I apologize to everybody here!
For not being overly ambitious, not trying to take the easy way to riches, not going along with the crowd, and mostly for turning a serious thread into a Pedros ad.
(Topic ID: 219716)
Redwood City, CA
Quoted from o-din:I apologize to everybody here!
For not being overly ambitious, not trying to take the easy way to riches, not going along with the crowd, and mostly for turning a serious thread into a Pedros ad.
I except accept your apology....just don't do it again. 
Quoted from taylor34:I apologize if I offended you which it appears like I did. Do whatever you want. First time I've ever been called an infomercial, lol, I grew up on a farm in a town of 300 and spent my summers detasseling and weeding soybeans, the farthest thing from city life imaginable. I know what it's like to not have any money, we lived in a rental house till I was 13.
No. You did not offend me. I'm too old and have been down too many roads for that. Both of my parents grew up country and moved to the city. They were hard working, with no real education beyond high school. Both grew up during the Great Depression. My mother was a little kid when her farmer/rancher dad lost it all. They grew up with nothing and the promise of a steady job was the prize plum they sought. My dad had a small town Ford dealership in the 50s. In 1960, the economy sent south and he went broke. He finished his life working is sales.
I was not taught the ways of business when I was growing up. The risk-adverse mantra was get an education and get a job. Hustling real estate was not something that was taught. Lots of people have made lots of money in real estate. A lot of people have gone broke. Some took the risk and hit the waves at the right time.
I don't know how you got started in RE, but if you want to talk about leveraging up and you need to consider who your audience is before you expound on the virtues of leverage. You can't talk using leverage to buy multiple properties to a guy who has never owned a rental; You have first educate him on the virtues of even owning a rental, in the first place.
In 1986, after he retired from the Navy with a pension, and with a working wife with a paycheck, he ventured into RE. He lived outside Dallas. HE bought some acreage, and do to luck and good timing, he moved the acres in less than month and doubled his money. Not long after, the RE market in Dallas fell out of bed and the buyer who bought brother's acres was stuck holding for several years.
In the meantime, to avoid a cap gains tax hit, brother bought two duplexes for tax shelter and income. In 1997, brother died. My two nephews each inherited a duplex. One nephew sold out after 3-4 years. The other nephew sold out after 20 years. He was tired of all the BS it can take dealing with subpar renters. RE in the Dallas area has been going nuts on the upside. I have seen several long time land lords cashing out.
So, I am not offended by what you have been saying. I am offended to what I feel is you glossing over the risks. Leverage always has risks. You want to deal with the leverage; I respect that. But a lot us are not interested in leverage up. Please try to understand and respect that.
Thanks.
Quoted from cottonm4:No. You did not offend me. I'm too old and have been down too many roads for that. Both of my parents grew up country and moved to the city. They were hard working, with no real education beyond high school. Both grew up during the Great Depression. My mother was a little kid when her farmer/rancher dad lost it all. They grew up with nothing and the promise of a steady job was the prize plum they sought. My dad had a small town Ford dealership in the 50s. In 1960, the economy sent south and he went broke. He finished his life working is sales.
I was not taught the ways of business when I was growing up. The risk-adverse mantra was get an education and get a job. Hustling real estate was not something that was taught. Lots of people have made lots of money in real estate. A lot of people have gone broke. Some took the risk and hit the waves at the right time.
I don't know how you got started in RE, but if you want to talk about leveraging up and you need to consider who your audience is before you expound on the virtues of leverage. You can't talk using leverage to buy multiple properties to a guy who has never owned a rental; You have first educate him on the virtues of even owning a rental, in the first place.
In 1986, after he retired from the Navy with a pension, and with a working wife with a paycheck, he ventured into RE. He lived outside Dallas. HE bought some acreage, and do to luck and good timing, he moved the acres in less than month and doubled his money. Not long after, the RE market in Dallas fell out of bed and the buyer who bought brother's acres was stuck holding for several years.
