All Forum Posts by: Henry Clark

Has the governor asked the president to declare a national disaster?  

 We have been traveling a lot and have run across several approaches.  These also tie to the countries politics, wealth or lack of leadership.  

1.  Your experiences.  Canada.  Socialist approach.  Your foreign made you deposit.

2.  Italy-  my wife went in at 9 pm.  Saw the doctor at 3am.  On a slow night.  Free of charge.  Socialist approach.  

4.  South Korea.  1hour visit with doctor trained in California.  Free.  MRI $350.  

5.  Spain- 15 minute visit with Doctor to get prescription.   Free. 

6.  Belize- dentist 7pm on a Saturday.  Came back to office.  $25.   Paid him $100.  

7.  Belize- chiropractor. $30.  8 pm on a Thursday.  Came back to office.

8.  Argentina-  researching investing.  Doctors get paid $1,000 per month.  

9.  You in the US-  lack of leadership.  Actually this is a good thing going forward.  See next position.

Nasty-  in several of my posts I will note I like Nasty properties to invest in.  We make mor money.  If we correct our immigration approach.  Everyone and their companies will pay insurance.   Won’t use the most expensive medical care at emergency.  Will pay for housing and food versus using shelters overnight.  Social security benefits will get more funding.  Reduced law enforcement.  

 Higher levels of immigrants both skill wise and financially.  My uncle Manriku.  Wife, 3 kids, 5 bags of clothes, $300.  Now dentist with two offices, lawyer, developer, commercial real estate agent, West Point grad, etc. Whole family is worth about $25mm.  God bless the US.  

My point is we have screwed up immigration so much that there will be a ton of savings if we do what most countries do in immigration.  

Don’t chase rates.  Pick the lender you want to scale with.  

OP.  I took a 100% removal of illegal aliens approach and positioned there would be zero net impact in population.

If the above happened there would be a huge REI boom. Since now they would be legal. They would outbid any current U.S. residence or investor on C and D housing.
.     
How could we get rid of 100% of all illegal aliens let’s say 20million.   Then turn around and have 20 million?     
I personally would hire 20 million and get work visas for all of them.  Would even pay for their air ticket and help them buy a house.  
Economic dynamos.  
Our Belize workers.  USD $2.50 per hour.  They normally work 50 hour weeks.  Good workers $3.00.  Good lead carpenters or masons $3.50.  Belize has a huge illegal alien problem.  Can get Guat, Nic, San, Ven for $4 per day labor.  Off the top of my head 300,000 people in Belize. I’m sure I can get 250,000 to move tomorrow.

Looking at Uruguay 3mm and Argentina 46mm.  Average Argentina $250 per month.  Doctor lawyer $1,000 per month.  Argentine inflation was 240% “per month”. Now 4.8% per month.  Pretty sure I can hire 2.5mm and 40mm to move tomorrow.  

The above is just 3 countries.  People will always want to come to the US.  If we were to lose 20mm people.  And we needed them.  I can easily get us personally another “vetted” 20mm.  

I am First Generation.  Firm believer we need this 20 mm plus another 20mm.  But vetted.  I’m a baby boomer in the young end.  76mm.  Our wealth and value to the work force will transfer in the next 20 years.  
So I’m not worried about correcting the immigration problem from a Real Estate investment approach it will only go up in price if we do a lot of immigration.

In transit to Belize.  -4 where I just left.  Can’t wait to try the Red bananas we planted last year.  

Can’t wait to see the 1200 sqft extra house we are building for one of our workers.  Estimated about $25,000 including utility hookups.  If my one caretaker doesn’t live there will rent to an expat for $600 per month.  I always tell people not to do OSS.  I’m a hypocrite.  Actually do not invest in Belize.  

OP you said “we”?  

So 5 years for you to retire?  How long for your spouse or partner?  Joint tax return?  

The purpose of the above questions will be evident below.

1.   Take advantage of the Capital Gain deduction of $250,000 in primary residence per “spouse”.   

2.  Now do the above again.  Takes far fewer doors to make money when you’re not being taxed.  
  
3. Sale your current house. Buy a second house as a primary . Pick one with value add potential. Either an easy ADU. Example take a 3/1 to a 3/2. Or add an extra garage. Or a house with a large lot that you can subdivide and sell a lot or two off. Or buy a Contractor display home in a new upcoming development. Then sale after 2 years or when it makes sense after 2 years.

4.  California is expensive as you noted.  That is why an appreciation and tax play is better than trying a cashflow deal there.  Or trying 5 to 10 cashflow deals in another state.  Plus your downpayment and financing costs will be less on a single house.  Line mentioned above, it’s not about doors.  

5.   You get ready to leave.   Take the full sales amount “IF” you don’t have time or equity buildup to do the 2 year primary.  1031 into a MFH.   Then once the 1031 is done if “legal” take a loan out an buy your new primary house.  

6.   Don’t do accelerated depreciation.  With the above you will need to pay it back.   I asked when the other person will retire.   One of you needs to be an REP.  

Sit down with a tax accountant and a realtor in your market walk thru the above with them.  

Dont get dirty, dont get burned by OSS team members, dont get burned by tenants, use less money to finance your deals.  

 Typo. 1031.  

OP.  Sit down with a 1032 Accommodator and have them explain the details of a 1031.   

A couple problems dividing a property and selling in a “Timely” manner and then picking exchange properties of equal or greater value than the lots you sale.   Basically impossible with that many lots.  

Let’s say you have 12 lots and if everything went perfect in the exchange you would recognize your $30,000 profit per lot across the board.  But let’s say you sold 3 within the 1031 timeframe and you also found a property or 2 or 3 that are equal to or above your basis.   You would think you would also recognize  the same $30,000 per lot profit?  Talk with an Accommodator.  

If you go forward also ask them about doing a reverse 1031.  You have more control over the timing.  

If this is your 5th deal you should have already developed a banking relationship with a commercial banker. Switch over to a standard financial lending institution.  Ask for a line of credit.  You will need to build the relationship.  Move your banking there. 

 Call the State Banking Commission tomorrow.   Give them all the details, contact information, time lines, relationships, etc.  Plus your contact at the banks Fraud or Audit department who you have been talking with. 

Need more info.

Are both accounts at the same bank?

Is there a pre existing loan with that bank with either of you?

Did anyone in one of the accounts die?

No way they froze both accounts with no explanation.  What did their Fraud or Audit department tell you?  I could see no respond if 1 or 2 days.  But sounds like weeks.  Some piece of communication is missing.  If no response contact the State Banking group and get them involved.