All Forum Posts by: Bob Baldwin

David:
1. All properties ARE free and clear . Perhaps I should have taken more equity out over the years ,But My GOALS were always to PAY OFF as soon as possible .Not to Knock anyone but after reading many posts on this forum it looks like MANY would DISAGREE with me

2. See Bill's comments below " A TRUST with Real Estate is NOT a good thing for Estate Planning " At this point I think that converting to Marketable Securities MIGHT be the best option but until I discuss it with a couple of Trust Attorneys , CPA's and "TRUST " companies that have a GOOD track record ,I have a feeling that there may be some severe TAX implications .

4 " STEPPED UP BASIS " I will be adding to my list of questions to ask the above people

5. "1031 tax exchange ' refer to #4

6. Roth has been set up quite awhile . With all other retirement funding ,being Debt Free ,Plus Cash on hand , Should do us both OK barring any unforseen major expenses

Bill :" Charitable Remainder Trust" is something I am NOT really familiar with . But I surmise that it will end up in the the overall equation once we know how the numbers shake out . My intention is 15-20 % going to Kids Charities . That is Not for selfish reasons but we did loose a son ,Something you never get over and the wife and I still would like to HONOR him in some way .

Yes we have been Gifting to the kids and Grand-Kids for several years

Like your Idea About SPLITTING the difference between what the CPA's say and REALITY LOL But I am guessing that would set off the alarms at IRS for AUTOMATIC AUDIT LOL . Been audited once ,yes it cost me a few more $$$ but SIMPLY PUT I DON't LIKE THOSE PEOPLE THEY WERE QUITE INTIMIDATING

Yes I do understand you idea of Seller Financing with a TRUST Company holding the notes and the ADMIN fee's involved

As far as turning Real Estate into notes I do plan on having that conversation with CPA's and the Trust Attorneys . However I understand the Federal Implications but as noted the properties are in 3 states Conn , Maine , and Florida So I tend to think that I MAY end up talking to Trust Companies , Attorneys and CPA's in those States to see WHAT the STATE ISSUES might be

NOT trying to turn this into a POLITICAL FORUM but quite honestly I am FED UP with this OBOZO Administration and many members of congress with their Socialist Thinking . WHY should someone that Scrimped , Saved ,Played by the Rules and turned out to be successfull after 40PLUS years have to return SOOOO MUCH to BIG BROTHER ???

SORRY ABOUT THAT RANT

As far as the Aston Martin Goes I guess I watched too many JAMES BOND MOVIES . SADLY the last NEW CAR I bought was a PINTO back in the early 70's ? Always bought vehicles that were at least 2 years old up till now

son says he would like to inherit a McClaren MP4C ?

Daughter thinks a FERRARI would be NICE RED of course

Wife says she always liked Corvettes LOL BUT I absolutely refuse to buy any GM product

Bought a 2 year old BASS BOAT Last year for the Inland Bass Fishing . Have a place on the Intercoastal in Florida Not sure about a Catamoran but will be looking for a 40-42 FT Cabin Cruiser / Fishing Boat If I can Pick one up WHOLESALE 65% below List Price . From what I hear with the overabundance of Investors in Florida there are STILL a bunch of DISTRESSED SELLERS down there LOL

karen ;Thanks for your reply
Will be looking for their replys
No one to blame but myself for NOT getting Computer Educated
Almost Embarassed to when I have to ask my 12 year old Grand-Daughter to do something on the computer for me .!
As for the Picture I'm afraid it would make other peoples computers CRASH Ha Ha !!

Basicly I am looking for some ADVICE from the SENIOR INVESTORS on Pre-planning or Starting to Convert to CASH for future Generations .most of what I read about on BP "TENDS" to be geared toward the YOUNGER GENERATION with lots of GURU's and Newbies . My APOLOGIES to those NOT in that situation .

Got out of the service back in Late 60's .grew up in a Very Rural part of Conn. lots of Dairy farms in the area .
really did NOT have a pot to "P" in but was very very interested in Real Estate . really NO such thing as mentorship back then .I was lucky to get on with UPS in their early expansion ,I think at the time they were in 13 states .tried college but NOT my thing .

Decided if I wanted to learn anything about Real Estate I would have to be " CREATIVE" I ended up trading my time with 2 Bank officers ,2 lawyers and 1 CPA all investors . I mowed their lawns , plowed their snow ,shovelled their sidewalks , and plowed their gardens for 20 minutes of their time in really a Q&A sessions almost weekly . Certainly LEARNED a lot .

Fast forward 40+ years Looking at age 70 SOONER than I had Planned . Put 2 kids through College , Fronted the $$$ for their house down payments , matched their "Principal : payments with theirs , Ended up paying their houses off in about 8 years .6 grand-kids and 1 Great Grand Kid latter ,I have been lucky enough or Frugal enough to Pre-pay enough for their College education and set up a trust 50K if they need Down payments for their first houses ,They would be Primary Residences .

over the years I have dabbled in Raw land , built some Spec houses ,built a 34 unit Apartment rental , finished out a 50 unit Condo Project for a Bank whose developer had gone bankrupt, put up 3 small strip malls and a Convenience store /Gas station .If I had to liquidate all present holdings NET would be 8-10 Million as per the Assesments . Not a problem but one issue is they are in 3 different states .All are FREE and CLEAR except for Taxes ,Insurences, and monthly expenditures .

consulted with 3 different attorneys , 2 CPA's and 1 Probate judge .Sadly got 6 different opinions on WHAT I should do .NOT sure WHAT I should do at this point So far the kids both have very successfull business they own their buildings but have really NO interest in real Estate Investing .

as stated I could liquidate All or have some type of Trust in place for ongoing income for generations to come . NOT sure WHAT to do . myself the wife and kids are fairly Frugal in our life style .though they are ALL Urging me to make a decision on structuring something in place for generations to come .

NO I am NOT going to WHOLESALE Any of the Properties !!!

Perhaps the only thing I need is to retire to Fla. buy a NICE FISHING boat or perhaps an ASTON-MARTIN and just sit in it with a BIG SMILE on my Face