All Forum Posts by: John Wallace

This is the link to where the statement can be found 

https://www.mortgagecalculator.org/calculators/sho...

I Found this on a mortgage Calculator website, if this is true...

What would be our new strategy to counter the Thousands of Dollars in Interest payments we can no longer deduct ?

Understanding The Income Tax Implications Of Tap Home Equity

Prior to the passage of the Tax Cuts and Jobs Act of 2017 interest on up to $100,000 of second mortgage debt via home equity loans or HELOCs was tax deductible no matter how the money was used. The law changed how mortgage debt is treated based on how loan proceeds are used.

Home equity debt which is taken out to pay for things other than making substantial improvements to the home (which improve the basis of the home) is no longer tax deductible, as it is not considered acquisition indebtedness. If home equity debt is taken on in a format which is considered origination indebtedness then interest on the loan may be considered tax deductible. In general things which qualify as origination indebtedness include money used to acquire, build, or substantially improve the primary residence that secures the loan. It is important to keep your receipts on your improvement purchases in case you are audited. Please speak with your accountant if you have questions about what types of home improvements qualify.

IRS publication 936 explains how the home mortgage interest deduction works.

Rumors of a casino have been going around for about 20 years...

Don't want to step on anyone's dreams but, I will believe it when I see it...

Several Groups have had public forums to discuss the possibility of building a Casino, at everyone of these meetings Everyone seemed to be in agreement that it would be a good idea to boost the local economy and provide much needed jobs to the area,  but then the county steps in and the whole project gets put on the back burner and we wait until the next round... 

Hesperia came close about 3 years ago, had a spot picked out right off the freeway, Would have been a great location,  Really thought it was gonna happen that time... But to no avail... Same thing somebody showed up with a great big roll of RED TAPE and messed up the whole project !!!

Barstow has been trying for years to get one up and running they came close several times too...

But for whatever reason just Could Not Close the Deal !!!!

Hey BiggerPockets community,  Do we have any Real Closers here that can get a Casino Deal Done so we can finally have some jobs and a real economy around here ????   PLEASE....

Anybody wanna JV on this Casino deal.... ???

Lived in the High Desert for the last 30 years, 

Biggest problem we have in the high desert is the local economy...(or lack of)

Historically, Good Paying  Jobs have been few and far between in this area.

Before Rents or Real Estate prices can go up much more here, we need to bring more good paying jobs back to the area. After George Air Force base closed, so did a lot of Businesses, Growth in the area stopped almost overnight. 

finally started to pick up again in about 2004 then all of the sudden home prices in the area rose 300-400% between 04 and 08... Still no economy to support the increase in home prices, so needless to say we got hit pretty hard in the Crash...

Other drawback to the area since there is a shortage of Economy up here, would be the Commute time up and down the Cajon Pass, 4000' elevation climb in just a few miles, " the Pass" has been know to ruin a brand new car before you are even done paying it off, so figure in a new car payment if you are thinking about commuting to work from here...

At what point in the process should you start putting your properties in an LLC ?

For those of you who do not want to use them in the beginning...

and How would you go about transferring the titles to the properties into the LLC without Paying off the mortgage... (Due upon sale clause) ???

We are in the middle of starting our LLC.

I understand getting better rates with a non commercial loan, But seems like a giant pain the butt, to transfer property, if you don't put the titles in to the LLC at the time of purchase ??? or No ?

Anybody had any good experiences with COGO Capital that they want to report ???