Apr
17
2022

How To Start A Real Estate Investment Club

Investing in real estate can be very profitable if done correctly. However, it can be daunting for someone who knows little about real estate investment or has little capital to invest. Just as there are investment clubs for stocks there are also investment clubs for those who want to invest in real estate. The purpose of a real estate investment club is to get a group together who can pool their resources and knowledge to invest in real estate.

The internet is a good place to research and learn about real estate investment clubs. Most clubs online ultimately want you to join and may not provide enough information until after a commitment is made. While most of these are legitimate you should research them before you make any type of commitment. You can attend meetings for other clubs to get a feel on how they operate. It’s helpful to have some first hand knowledge about real estate investment clubs before opting to start your own.

Be familiar with the relevant laws of your state before starting a real estate investment club. You and your group will need to know how real estate transactions are handled so you won’t lose money on your deals. It’s always helpful to find at least one member who understands these laws. In fact, members who have specialized knowledge such as accounting, law, finance and real estate can be beneficial for the group.

Many real estate investment clubs hold regular meetings, at least once a month. These meetings are used to make key decisions for the group. The group can elect officers such as president, vice president, treasurer and secretary to preside over meetings and manage the club. Additionally, you can form committees that perform special tasks such as scouting out potential property investments. Meetings can be held in person or as teleconference over the internet if many members are not local.

Monthly correspondence in the form of a newsletter can be sent out to members to keep them up to date on current events as well as when the next meeting will take place. It’s good to invite professionals such as real estate planners, realtors and brokers, financial planners and tax specialists to speak at meetings to share their experiences and educate the group members.

Deciding how much money to invest can be tricky. It is often best to start out small and work your way up to larger investments. The more members you have the less money each will need to invest. On the other hand, the more members you have the harder it would be to come to unanimous decisions. When starting a real estate investment club, write up bylaws that everyone agrees to. Be sure to include how decisions will be made and what power the president has, if any, to resolve disputes or override decisions.

Mar
18
2022

Can Rental Property Investment Be a Reliable Retirement Investment Vehicle?

When one is choosing vehicles to drive your retirement investments it is essential to be sure that the one which you choose is reliable. Now many people are of the opinion that using rental property investment might not be a safe route to follow but this is not necessarily so.

I personally am not of this opinion as over the years I have been able to make these types of investments work for me as I have the correct formulas and systems in place and as with any other type of investment, if you are able to assess your investment both analytically and fundamentally accurately, then there is no reason why the investment which you make should be unsuccessful.

The reason why I say that rental property investment can be so beneficial to you as a retirement investment vehicle is because not only will you be creating a passive income stream but at the same time you will be growing your asset portfolio and securing a very promising future, this is so long as you are making the correct investment decisions.

To be sure that you are following the correct methods of making rental property investment a viable retirement investment vehicle, be sure to watch what advice you are taking and using. Should the person who you are receiving advice from be constantly changing their strategy so as to accommodate the ever changing markets, chances are that you are following the wrong investment advice.

To truly be able to know that you are making the correct decisions, you should be able to see that the advice which you are following remains constant regardless of what the markets are doing as this type of advice has been structured around solid and proven principles which will not deviate in accordance with the market.

Now if you ask me, this is a far better option when investing in your retirement than one that is constantly changing. It has been proven that if you align yourself to winning and profitable principles when choosing rental property investments for your retirement, which remain constant, and then there is absolutely no reason why these types of investment should not be the perfect retirement investment vehicle.

I guess what I am trying to say is that when planning to invest in your retirement, be sure to invest in yourself first so that you are able to take responsibility for your own decisions. Once you are able to do this and are able to make well calculated decisions, then there is no reason why rental property investment should not be able to offer you some of the most profitable returns to secure your future and your retirement regardless of what the property market is doing.

Dec
17
2021

When You Should Not Use an Offer in Compromise to Settle Your Tax Debts

The IRS Offer in Compromise (OIC) is a structured IRS program which provides the tax payer a great opportunity to settle all tax obligations with the IRS permanently. Yes, many of us see new true stories on the internet often about several tax promoters’ failure to run their business continuously such as JK Harris and American Tax Relief due to their inability to match up their promises but don’t let that discourage you. If used effectively, the OIC program can eliminate your owed taxes completely.

