All Forum Posts by: Duncan Taylor

According to the IRS, US Citizens are subject to US income tax on all income earned WORLD WIDE no matter where they reside.

http://www.irs.gov/Individuals/International-Taxpayers/U.S.-Citizens-and-Resident-Aliens-Abroad

I didn't ask for any tax advice. I have a CPA for that.

I was pointing out that broke people worry about the taxes they pay while successful people work to minimize the rate and then are happy to pay as much in taxes at that minimzed rate as possible.

Remember, it is not what you earn, it is what you keep that counts.

Pat, we have talked about this before. You need to PULL to open the door.

Watch copper demand.

As for what you should do, that is something you will have to decide.

All I can tell you is what I am doing. I am aggressively increasing our cash reserves.

Let me know where and when, if I can, I would like to meet some of the BPers. I'm in Gwinnett.

Yes, we are closing on the apartments next week. It is a deal brought to us and was too good to pass up. The numbers on it are on the blog.

We are not actively buying anywhere in the US at the moment. That might change because once the new acquisition is turned around we really do need more near it to make it a viable long term hold. We don't have any other holdings in Spokane at the moment.

The stock market is oversold. That doesn't mean it won't be more oversold before it corrects.

The real estate correction did not complete in 2008/2009. Eventually it will. I think within the next two years.

Is it time to panic? Absolutely not.

Is it time to be smart? Yes!

We are increasing our cash position and taking profits on stocks and properties where it makes sense. We aren't panic selling, but we are selling to increase our cash.

In 2016 I believe we will be faced with the start of a prolonged buying opportunity we will never again see in my lifetime and possibly not in my grandkids lifetimes.

I'm not too worried about that scenario.

Someone wanting to get rick quick is not going to have the patience to do business the right way in the first place.

Joe, go back and read my challenge on the first page.

The whole point of this thread is you can't hire a real mentor.

I never paid any of my mentors anything for their time and no mentee has ever paid me anything.

This is the first time I am mentoring anyone outside of family or very close friends in real estate investing. It is a different world because of the sketchy gurus and coaches who can't make any money doing it so they teach what they don't know.

The bottom line....

Real mentors do not charge for their time.

Jennifer,

First, whether you give someone a do-over on a screw up or intentional late payment is entirely up to you and your husband. But owning rentals is ultimately a people business. Things are less clinical than we would like some times. I'd definitely contact them on the 3rd if payment has not been received and would definitely follow the local laws on posting a pay or quit notice and getting the eviction process started.

However, if I were in your shoes, I'd get a lawyer to review my lease. The language there looks like it might be a diy effort. Some of it appears inconsistent and could be open to conflicting interpretations. With a contract, any contract, you want everything to be clear and unambiguous because any inconsistencies or fuzziness in the language would be ruled in favor of the tenant.