Paying cash is a mindset

Discussion in 'Business Operations' started by muddywater, Sep 3, 2012.

  1. muddywater

    muddywater LawnSite Bronze Member
    Posts: 1,813

    No tax returns? No property to borrow against? No cash in the bank?
     
  2. muddywater

    muddywater LawnSite Bronze Member
    Posts: 1,813

    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.
     
  3. muddywater

    muddywater LawnSite Bronze Member
    Posts: 1,813

    Credits cards that are paid off at the end of the month right isn't really debt.

    What else is good debt?
     
  4. cgaengineer

    cgaengineer LawnSite Fanatic
    Posts: 15,782

    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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  5. muddywater

    muddywater LawnSite Bronze Member
    Posts: 1,813

    You cant get a line of credit against a property?
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  6. cgaengineer

    cgaengineer LawnSite Fanatic
    Posts: 15,782

    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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  7. Duekster

    Duekster LawnSite Fanatic
    from DFW, TX
    Posts: 7,961

    Ask Donald Trump he is the king of leveraging.
     
  8. muddywater

    muddywater LawnSite Bronze Member
    Posts: 1,813

    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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  9. muddywater

    muddywater LawnSite Bronze Member
    Posts: 1,813

    And he learned a lesson about leveraging when he went bankrupt. I read one of his books.
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  10. muddywater

    muddywater LawnSite Bronze Member
    Posts: 1,813

    What is good debt?
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