but I am getting closer I can feel it.

Benjie
Johnson Investment Properties LLC

Offline spacechimp

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Re:Do you enjoy your career? What do you do?
« Reply #17 on: January 25, 2007, 11:48:41 am »
. Build your portfolio and never pay taxes. Its possible. make money every year for the rest of your life and again never pay taxes.

that's a WEE bit of a stretch  :D

you can roll over the profits from one flip to the next but eventually when you want that money, you will be taxed on it.
it's great to be able to greatly reduce your taxable income, but Pay Taxes you Will

Offline dsandlin

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Re:Do you enjoy your career? What do you do?
« Reply #18 on: January 25, 2007, 11:56:31 am »
take out a home equity or a loan from the home and you wont pay taxes on it. Take a loan on homes that you have rented and let the renters pay the loan. It can go on and on for as long as you want UNTIl you descide to sell the home. But again you can 1031 the deall and start all over again. Its worked for me for the past two years, if there are problems with doing this or better ways i would love to know about them. Im always up for positive criticism it can only help you out.

Offline Garfield27

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Re:Do you enjoy your career? What do you do?
« Reply #19 on: January 25, 2007, 12:14:49 pm »
I am a Financial Analyst with Disney.  REI for the past three years and I love it.  I finally purchased my first commercial property and I can't wait to raise more funds so I could keep expanding.   It's very addictive :)
Metroplex Associates, LLC
Dallas/Fort Worth
Property Management and Sales
www.metroplexassociates.com
(214) 680-4788

Offline dsandlin

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Re:Do you enjoy your career? What do you do?
« Reply #20 on: January 25, 2007, 12:20:54 pm »
Thats great, i just returned from disney and did a deal sitting in France" epcots France" lol. Keep going, its alot of fun, can make your relationship with your family or friends stronger, and help you drive the car you have always wanted. Guess you could buy a boat if you wanted lol.

Offline DannyTheGreat

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Re:Do you enjoy your career? What do you do?
« Reply #21 on: January 25, 2007, 12:28:34 pm »
dsandlin,

No, you don't pay taxes on borrowed money. But you have property taxes that you will pay, no way around it. You pay taxes on ALL net income less depreciation. Seldom will depreciation cover all of your net income, so you will pay some income taxes. 1031s are for capital gains, nothing else.

The only way you can totally avoid taxes is by going on the lamb from the IRS. It's one of the two certainty's of life.
"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline dsandlin

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Re:Do you enjoy your career? What do you do?
« Reply #22 on: January 25, 2007, 12:39:02 pm »
i totally agree with the real estate taxes, im talking about personnal taxes. If you are using money from your homes its tax free. Im dating a cpa that does the work for me and have spoken with other accountants and havent paid anything. Im interested in what you said and would like to know where you received your information or is it first hand?

Offline dsandlin

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Re:Do you enjoy your career? What do you do?
« Reply #23 on: January 25, 2007, 12:44:31 pm »
cool website by the way. Hope you are doing well

Offline DannyTheGreat

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Re:Do you enjoy your career? What do you do?
« Reply #24 on: January 25, 2007, 12:56:47 pm »
I guess by personal taxes you'd mean income taxes. "Money from your home" I assume mean a home equity loan or HELOC. That's borrowed money, not income, so there is no tax on that. When you have an income of any kind (rents) you pay taxes on that income, less operating/ business expenses, and the intangible expense of depreciation. That becomes your taxable income.

I received my information from the back of a cereal box so it could be entirely wrong....
"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline dsandlin

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Re:Do you enjoy your career? What do you do?
« Reply #25 on: January 25, 2007, 01:01:52 pm »
lol, was that kellogs? i knew i was missing out not eating that in the morning. I completely agree with youyr statement. Yes the money i was talking about was from helocs. with enough houses though ive been able to write off enough from my rental money. So my taxable income is nearly non existant after all is taken out. I appreciate the chat. Do you have rental properties or do you primarily flip homes?

Offline DannyTheGreat

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Re:Do you enjoy your career? What do you do?
« Reply #26 on: January 25, 2007, 01:04:18 pm »
Do you have rental properties or do you primarily flip homes?
Atleast 1 or 2 of each.
"I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."- Isoroku Yamamoto, Japanese Admiral- After the attack on Pearl Harbor

Offline Rich_in_CT

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Re:Do you enjoy your career? What do you do?
« Reply #27 on: January 25, 2007, 01:04:49 pm »
Do you have rental properties or do you primarily flip homes?
Atleast 1 or 2 of each.
Per day?

Offline LRrenewvating

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Re:Do you enjoy your career? What do you do?
« Reply #28 on: January 25, 2007, 01:33:48 pm »
I've been on this site now for about 2 months and it is a gas to watch you two (danny and rich) go at it.  You two are a card.  You guys keep the humor in a subject that us beginners are struggling with and it makes it easier to deal with.  Please keep the joke and razzes going its great.
Rick
L&R Renewvating, LLC
(seeking birddogs and wholesalers in York, PA)

Offline spacechimp

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Re:Do you enjoy your career? What do you do?
« Reply #29 on: January 25, 2007, 02:29:59 pm »
yeah, you don't get taxed on loans but you don't get to KEEP that money free and clear...you have to pay it back with interest.

and you can 1031 and keep rolling it over but when you want money to KEEP free and Clear without it being a Loan.

you Will then be Taxed

 




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