In the meantime, to avoid a cap gains tax hit, brother bought two duplexes for tax shelter and income. In 1997, brother died. My two nephews each inherited a duplex. One nephew sold out after 3-4 years. The other nephew sold out after 20 years. He was tired of all the BS it can take dealing with subpar renters. RE in the Dallas area has been going nuts on the upside. I have seen several long time land lords cashing out.
So, I am not offended by what you have been saying. I am offended to what I feel is you glossing over the risks. Leverage always has risks. You want to deal with the leverage; I respect that. But a lot us are not interested in leverage up. Please try to understand and respect that.
Thanks.
I'm not sure why the two short posts I wrote riled you up, I went back and read them and I barely said anything, just that there were alternative investing options besides bonds and stocks and an example. Those are the only posts I've ever wrote on this site on the subject. Like I feel like you're mad at me for something else previous to this thread for some reason.
Quoted from TheLaw:Classic Kansas vs Nebraska feud.
Never been to either of them would wouldn't mind stopping by. I hear they are they're the "Ohios of the 'Mericas" whatever that means.
Whaaat??? Are you drunk?
Quoted from TheLaw:Classic Kansas vs Nebraska feud.
Never been to either of them would wouldn't mind stopping by. I hear they are they're the "Ohios of the 'Mericas" whatever that means.
I had no idea we are a feudin with KS
Quoted from TheLaw:Classic Kansas vs Nebraska feud.
Never been to either of them would wouldn't mind stopping by. I hear they are they're the "Ohios of the 'Mericas" whatever that means.
I had no idea we are a feudin with Kansas
2 weeks later
I didn’t have time to read threw all 10 pages so not sure if this has been said yet. I see a big loophole for sellers to just have the buyers call for the purchase over the phone and not online . Boom not a online sale now just another tax exempt out of state sale . Worth a try to run by your accountant anyway .
1 week later
Quoted from plowpusher:I didn’t have time to read threw all 10 pages so not sure if this has been said yet. I see a big loophole for sellers to just have the buyers call for the purchase over the phone and not online . Boom not a online sale now just another tax exempt out of state sale . Worth a try to run by your accountant anyway .
They've probably accounted for "mail order" transactions in this as well, which basically sounds like what you're describing. Plus how is the buyer paying? Paypal? Now it's an online transaction. But if you're taking checks or money orders, a sale is a sale and it's supposed to be reported.
This whole sales tax thing is blowing up faster than I expected it would. It seems some states have already made their "economic nexus provisions" live and will be enforcing them before the end of the year. I saw on a FB group that Washington is pursuing back to 1/1/2018. And threshold for notice/reporting there is only $10k in sales. There's a few states with low thresholds like that, most are something like $100-200k or 200 transactions.
Wild Wild West. Every state can do something different. Seems like this could take a bit of time to sort out and you may quickly be in violation if you hit the thresholds. I've been trying to read more about this, but ultimately it looks like in my visit with a CPA this year, this will be another talking point. I doubt accountants even have a full clue as to what all the states are doing or where this is going. Again, to me it's just surprising it's ACTUALLY HAPPENING already and some states will be enforcing in 2018.
I'm not totally against this if/when there's an easy way for sales tax to be remitted to the states/localities, but until that happens this adds a ton of uncertainty and confusion to what the heck is going on. I saw someone say it was like playing russian roulette with each sale, and I'd agree. Especially for businesses transacting fairly high dollar amounts this year or selling large volumes of smaller dollar amounts, who may have already exceeded thresholds for notices or nexuses.
No one man band is going to be able to deal with submitting tons of paperwork to the individual states and localities. Just seems like they don't want small businesses to exist, everything is setup for major businesses that can dedicate teams of people towards compliance and paperwork.
