All Forum Posts by: Gary Barella

I flip homes and I get paid from either at closing as consultant on the HUD or 1099 from my partner after closing. I currently want to show the highest income possible (future borrowing purposes) but pay as little taxes as possible. Thoughts?

@Xavier Mahoney Thanks brother. Like most of us, I found God after serving the devil for way too long. I figured out the only two money making industries that don’t care about felonies (I have four) is hospitality and construction. Earned a degree in Culinary/Management and worked for top spots in NYC. Then, started a family and became a union carpenter. (Nights, weekends, and holidays are shot in Hospitality and Unions have great benefits). Then one of my best friends took his life and ran into one of my old friends at the funeral (similar story but was years ahead of me in terms of change). He does rentals in inner cities and our sfh/flip business was born. I find the deals and manage them and he funds it or gets funding for it and we wack up the profit. I truly believe if your making the right decisions for the right reasons around the right people, the right thing will happen for you. The biggest blessings I’ve received are the ones I didn’t work for and the ones I never saw coming.

Being upfront and honest with you before either of you waste any time is true indicator a bad person has changed for the good. There are a million ways around landlord background checks believe me. I was in prison for stealing cars and drugs and my partner for attempted murder and we are both changed people with wives and children and big houses and millions in assets. Some people do change. If they gave you the runaround and then we’re honest with you that’s a different story but they gambled by being honest with you knowing they might not be able to move in Because they have changed in their hearts and are no longer willing to deceive anyone.

Don’t listen to all these pansies. You hit the renters Lotto and now your scared to cash the check?

Nice strategy, sounds like everyone’s. However, your implementation is going to be bananas. First off, how far are you willing to go in Jersey? Just bordering the island is almost as expensive as Brooklyn. CASH IS KING IN NJ You ain’t getting any kind of deal with a loan, especially a federal backed one.

I created a company a few months back but I haven’t made any deposits in it (doesn’t even have a bank account). I realize now I want it in my wife’s name. Is it cheaper to dissolve the company and re-create another one in her name or transfer (gift) ownership? The caveat to the first option is I want to keep the same company name as it is our daughters initials. And to the latter, I don’t want to pay to file transfer paperwork for a company that has zero assets. Any thoughts?

Its the same thing buddy, you’re borrowing money that you’re going to have to pay back with interest. how you move the numbers around doesn’t really make any difference. Why don’t you sell a partial of your land? what is it being used for? I hope not just to stare at it.

I dropped out of an MBA program because I realized I was paying “has beens,” or “never beens” to read and write about what other people did. I said screw this, I’m going out there making sh*t happen and then people can read and write about me!

Perfect example of why I don’t do rentals. Thanks for the confirmation.

If you can do simple math, you don’t have to pay the lottery tax. Penn Station in NYC has a line just for lottery and it is always long, 24 hours a day. Baffles my mind, because these are not stupid people.