All Forum Posts by: Hamp Gaston

Thanks.

Group,
(disclaimer: I know I need to talk to a CPA, just trying to get a general idea of what I am dealing with).

I have a property that I decided to go ahead and payoff since I had the funds available to. The payoff was 60K. Is there anyway to deduct this against my gross income as a business expense to offset dividend income I have had this year?

I plan on trying to sell off this property in 2010 but not 100% sure.
The property is owned by my LLC.

I just got the payoff for a HML I did a few months ago. Question: I have had the deed of trust document, do I now simply forward this to the owner? Anything else I am supposed to do to "finish" the loan process?

edit: just to be clear, I was the lender.

How long (generally speaking) should it take an investor to get long term financing on a property these days? Can it take longer than 1-2 months? Let me give you some specifics: this property I have a HML on the investor has sold to another investor, but it seems like the financing is taking forever (1.5 mos now). Property is <35k.

Besides refinishing a wood floor, what is the best way to make a wood floor "shine"? Is there a certain type of wax or something I can use? I am getting my unit prepped for the next tenant.

Group, quick question. I am getting ready to payoff a property. It is in my name but I quit claimed it (as soon as I bought it) to my LLC. Would it be considered co-mingling of funds to use funds from my personal savings to pay off? Should I go ahead and transfer or "loan" this to my LLC checking acct then payoff? Reason for paying off with personal savings would be for convenience purposes.

Mike,

I totally buy in to the 50% rule, and I have no reason not to believe seasoned investors here; its just nice to have a source to reference to-- saying that "well its what they said on some message board" probably is not a very reliable source. Again, I don't disagree with the concept.

Does anyone have a source that I can reference the "50% rule." It would be great to have something to have when negotiating with someone. (not that I don't believe everyone here)

ask price 325k
cap rate 9% per seller (fwiw)
total rents for all units (IF fully rented) = 4110

my first thoughts are that this needs to be sub 300k for me to even consider...thoughts?

I suggest you read The creature from Jekyll Island-- and you'll see how rigged the system is.

What I want to know is how to set myself up to prepare for chaos; I dont want to buy a shotgunn and hide in a bomb shelter or anything but should i be buying gold, etc? I also wonder if the next crisis want come in the credit card markets.