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ArizPestWeed
02-01-2007, 10:29 AM
Ever heard of this ??
You buy trucks and lease them to your business .

Cut out the middle man .
I guess you lease them to your self for a $1000 a month

wriken
02-01-2007, 10:49 AM
I've heard of it before, my sister-in-laws father did that when he was in a business, also some buildings I think. But I just lease thru ford or dodge, I figure less red flags for the irs to see.

mrusk
02-01-2007, 10:50 AM
I'd advise you to talk to a account that acctually knows alot about leaseing. I would not take financial advice from other lawn guys on this site.

Be sure to talk to an accountant that fully under stand leasing. So many people have no idea what the benfits really are of leasing and just look down upon it.

IRRITECH
02-01-2007, 10:55 AM
Yes, I have heard of that, but as of yet I cannot get a straight answer from my accountant. I seriously doubt that you can lease it back to the company for more than the fair market value, but that should still be more than your payments.

Which would definately help your bottom line.

mrusk
02-01-2007, 11:00 AM
Yes, I have heard of that, but as of yet I cannot get a straight answer from my accountant. I seriously doubt that you can lease it back to the company for more than the fair market value, but that should still be more than your payments.

Which would definately help your bottom line.

I am not sure if there are limits on what you can lease it for. But i know you got to remember that any money you make on that lease is taxable!

ArizPestWeed
02-01-2007, 11:17 AM
I am not sure if there are limits on what you can lease it for. But i know you got to remember that any money you make on that lease is taxable!

Oh yeah , I did think of that .
:rolleyes:

Lawnworks
02-01-2007, 04:52 PM
Dave Ramsey has some interesting thoughts about leasing(from a dealer)... he seems to think you might as well light your money on fire.

fiveoboy01
02-01-2007, 08:06 PM
Dave Ramsey has some interesting thoughts about leasing(from a dealer)... he seems to think you might as well light your money on fire.

Yes, but he is an expert on PERSONAL finances.

I believe the question here is in the context of leasing for business use.

Lawnworks
02-01-2007, 08:24 PM
Actually he made it perfectly clear for business or personal use... it is throwing away money. Ramsey has a multi-million dollar business, so I think he has the experience. I can quote it out of the book if you want. It really is a great book on building the wealth.

corey4671
02-01-2007, 08:25 PM
Yes, but he is an expert on PERSONAL finances.

I believe the question here is in the context of leasing for business use.

Dave owns his own business and does not lease cars. He does not endorse leasing EVER. As a matter of fact, he makes a good point on vehicles used in a business...what are you doing? you DRIVE them twice three times as much as a daily driver therby DESTROYING the value of the vehicle. Why not buy an older USED vehicle that has already taken the depreciation beating but is still dependable...YESSS...there IS such a thing!! THink about it guys..and don't give me this I WORK HARD I DESERVE A $40K truck...that's how a 5 year old rationalizes things..I want it I want it I WANT IT NOW!!!

Lawnworks
02-01-2007, 08:27 PM
Dave owns his own business and does not lease cars. He does not endorse leasing EVER. As a matter of fact, he makes a good point on vehicles used in a business...what are you doing? you DRIVE them twice three times as much as a daily driver therby DESTROYING the value of the vehicle. Why not buy an older USED vehicle that has already taken the depreciation beating but is still dependable...YESSS...there IS such a thing!! THink about it guys..and don't give me this I WORK HARD I DESERVE A $40K truck...that's how a 5 year old rationalizes things..I want it I want it I WANT IT NOW!!!

LOL... here we go again!!

RedWingsDet
02-01-2007, 08:31 PM
Jeeze, some people never stop talking about Dave Ramsy. Sometimes I think people mine as well sleep with the guy since they cant stop talking about him. Im sure the dude has good points, but to bring him up in 4 out of 5 threads is unnessary

corey4671
02-01-2007, 08:32 PM
LOL... here we go again!!

wish there was some way to steer dave to this site to see how dumb some of these guys can be...Lawnsite needs a Total Money Makeover!!! Bunch of stupid tax being paid on here!

Lawnworks
02-01-2007, 08:33 PM
He's got good advice. I am reading through a couple of his books. You won't hear his financial advise anywhere else. I actually heard about him on a previous lawnsite thread... we don't get his radio station here.

Lawnworks
02-01-2007, 08:34 PM
wish there was some way to steer dave to this site to see how dumb some of these guys can be...Lawnsite needs a Total Money Makeover!!! Bunch of stupid tax being paid on here!

