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Case Study – Piercing the LLC Liability Shield |
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Sally and Julie grew up together and have decided to invest in real estate. They both have regular jobs, but figure they can find a property, fix it up and rent it out in their spare time. They find a good property which takes most of their savings as a down payment. They figure that over the next few months, they can get the repairs done with money earned on their regular jobs.
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Foreclosures and the 1099-C |
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I hope your investing is going well. We are seeing a lot more foreclosures in the market and are bound to see even more. Last month I finally worked out a deal with one of my mortgage debtors to pay their loan current and allow a one-time assumption of the loan to help them out. I had plenty of collateral, so it worked out for us both. This week, I am working a couple of foreclosures which brought the following to mind.
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The Why - How Much Do you Really Need? |
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In response to the many comments I received since its publication, this is a repeat of the July 2003 newsletter. It would benefit all of us to think through these topics each year. July, 2003--I am writing this newsletter sitting on the porch overlooking a sound on the Outer Banks in North Carolina.
Each summer when I come here, I reflect on why we build cash flows and assets. It is fun to accumulate, but we must enjoy it as well. So, WHY are YOU building your net worth?
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