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  #31  
Old 09-04-2012, 06:28 AM
muddywater muddywater is offline
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Originally Posted by zak406 View Post
Yeah paying cash really worked out for me ..... Now wwhen I need a loan I can't get one because I don't have enough credit history. I'd rather be 100 gs in debt
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No tax returns? No property to borrow against? No cash in the bank?
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  #32  
Old 09-04-2012, 06:32 AM
muddywater muddywater is offline
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Originally Posted by Duekster View Post
And you called me the smuck.

That is assistant attorney type money.

Difference is I deal with book keepers , Accountants and CPA for for many years after about 5 years I think I have paid enough and learned enough to have a CPA. I can run quickbooks and do tax planning pretty well.

Cash is very safe for sure and excessive debt is bad too, then there is somewhere in between.
It is worth it to me. Tax laws are always changing. He saves me 10s of thousands. Since he is a property investor, its nice to have that kind of advisor as well. Good advise is priceless. I would much spend $250 and save $10,000.
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  #33  
Old 09-04-2012, 06:34 AM
muddywater muddywater is offline
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Originally Posted by cgaengineer View Post
Using someone elses money for free. Credit cards for fuel and equipment maintenance. Kinda tough to give employees cash for this kind of thing.
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Credits cards that are paid off at the end of the month right isn't really debt.

What else is good debt?
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  #34  
Old 09-04-2012, 06:41 AM
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cgaengineer cgaengineer is offline
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Originally Posted by muddywater View Post
No tax returns? No property to borrow against? No cash in the bank?
Have you tried to get a loan lately? Banks don't want collateral...they have enough of that now that they can't get rid of.
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  #35  
Old 09-04-2012, 06:52 AM
muddywater muddywater is offline
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Originally Posted by cgaengineer View Post
Have you tried to get a loan lately? Banks don't want collateral...they have enough of that now that they can't get rid of.
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You cant get a line of credit against a property?
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  #36  
Old 09-04-2012, 07:01 AM
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cgaengineer cgaengineer is offline
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You cant get a line of credit against a property?
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You'd be hard pressed to do that now...I'm not saying that it's impossible, but I needed $6800 one year ago to buy a car and had $12,000 (actually had another $6000 I offered along with it) in collateral and the bank wouldn't do it...luckily it was a purchase from a friend who owner financed at a straight 10% interest...just wrote last payment today actually. I only wanted a loan for a year.
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  #37  
Old 09-04-2012, 07:04 AM
Duekster Duekster is offline
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Ask Donald Trump he is the king of leveraging.
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  #38  
Old 09-04-2012, 07:07 AM
muddywater muddywater is offline
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Originally Posted by cgaengineer View Post
You'd be hard pressed to do that now...I'm not saying that it's impossible, but I needed $6800 one year ago to buy a car and had $12,000 (actually had another $6000 I offered along with it) in collateral and the bank wouldn't do it...luckily it was a purchase from a friend who owner financed at a straight 10% interest...just wrote last payment today actually. I only wanted a loan for a year.
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I was able to get a line of credit up to 100k on my shop 2-3 years ago, but my shop was/is paid for.
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  #39  
Old 09-04-2012, 07:09 AM
muddywater muddywater is offline
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Ask Donald Trump he is the king of leveraging.
And he learned a lesson about leveraging when he went bankrupt. I read one of his books.
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  #40  
Old 09-04-2012, 07:10 AM
muddywater muddywater is offline
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What is good debt?
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