Yeah that is the book I am reading... very good material.

corey4671
02-01-2007, 08:36 PM
Jeeze, some people never stop talking about Dave Ramsy. Sometimes I think people mine as well sleep with the guy since they cant stop talking about him. Im sure the dude has good points, but to bring him up in 4 out of 5 threads is unnessary

Dave just has a way of making this thing called common sense just seem so simple..it's that WOW...I coulda had a V8 feeling..and unfortunately, some folks are either too narrow minded or too caught up on themselves to stop, lsten and think about what he is saying...I actually heard Dave the first time and thought to myself, WOW...this guy has got it figured out because it was the same things my parents and grandparents had always preached to me

RedWingsDet
02-01-2007, 08:45 PM
dude, im not saying what he says is wrong, and the stuff he says is common sense. To bad we sense is not common anymore. im just saying, dont be all over the guy making every post about him. im sure he will sell his books fine without our help.

He is pretty much someone that writes a book that is 85% common sense, and 15% account and economics and it makes him others peoples heros. The stuff he says isnt rocket science.

corey4671
02-01-2007, 08:57 PM
dude, im not saying what he says is wrong, and the stuff he says is common sense. To bad we sense is not common anymore. im just saying, dont be all over the guy making every post about him. im sure he will sell his books fine without our help.

He is pretty much someone that writes a book that is 85% common sense, and 15% account and economics and it makes him others peoples heros. The stuff he says isnt rocket science.

ok ok..I'll NEVER mention that wierd get out of debt guy EVER again on lawnsite :)

RedWingsDet
02-01-2007, 09:06 PM
im not saying that, it just seems i keep seeing someone, i dont know if its you or not, posting his stuff everywhere

Lawnworks
02-01-2007, 09:07 PM
dude, im not saying what he says is wrong, and the stuff he says is common sense. To bad we sense is not common anymore. im just saying, dont be all over the guy making every post about him. im sure he will sell his books fine without our help.

He is pretty much someone that writes a book that is 85% common sense, and 15% account and economics and it makes him others peoples heros. The stuff he says isnt rocket science.

What the hell are you talking about? Don't participate in the thread if it pisses you off. If you haven't read the book, I don't see how you can comment about the book. I don't even think you can call what he is saying "common sense"... because it ain't that common anymore. Next time I won't be as humble, and I won't quote him as my source. Will that make you happy?

Back to the lease. The lease is a bad idea, b/c you end up paying a 14% hidden interest rate. When you turn the truck back in, it literally has to be in near perfect condition or you get penalized.

Why would it make any sense at all when you could buy a vehicle and write off the entire purchase the first year? On a leased vehicle, you pay the payments and then you have nothing. At least on another vehicle, you have a little bit of equity left in the vehicle after paying it off.

corey4671
02-01-2007, 09:08 PM
im not saying that, it just seems i keep seeing someone, i dont know if its you or not, posting his stuff everywhere

maybe he just has that many fans and is a subliminal(spell check) way of getting through to you! :)

Lawnworks
02-01-2007, 09:11 PM
im not saying that, it just seems i keep seeing someone, i dont know if its you or not, posting his stuff everywhere

Actually I have seen several people talk about him on lawnsite... that is why I went out and got the book. Sound financial advise is very hard to come by. Now when we are young is the time to make decisions to set ourselves up to be millionaires. Its not get rich quick... just get rich eventually! Then we get the crap taxed out of us!

corey4671
02-01-2007, 09:12 PM
Actually I have seen several people talk about him on lawnsite... that is why I went out and got the book. Sound financial advise is very hard to come by. Now when we are young is the time to make decisions to set ourselves up to be millionaires. Its not get rich quick... just get rich eventually! Then we get the crap taxed out of us!

that's why you fund roth ira's!! pay the tax on the money you put in..no tax on the growth! I love screwing the guvment!

RedWingsDet
02-01-2007, 09:27 PM
Just like My father always told me Make your money work for you, dont work for your money.

corey4671
02-01-2007, 09:29 PM
Just like My father always told me Make your money work for you, dont work for your money.

your dad would probably tell you to listen to Dave too :laugh:

fiveoboy01
02-01-2007, 10:03 PM
Dave owns his own business and does not lease cars. He does not endorse leasing EVER. As a matter of fact, he makes a good point on vehicles used in a business...what are you doing? you DRIVE them twice three times as much as a daily driver therby DESTROYING the value of the vehicle. Why not buy an older USED vehicle that has already taken the depreciation beating but is still dependable...YESSS...there IS such a thing!! THink about it guys..and don't give me this I WORK HARD I DESERVE A $40K truck...that's how a 5 year old rationalizes things..I want it I want it I WANT IT NOW!!!

