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Yes, I just spoke to Dallin today. That is his correct phone number. I am asking for help in how to “expense” my Titanium membership for 2016 taxes. Dallin is going to let me know how I could expense my entire Titanium membership fee in this tax year.
My CPA says the $37k expense is “way too high” and will cause an IRS audit and the IRS will likely now allow me to take the full deduction in one year. So my accountant doing my taxes is coding the expense as a “start up cost” and will only deduct $5k on my taxes this year, and depreciate the other $32k over the next 15 yrs – that’s bullocks.
Any suggestions?
in reply to: Accountant?So it is now Aug 16th, 2016. The two NPL’s I purchased are being worked.
Note 1) now a vacant house in Thomasville, NC. The BPO when I purchased was $55k. I should have ordered an updated BPO. The actual value as of now, is just over $30k. I purchased note for $20k, and have had to pay taxes and cleanout. I’m in it at $24k. Not much room to make a profit. I have it for sale as is, cash buyer. My servicer is doing the sale. We are asking $38k, but will gladly accept $30k and move on.
Note 2) borrower still lives in the house, BPO was $75k. House is in Bancroft, MI. I did not order an updated BPO prior to purchase (lesson learned). Borrower has made a couple of payments. To date, I have received just under $1k in P&I payments. Purchased note for $18k, and had to spend about $1.7k on back taxes. UPB is about $29k. I am trying to get borrower to apply for HHF. Borrower is in arrears by about $6k. Servicer is trying to work with borrower to make payments AND apply for HHF. Borrower is sketchy, not replying to servicer. Sending out a breech letter as she has not paid since June 2016. Will be able to begin foreclosure unless she contacts Servicer with a solid payment plan. Stay tuned.
in reply to: Who Bought What Assets and How Did It Go?I would like to see an address book, but I think NoteSchool is against the idea? I’ve already asked them about it (2 days ago), but haven’t received a reply.
in reply to: Student Address BookI actually booked a room via Airbnb. Room rate was $38/night, about 15 min drive to office. I will be there Aug 22nd- Aug 24th, 2016. Looking forward to meeting other Titaniums that week!
in reply to: Office VisitKeith Warrington, I would like to talk with you about how you structure your IRA/LLC deals. From what I read above, I may want to do this. It seems that you are combining your IRA funds with your LLC (cash) funds, and “legally benefiting” from your IRA funds. I thought I had your card, but can’t find it. Could you please email me at bgcapfund@gmail.com?
in reply to: Plug & Play JV Agreement w/Jillian SidotiI’ve heard ProTitle does a good report. I haven’t used them, but Scott Carson speaks highly of them.
in reply to: Who to use for O&EI made my own, very basic, but I think each person would want to track their ROI’s differently. I just made 3 columns. The first two columns are date of entry and activity taken. When there is an expense, I insert that in the 3rd column. I total up the 3rd column and add it to my purchase price to get “total costs” of note activity. I track that total cost to BPO value (npls), and UPD (pls) to ensure I am staying within the itv %’s.
in reply to: Tracking Expenses for Notes using excelGreat question, I have the same question. Can someone who has been please let us know something? Maybe Noteschool folks already have a list?
in reply to: Office VisitSame problem here? I cannot see your request? – Michael Rogers
in reply to: Request to Borrower to start impounding taxes/InsHi Deborah, I don’t know if it was your update or the website, but this request above is showing up as “XML data tags” and not text? It could be a problem with the website? I cannot see what sort of templates you are looking for. – Michael Rogers
in reply to: Document templates needed
