We apologize, but the forums are closed for new posts. Click Here To Join The Unemployables Facebook Group

Welcome, Guest. Please login or register.
June 14, 2021, 03:57:18 pm
Home Help Search Calendar Login Register

Welcome, Guest. Please login or register.
June 14, 2021, 03:57:18 pm
Home Help Search Calendar Login Register

Poll

Who is going to be our Next President in 2009?

John McCain
23 (42.6%)
Barack Obama
28 (51.9%)
Ralph Nader
0 (0%)
Donald Duck
3 (5.6%)

Total Members Voted: 52

Author Topic: Mccain? Obama?  (Read 97936 times)

Offline phlemboy

  • Member
  • *****
  • Posts: 1185
Re: Mccain? Obama?
« Reply #90 on: August 02, 2008, 11:23:06 am »
I posted it. It was an idea Donald Trump had 8 yrs. ago in his book "The America We Deserve". I see a couple of things with that. One is that many "high net worth people" don't actually own much in their name. Second, the people who are on the cusp of that net worth may hold off or reduce in order to fall under that level until the tax goes by.

Propertymanager- My question is this. How can you have a high net worth if your cashflow is relatively low? Isn't cashflow  low when your debt is high? If your debt is relatively high, your net worth is relatively low correct?  If you have a lot of equity, you have high net worth also. Perhaps instead of selling you can tap the equity to pay the bill. It would reduce the cashflow but it would not come from directly from pocket all at once. A net worth of $10M is beyond my comprehension at this point. But a one time 14.25% tax would cost $142,500 at the $10M point. If I were to have to pay that bill, you'd have to SHOW me that I could benefit from it. Perhaps there could be some future tax incentives to make it worth it. I also realize the if the govt. is going to ask for more money from ANYONE, they need to show they're not wasting money FIRST. Is there ANY OTHER  way to eliminate the national debt ALL AT ONCE? How does the national debt effect REI? Wouldn't repealing the inheritance tax be an incentive? Or is there something else the "high net worth" people are doing anyway to combat the inheritance tax. Trump also has some other tax ideas that he talks about. However, I like the fact that he put the plan out there for it to be debated, picked apart, perhaps even reworked to move towrd a solution. At least he had a plan. I don't think the candidates have an actual plan. I believe their plan is go with the American people in general want to hear. I think if they actually told Americans the truth, they'd never get elected for ANYTHING. Well looking back my post it looks like I had more than one question. Oh well, I think this is a good topic and I'm anxious to see what I can learn.
« Last Edit: August 02, 2008, 11:50:46 am by phlemboy »
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline justin0419

  • Member
  • *****
  • Posts: 2489
Re: Mccain? Obama?
« Reply #91 on: August 02, 2008, 11:52:15 am »
Missed a zero there.  It's $1,425,000 for 14.25% at the $10MM point.
 
If you like rock music, check out www.Lynamsucks.com
New EP titled "Halfway to Hell" is now available!
Check out the merch store on Lynam's website.

Offline phlemboy

  • Member
  • *****
  • Posts: 1185
Re: Mccain? Obama?
« Reply #92 on: August 02, 2008, 12:25:01 pm »
LOL! I guess I should scrap my dreams of being an accountant! :shocked. That's a lot of money. I guess to put it in perspective, that's like asking someone with a net worth off 100K to cough up $14,250. But before you ask ANYONE to give any more than they already are, you HAVE to show that you've eliminated wasting money. Perhaps if the govt. didn't waste so much money (pick a category..any category) they would need as much. In addition, you have to show them how they can pofit from their investment ( which is basically what it would be).
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline justin0419

  • Member
  • *****
  • Posts: 2489
Re: Mccain? Obama?
« Reply #93 on: August 02, 2008, 01:02:54 pm »
I don't have first hand experience with other areas of the govt, but I wish I could do something about how the military spends its money.  We have a system set up where people spend money because if they don't spend it, they won't get as much next year.  Govt contracts for products are more overpriced than what you could go buy it for out in town.  Add this to the crap you hear about Congress wasting money and you have a ton of money that could be saved if someone would change the system.
If you like rock music, check out www.Lynamsucks.com
New EP titled "Halfway to Hell" is now available!
Check out the merch store on Lynam's website.

