All Forum Posts by: Account Closed

I've got a tax question so I'm wondering if there's anyone that's either a tax advisor (meaning you do it for a living) or anyone who's filed and claimed for a section 179.  Be ready because any responses just might prompt more questions.

Keep in mind that late fees need to be high enough (max allowed IMHO) to deter a tenant from being late in the first place.  Just food for thought.

Paul G.  Breathe there big guy.  Some of the best asset protection actually comes from a combination of LLCs AND umbrella coverage.  If you want to talk about someone making assumptions, you're assuming that it's the PUP that I was talking about in the first place.  If the PUP works out for you, then great.  I'm glad that it works.  The advice that is presented by those that are writing the best-selling books are to do due diligence and that umbrella policies ALONE are not necessarily the way to go by themselves.  This is about getting as much information as possible to the BP community so they can assess and decide for themselves what is best for their own investment needs.  

Jingrui Su (I know I spelled it wrong, but my screen won't scroll up to see the right spelling).  There is going to be a lot of information presented by a lot of people.  With that said, some of the information can be used with nuggets of other information to provide the best asset protection for yourself.  I'm learning a lot on here and taking not only the wealth of knowledge from Kiyosaki, but also his tax advisor Gary Sutton.  The Gary Sutton series that I've started reading provides a wealth of information and is a must-read for all investors.  I'm glad that I was able to give you some useful information and refer you to some great reading to help you along.  Keep us posted on BP, I'd love to hear your growth and progress knowing that I can learn a lot from you.

I'm actually getting a good laugh here about this latest response.  By virtue of the fact that you're still responding, there's obviously some control issues going on here.  You've really got to come up with something better than this.  It's embarrassing that you think the patronization/condescending is actually doing something.  

I guess I'm supposed to be angered by the patronization.  Try again.  Dig deeper.  I've got plenty of popcorn.  If you're really that concerned, why not call?

Ok.  But did Dodd-Frank have anything to do with the "due on sale"?

Back during the Reagan administration, he signed what is called the Garne St. Germain Act (named after the 2 congressman that sponsored the legislation) that relaxed the restrictions on banks for making home loans as well as prohibited banks from exercising the "due-on-sale" clause if a homeowner transferred property.  When the bubble burst and new legislation was signed into law, does anyone know if the Garne St. Germain Act was superseded by any legislation?  If it was, do you have a link that you can provide as evidence?  

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I'll take Garrett Sutton's books guidance.  He's the one that actually does the taxes for Robert Kiyosaki.  

Something that will help shed some light on this is reading Garrett Sutton's book "Start Your Own Corporation" as well as Robert Kiyosaki's "Rich Dad's Guide to Investing".  On page 245 of this same book (Kiyosaki's) I'll quote him, "If you are serious about doing business, then you do NOT want to do business as a private citizen.  That is too risky, especially in this day and age of lawsuits."  Now, there's probably going to be some push back on my response, but it's something to seriously think about.  You say that you're just starting out so proceed cautiously with what you may be inclined to dismiss.  Garrett Sutton (the tax professional that actually does Robert Kiyosaki's taxes) actually has a few issues with some of the very advice that you've been given in other responses on this thread.  In the end, you're going to have to research for yourself and 2 of the resources I strongly recommend you read are the 2 books that I mentioned.  They're multi-million dollar investors and tax professionals and they're content is spot on.  I'm half way through "Start Your Own Corporation" and it's a real eye-opener.  You're obviously dong some due diligence being on here and posting that question and I encourage you to continue your due diligence.  Very smart.  Since Garrett Sutton's advice speaks specifically to some of the advice you've been given here, I'd can't encourage you enough to at least read the book and take his advice into consideration.  I'm taking the time to read the entire Rich Dad series by Kiyosaki and more of Garrett Sutton's books.  Recommending a umbrella only approach may not be a sound decision, but again, it's your choice.