All Forum Posts by: Nick Scalero

Wow, Day 7 sure looks a lot better than day 0. Even with bare studs and nothing but dirt outside it looks 10 times better than before.

Do you mind telling us how much it's going to cost for all the repairs?

or just move on to another place... one that's at or below market value.

I'm guessing we'll not find out about those structures.

Leveraging in an IRA sounds good until you find out about UBIT. It would still be attractive if one was able to write off depreciation, taxes, etc. against the financed portion by percentage.

Good to know Don. Thanks.

Let me ask you Greg... What would you do if you loaned money and weren't being paid back?

I saw a posting stating "judgements for sale, pennies on the dollar" and I thought, could I help myself and the persons who have the judgements against them?

Consider this:
5 judgements at $1000 each
Purchase them for $100 each = $500 (assuming that's what pennies on the dollar means)

I offer the persons who have the judgements against them to pay a flat fee of 10% (my $100 back) then interest only on the balance for 3 years at say 10% interest. At the end of 3 years I release them from the judgement.

$8.33 per month x 36 months = $299.88
Plus my 10% flat fee = $100
Total return for 1 judgement = $399.88

Assuming I can get only 2 out of the 5 to agree to this arrangement. That's $799.76 / $500 or 60% in 3 years.

The others still have judgements against them. I could go after assets if I couldn't get 2 to agree to the repayment.

I've kept the numbers small just for calculation purposes. Certainly the model could be adjusted based on the number of respondents. It might be a lot of work on my part.

Any thoughts? Anyone with experience in buying judgements?

Can someone recommend a good bank to open a business checking account? I recently moved my cash into a self-directed IRA with checkbook control and am now looking to put the fundssomewhere I can get to them.

I'd like to minimize expenses but still be able to earn interest on the cash sitting in the account.

Please tell me why yourrecommendation is "best".

Thanks,

Nick

David,

I expect net gains at closing ten years down the road but... it's still just a market and there could be some future interruption to that market or even our economy as a whole. I guess I'm just a glass half-empty kind of guy. Hope for the best but prepare for the worst.

Yeah, I can have a foreign LLC but if you do business in California they tax you anyway. It's about $200 to file plus charges for name search and a minimum tax of $800 / yr on top of all other expenses.

I decided to go with NAFEP and American Trust. They have a plan that alows me checkbook control in a trust that belongs to the IRA. I didn't want to go with the LLC because the costs in California are so high.