One important thing you have to consider though is that the IRS isn’t stupid. They work for the federal government, so never expect that they will accept your offer just because you asked for it or you approached them through a tax attorney. The reality is that they may consider your offer only if it is within the best interest of the IRS. This is where a tax lawyer can help you to get to an agreement with the IRS. But did you know that there are situations in taxpayer’s life where it is best to not file for an Offer in Compromise? Yes, it’s true and here they are…

1. When you have pending taxes and you are planning to file bankruptcy

Would you believe that one can file Chapter 7 bankruptcy to completely wipeout old individual tax liabilities? So why worry about outstanding dues when you can walk away without paying a cent to the IRS. You might have noticed advertisements from so called tax relief firms who claim that choosing bankruptcy is not an ideal solution. But, the hidden fact is that these companies cannot make any money if you go for personal bankruptcy.

2. For people who have never been in compliance and never will be

Many do not know that whenever the IRS accepts your Offer in Compromise, the IRS expects the tax payer to be totally complying with the tax law. Upon acceptance, the person needs to file his returns and pay his taxes on time for a period of 5 years. If not, your OIC will be declared default and the IRS can demand all your outstanding tax dues with interest.

3. If you had rejections from previously filed OIC

The IRS doesn’t want to see several Offers in Compromises from a taxpayer. It will only lead to a rejection. Also if the offer isn’t competitive, then it will probably get rejected. In order to get your offer accepted, you need to come up with a true story that can persuade the IRS employee to consider your proposal. If you neglect this, either your offer will get rejected or you find yourself paying too much.

The IRS has only 10 years to collect the tax dues, after that they no longer can claim the debt and they write it off. But there are certain things that can halt the ten year clock from running. One such thing is the filing of offer in compromise. This is called as tolling the statute of limitations. Consider you filed your tax return for the financial year 2001 on time. Your taxes got evaluated on April 15, 2002 and there were some unpaid tax dues. When you did nothing to stop the clock, the IRS can’t collect your tax debt on or right after April 16, 2012. Yes, it means you owe nothing now to the IRS.

But if you file an Offer in Compromise, the statute of limitations will not run the entire time your offer is under review. I know of a case where a person filed six offers in compromise for 2002 year taxes. For every Offer in Compromise filed, the time limit will extend by a year. So in this case, the IRS can demand the tax due right up till 2018. If that taxpayer didn’t make the mistake of filing an offer in compromise, his problem will be already resolved now.

One drawback to this plan of action is that the taxpayer can’t expect the tax lien to get withdrawn or released if it was filed against him. An accepted OIC will show as payment in full on the credit report but a tax lien would appear as debt on his credit since it was went unpaid.

Nov
17
2021

Get the Right Commercial Truck Finance

Commercial truck financing is good short-term investment plan for those who wish to own or rent to own a big sized vehicle. Trucks may come in many sizes, starting from ones that can transport just one table or semi sized trucks. The act of obtaining such a large vehicle is usually a part of a larger and long-term investment plan.

Commercial truck financing is an ideal option for those who wish to own a truck after a few payments. There are different types of loans a person can choose from including those that make the truck itself collateral for the loan which means that the person can use the vehicle while paying for the same.

Most of the companies offering commercial truck finance ensure good quality service that customers find useful and that which make the entire loan process easy. Most of the businesses have experienced employees who have dealt with different types of problems in this field and can solve the customer’s problems with ease. The act of choosing a financing program is not a difficult one and there are many tools to start an effective plan for any vehicle.
Commercial truck finance has become very easy as all it requires is for the customer to just fill out a form on the provider’s website. Most of the application processes are straightforward and the customer usually can expect a response in two days time. The commercial truck finance company however will try to verify the payment history of the customer. Hence more the information a customer can provide, the easier it is for the company to sanction the loan.

Generally an amount of 2000 to 50000 is sanctioned. It is imperative to compare several commercial truck financing companies for interest rates and choose the one that is low. The borrower may need to submit his bank statements, income letter, employment letter etc. while applying for the loan. Some secured loans may require other assets to be placed as collateral or the truck itself, but the person is always under the risk of losing the collateral if he doesn’t payback.

Commercial truck financing provides cash instead of bad credit. Getting commercial truck financing is similar to getting commercial loan. Any business that is in need of a large vehicle for their business can benefit from such loans without actually putting all their resources upfront to get one. Bernard Linney and HomeCoast Capital open doors for business owners everyday that are not available through most financing options to help businesses grow.