All Forum Posts by: Clint Pearcy

You are correct, I purposely framed it in the negative.

I had lunch with a customer yesterday, who, with no prompt from myself, began telling me about all of the homes he had owned. The last one, he put up for rent the last year they owned it. His comment was "they really nailed me on the income tax return because of that"... I asked if he meant on the rental income and he said yes. This all followed by the ever common "I'll never do that again" that I hear from people who take a failure as a sign to quit completely.

I know there are many different reasons this could have happened, if it did, and not many details were provided. However, with so few details, what could have been a reason for his poor experience with owning a rental property? He did say he ran it by two different CPAs to make sure it was correct.

What are the ways you can make sure you pay too much in taxes on rental income? (So these mistakes aren't repeated)

I'm in the same general career position, not the field, but the passion part.

I recommend reading books, listening to podcasts, and making it a daily routine to read several posts per day on this forum. There's a lot of really good information out there that can be absorbed while you raise your initial capital (if not already done).

My goal was my first property before the end of the year. Serious shopping to start September 1st.

How do you get money into the entity for purchases if not in this manner? As a beginner I understand we will most likely have to purchase the property in our name, but wouldn't transferring the deed to a holding entity be the same as transferring funds?

Helpful for me as well, thank you sir.

@Patrick Bavaro

If it makes you feel any better, we sold my wifes house in Ecuador earlier this year and it took 6 months to close. I thought it was a travesty, everyone else involved felt it was pretty normal. The hold up was also the lender.

"Live your own life" seems to be the appropriate response to people trying to preach me out of chasing my dreams.  I'm amazed by the people around me (my employees), with three kids and no money in the bank, giving me negative feedback on my life goals.  The reason the athlete is regarded higher than the investor is because they've "worked hard" for their accomplishment, as dictated by old school thought processes. There's a lot of common thought that the wealthy must be doing something sneaky or illegal.  I've gone most of my life lacking trust in wealthy people, and mostly just disliking them, and have only just recently begun to understand why I was wrong.  Live your own life, let them chase crumbs. You aren't responsible for their failures, but you are responsible for your own happiness.