Offline phlemboy

  • Member
  • *****
  • Posts: 1185
Re: Mccain? Obama?
« Reply #94 on: August 02, 2008, 01:10:31 pm »
If this country was run like a  SUCCESSFUL BUSINESS, you wouldn't have that waste. You'd also have better use of capital ( taxes).
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline propertymanager

  • Member
  • *****
  • Posts: 4854
Re: Mccain? Obama?
« Reply #95 on: August 02, 2008, 05:35:56 pm »
Quote
Propertymanager- My question is this. How can you have a high net worth if your cashflow is relatively low? Isn't cashflow  low when your debt is high? If your debt is relatively high, your net worth is relatively low correct?


No.   The amount of wealth you have in the rental property business is a function of several things:

1. equity at closing (discount)
2. appreciation over time
3. paydown of principal over time
4. number of rental units

Let's take a relatively modest rental property business with 50 rentals.  Let's say that the average equity per rental is $20,000 (by purchasing at a discount).  Let's also assume no other equity.  So, your net worth in this instance would be $1,000,000.

Now, let's assume that you received $100 per unit per month cash flow.  That means your cash flow is $5,000 per month.

There we have it - $1,000,000 net worth and only $5,000 per month cash flow.  In my opinion, $5,000 isn't a lot of money each month to live on and it would be very difficult to save $142,500 to pay that 14.25% one time tax bill.  In fact, it would be nearly impossible to save that $142,500 in any relatively short period of time!   Could you sell some of the properties or refinance some of the properties to get the money?  Yes, but doing so would significantly reduce your cash flow, which was only $5,000 per month to start with. 

Multiply all these numbers by 10 and you see why it would also be difficult for someone with a $10,000,000 net worth to come up with $1,450,000 for a one time tax payment.

The only plan that makes sense is to allow the economy to completely collapse and then we'll start over.  I think we're past the point of no return in this country.

Mike
www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline p1nn4cl3

  • Member
  • **
  • Posts: 57
Re: Mccain? Obama?
« Reply #96 on: August 02, 2008, 10:26:37 pm »

The only plan that makes sense is to allow the economy to completely collapse and then we'll start over.  I think we're past the point of no return in this country.

Mike


You know Mike, I disagree with you on Obama vs. McCain but agree with you on pretty much everything else. I hope this isn't the case though, and that we can get it turned around.
« Last Edit: August 03, 2008, 02:49:57 pm by p1nn4cl3 »

Offline mfouts

  • Member
  • *
  • Posts: 15
Re: Mccain? Obama?
« Reply #97 on: August 04, 2008, 08:27:49 am »
They both suck.. We are screwed either way, but in my 10 years experience in real estate, its always been the republicans that have help all of my business out.!!

SOOOO, I guess Mccain

Offline wallacehobbs

  • Member
  • ***
  • Posts: 498
    • www.MillionaireRealEstateGroup.com
Re: Mccain? Obama?
« Reply #98 on: August 06, 2008, 01:39:54 pm »
They both suck.. We are screwed either way, but in my 10 years experience in real estate, its always been the republicans that have help all of my business out.!!

SOOOO, I guess Mccain

Ok, if this is the way a lot of Americans feel how did we end
up with Mcain and Obama as the only 2 choices?
Wallace Hobbs
Real Estate Investor & Entreprenuer
www.MillionaireRealEstateGroup.com
"You Can Advertise on our Private Real Estate Networking Forum for a small fee"

Offline justin0419

  • Member
  • *****
  • Posts: 2489
Re: Mccain? Obama?
« Reply #99 on: August 06, 2008, 02:01:06 pm »
They both suck.. We are screwed either way, but in my 10 years experience in real estate, its always been the republicans that have help all of my business out.!!

SOOOO, I guess Mccain

Ok, if this is the way a lot of Americans feel how did we end
up with Mcain and Obama as the only 2 choices?


I wouldn't say that's how most Americans feel since the majority of Americans are slaves to their jobs and don't own businesses.  Hillary has such a polar division in her own party for her popularity or lack thereof.  Obama seems to be a good orator and has been able to get people behind his "change change change" campaign.  Considering our current state of affairs in this country, it's easy to see how many Americans just want a change.  I think some people were worried about having an Evangelical Christian in the White House again so that probably didn't do Huckabee any favors.  I also think Romney came off as slightly arrogant and may have affected his chances as well.  So we have McCain and Obama (and maybe Ralph Nader too).  I'm not saying my views are right, but this is just how I see how we got to where we are in the race.
If you like rock music, check out www.Lynamsucks.com
New EP titled "Halfway to Hell" is now available!
Check out the merch store on Lynam's website.