Personally I would not lease a vehicle myself.

But a personal choice to buy new vs used, well I don't think there is any reason to slam someone for that.

I bought a new truck because I have been driving used vehicles my entire life, and decided it was time for a brand-new vehicle.

I can afford the payment comfortably on my income from my full-time job, without dipping into my business account.

Sure, a person can buy used and avoid the depreciation hit, and still have a reliable, nice vehicle. I am(and was) aware of these things when I made the decision to purchase a new truck.

It's my personal choice, and you have ZERO right to slam me for it.

Lawnworks
02-01-2007, 10:09 PM
Personally I would not lease a vehicle myself.

But a personal choice to buy new vs used, well I don't think there is any reason to slam someone for that.

I bought a new truck because I have been driving used vehicles my entire life, and decided it was time for a brand-new vehicle.

I can afford the payment comfortably on my income from my full-time job, without dipping into my business account.

Sure, a person can buy used and avoid the depreciation hit, and still have a reliable, nice vehicle. I am(and was) aware of these things when I made the decision to purchase a new truck.

It's my personal choice, and you have ZERO right to slam me for it.

No slamming here. Check out the Dave Ramsey's book Total Money Makeover. Its winter its slow... check it out. I would like to know your reaction to it. There is other great advise in the book as far as building wealth... I mean that is what we work hard for right?

mrusk
02-01-2007, 10:15 PM
I think some guys on this website acctually are sleeping with Ramsey. I also think those same guys have a reading disorder or something else the matter with them.

This thread is about buying vehicles personally and leasing them to your business to get the tax benifits. Thats all. We are not talking about new vs used, or leased vs buy. We are talking about personal ownership of vehicles and equipment leased to a business.

gEEZE.

fiveoboy01
02-01-2007, 10:24 PM
No slamming here. Check out the Dave Ramsey's book Total Money Makeover. Its winter its slow... check it out. I would like to know your reaction to it. There is other great advise in the book as far as building wealth... I mean that is what we work hard for right?


I know you weren't slamming me.

I was actually looking for one of his books today at the bookstore. I'd like to read it to see what he says. If the damn sales guy would not have been so annoying I probably would have bought it. But I decided to get out of there:laugh:

Lawnworks
02-02-2007, 07:51 AM
Yeah man check it out... I know its got some good long term investing advise also.

Lawnworks
02-02-2007, 07:58 AM
I think some guys on this website acctually are sleeping with Ramsey. I also think those same guys have a reading disorder or something else the matter with them.

This thread is about buying vehicles personally and leasing them to your business to get the tax benifits. Thats all. We are not talking about new vs used, or leased vs buy. We are talking about personal ownership of vehicles and equipment leased to a business.

gEEZE.

Sorry to discomfort you, your highness! Actually somebody did post about how they lease from the dealership in the 3rd or 4th post.

Yeah and I am sleeping w/ Ramsey.:rolleyes: Are you in 5th grade? Come on man really. Grow up.

corey4671
02-03-2007, 09:18 AM
I know you weren't slamming me.

I was actually looking for one of his books today at the bookstore. I'd like to read it to see what he says. If the damn sales guy would not have been so annoying I probably would have bought it. But I decided to get out of there:laugh:

BOOKSTORE? RETAIL? NO WAY!! One word...EBAY!!!

ArizPestWeed
02-03-2007, 10:36 AM
Just like My father always told me Make your money work for you, dont work for your money.

Or
Don't work harder , work smarter .

That is why I posted the real estate thread.
On every invoice , offer to buy your clients home , when they are reasdy to sale .
That is smart
I made $175K last year from this , on one home

Lawnworks
02-03-2007, 05:44 PM
Or
Don't work harder , work smarter .

That is why I posted the real estate thread.
On every invoice , offer to buy your clients home , when they are reasdy to sale .
That is smart
I made $175K last year from this , on one home

Thats funny. "Don't worry if you can't pay our bill we will just put it toward buying your house." And it will cancel that nasty lien we just put on your house!

Ford Guy
02-04-2007, 01:28 PM
you can set up another business such as a holding company that owns all of the equipment and vehicles, then lease them to your landscaping business incase of a lawsuit that forces you to close the business or bankruptcy, you will not lose your vechicles and equipment, but you will have to have 2 seperated sets of books since it is 2 different businesses