What I can't really understand is.. when you drive to a different state and buy something, you pay their sales tax on that purchase. So why not just have a seller pay sales tax on ALL purchases that internet shoppers make to the state you're operating in? Every state would get more tax revenue that way and the states with entrepreneurs and businesses would see more revenue than states without a lot of businesses. Paying to individual states and localities when the business isn't based in those states is like saying retail stores should have to pay sales tax back to the state for every out of state purchaser that buys something in the store.
Two websites I'm aware of trying to make paying sales taxes easier, but no doubt in it for the early money grab as well..
Check out TaxJar's awesome "AutoFile" pricing that makes it easier to file for each state..
https://www.taxjar.com/autofile/#pricing
Only $20 for 1 AutoFile to a state. And you can get bundles.. like 50 AutoFiles for $875.00.
Yeah..
"Uh, wickey wild wild
Wicky wicky wild
Wickey wild, wicky wicky wild wild wild west"
I just got some everbrite from a california company with no sales tax . The site would not let the onlne order go threw but had phone number in bold letters . Just called in the order with CC .Pinball resource out of state call in orders have been sales tax free so who knows if anybody knows what the tax rules are anymore .
Quoted from plowpusher:Pinball resource out of state call in orders have been sales tax free so who knows if anybody knows what the tax rules are anymore .
Rules are a personal check is probably gonna be harder for them to track than a paypal purchase.
Hail PBResource, hail Steve Young.
Quoted from acebathound:They've probably accounted for "mail order" transactions in this as well, which basically sounds like what you're describing. Plus how is the buyer paying? Paypal? Now it's an online transaction. But if you're taking checks or money orders, a sale is a sale and it's supposed to be reported.
This whole sales tax thing is blowing up faster than I expected it would. It seems some states have already made their "economic nexus provisions" live and will be enforcing them before the end of the year. I saw on a FB group that Washington is pursuing back to 1/1/2018. And threshold for notice/reporting there is only $10k in sales. There's a few states with low thresholds like that, most are something like $100-200k or 200 transactions.
Wild Wild West. Every state can do something different. Seems like this could take a bit of time to sort out and you may quickly be in violation if you hit the thresholds. I've been trying to read more about this, but ultimately it looks like in my visit with a CPA this year, this will be another talking point. I doubt accountants even have a full clue as to what all the states are doing or where this is going. Again, to me it's just surprising it's ACTUALLY HAPPENING already and some states will be enforcing in 2018.
I'm not totally against this if/when there's an easy way for sales tax to be remitted to the states/localities, but until that happens this adds a ton of uncertainty and confusion to what the heck is going on. I saw someone say it was like playing russian roulette with each sale, and I'd agree. Especially for businesses transacting fairly high dollar amounts this year or selling large volumes of smaller dollar amounts, who may have already exceeded thresholds for notices or nexuses.
No one man band is going to be able to deal with submitting tons of paperwork to the individual states and localities. Just seems like they don't want small businesses to exist, everything is setup for major businesses that can dedicate teams of people towards compliance and paperwork.
What I can't really understand is.. when you drive to a different state and buy something, you pay their sales tax on that purchase. So why not just have a seller pay sales tax on ALL purchases that internet shoppers make to the state you're operating in? Every state would get more tax revenue that way and the states with entrepreneurs and businesses would see more revenue than states without a lot of businesses. Paying to individual states and localities when the business isn't based in those states is like saying retail stores should have to pay sales tax back to the state for every out of state purchaser that buys something in the store.
Agreed, and punishing the little business or making tax collection so complex it requires a dedicated employee for a large company is idiotic. Reality is buyers should just pay the tax as required, and be held responsible for adhering to the already existing laws. (I don’t like to pay tax either....but)
Let’s be realistic, unless you paid cash, your purchase is documented and in an audit, you will be caught not paying sales tax. A simple credit card audit and pow....busted. I just pay the use tax. Especially as a business, since I keep the receipts and deduct the purchases. My own documentation will prove there is money owed for sales tax.
4 months later
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