Offline kdhastedt

  • Member
  • *****
  • Posts: 5807
Re: Mccain? Obama?
« Reply #100 on: August 06, 2008, 02:58:38 pm »
They both suck.. We are screwed either way, but in my 10 years experience in real estate, its always been the republicans that have help all of my business out.!!

SOOOO, I guess Mccain

Ok, if this is the way a lot of Americans feel how did we end
up with Mcain and Obama as the only 2 choices?


Obama seems to be a good orator and has been able to get people behind his "change change change" campaign. 

He is?  Have you ever heard him speak without a Tele-Prompter?  The  guy can be a babbling idiot.

http://www.swamppolitics.com/news/politics/blog/2008/07/barack_obama_amman_mispeak.html

He and Hill-yuri are both Socialists (and not in a good way) - and, trust me, she is NOT dead yet.  She will try for the party's nomination later this month in Denver - mark my words.

Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

Offline phlemboy

  • Member
  • *****
  • Posts: 1185
Re: Mccain? Obama?
« Reply #101 on: August 06, 2008, 03:20:47 pm »
I honestly think the majority of Americans are looking for a savior. Not the truth. If a candidate actually came up and told them the truth about the state of our economy/nation in general and also told Americans that THEY are responsible for their own lives and should save themselves, that's as far as their campaign would go. I hear people saying the same phrase "The govt. sould do something about this". They don't look at themselves and say "What can I do to change my situation?" I'd just like to govt. to stop wasting money so they don't have to keep dipping our pocket or take on more foriegn debt when they run out.
"Fat drunk and stupid is no way to go through life son." --Dean Wermer

Offline Hoosier4life2005

  • Member
  • *****
  • Posts: 1007
    • www.myspace.com/hoosierluv
Re: Mccain? Obama?
« Reply #102 on: August 06, 2008, 03:33:06 pm »
I honestly think the majority of Americans are looking for a savior. Not the truth. If a candidate actually came up and told them the truth about the state of our economy/nation in general and also told Americans that THEY are responsible for their own lives and should save themselves, that's as far as their campaign would go. I hear people saying the same phrase "The govt. sould do something about this". They don't look at themselves and say "What can I do to change my situation?" I'd just like to govt. to stop wasting money so they don't have to keep dipping our pocket or take on more foriegn debt when they run out.

Ron Paul!
Im Josh Azbell and im 20.  Add me on facebook :)  Im from Indiana.  I am going to be a Real Estate investor.

Offline b18bgone

  • Member
  • **
  • Posts: 82
    • www.insaneleads.com
Re: Mccain? Obama?
« Reply #103 on: August 07, 2008, 02:11:54 am »
People are scared to death of the truth, if either of these candidates were to
talk about what it would REALLY take to get our country on track, and the time
it would take and how much things would suck.  You would have Opra as a
write in nomination victor, people want to be lied to. 

Case in point, not picking on just one guy but Obama was at a rally and said he
would tax big oil for making obseen profits, and take that money and give it to
the tax payers as some sourt of rebate.....the audiance went nuts, they loved it.

Are we to stupid to realize that if we were to tax the oil companies, extra taxes
to think that they wouldnt raise oil prices and that would negate any tax rebate
you might see. 


Offline kdhastedt

  • Member
  • *****
  • Posts: 5807
Re: Mccain? Obama?
« Reply #104 on: August 07, 2008, 08:13:06 am »
They both suck.. We are screwed either way, but in my 10 years experience in real estate, its always been the republicans that have help all of my business out.!!

SOOOO, I guess Mccain

Ok, if this is the way a lot of Americans feel how did we end
up with Mcain and Obama as the only 2 choices?


Obama seems to be a good orator and has been able to get people behind his "change change change" campaign. 

He is?  Have you ever heard him speak without a Tele-Prompter?  The  guy can be a babbling idiot.

http://www.swamppolitics.com/news/politics/blog/2008/07/barack_obama_amman_mispeak.html

He and Hill-yuri are both Socialists (and not in a good way) - and, trust me, she is NOT dead yet.  She will try for the party's nomination later this month in Denver - mark my words.

Keith

See?  Told ya!

http://abcnews.go.com/Politics/Vote2008/story?id=5528104&page=1


Keith
I have CDO...it's like OCD but in alphabetical order - the way it should be!

 




SMF 2.0.15 | SMF © 2017, Simple Machines