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Old 05-03-2018, 07:04 PM
 
2,360 posts, read 1,035,295 times
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Quote:
Originally Posted by randomparent View Post
You don't think like a high-wealth individual. Those empty units are likely tax shelters.
So eliminate the write off? sorry im not wealthy enough to know how to tax shelter. What would be beneficial to keep them from being empty? Kill the tax write off/deductibles for them?
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Old 05-03-2018, 07:10 PM
 
Location: The analog world
15,742 posts, read 8,794,392 times
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Quote:
Originally Posted by hitpausebutton2 View Post
So eliminate the write off? sorry im not wealthy enough to know how to tax shelter. What would be beneficial to keep them from being empty? Kill the tax write off/deductibles for them?
They get to deduct the costs of holding the property and lower their taxable income. It's a legal way to avoid paying taxes. If you put money into a 401k/403b, an IRA, or an employer-sponsored health plan, you're also sheltering income from taxes. Eliminate the tax write-offs? Be careful what you wish for.
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Old 05-03-2018, 08:23 PM
 
5,242 posts, read 2,389,930 times
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Quote:
Originally Posted by hitpausebutton2 View Post
Cash on hand vs business account makes a huge difference.

Business can out bid a family very very quickly and not blink a eye about it. I witness this first hand, some business paid above market price just to keep it from going to the little guy. One guy bought 5 houses at or above market value, just to turn them in to rentals. Their was a lot of tick off people at this auction and i dont blame them, because lot of dealers were jacking up the price to wittle down the pack.
That is total nonsense. No one is buying houses "just to keep it from going to the little guy."
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Old 05-03-2018, 08:25 PM
 
5,242 posts, read 2,389,930 times
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Quote:
Originally Posted by hitpausebutton2 View Post
Every buyer should get the best price for their homes, and market is overvalue as it is. But we need a roof so many will suck it up and buy the home. Banks should be consistantly across the board as well. How is it that one group such as VA can get a home for zero down to a person with less then steller credit, but the same bank wants % down with better credit? what makes the VA group so special? (other then serving)?

I just want fair and balance deals just like you do. Cut out the middle man on half this problem and we would all have better and fair deals. But if you keep throwing another middle man into the group, then it becomes a over value orgy. Like some builders are able to build homes for around 30-50k, but ends up on the market for 200k+.. what "market" makes it think its worth 200k? when it was built for 50k. We know builders put in their margins in cost when they sell it to the banks/realtors.
Show us some evidence of this happening.
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Old 05-03-2018, 09:48 PM
 
2,360 posts, read 1,035,295 times
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Quote:
Originally Posted by randomparent View Post
They get to deduct the costs of holding the property and lower their taxable income. It's a legal way to avoid paying taxes. If you put money into a 401k/403b, an IRA, or an employer-sponsored health plan, you're also sheltering income from taxes. Eliminate the tax write-offs? Be careful what you wish for.

So what happens if IRS kills the deductible for the home? or force them to pay taxes on assets they are holding/hiding? Im intrigue about this notion, maybe we can find a solution to keep from having so many houses just sitting empty in a area that needs the space.
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Old 05-03-2018, 09:51 PM
 
2,360 posts, read 1,035,295 times
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Quote:
Originally Posted by TaxPhd View Post
Show us some evidence of this happening.

Im no bookeeper, so getting paper proof is one thing.. Consider lumber prices are low, illegal workers helps keep labor cost down.. List can go on.. But you know if they have it on the market at xx price, doesnt mean that what it cost to build it. Im not that stupid.
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Old 05-03-2018, 10:31 PM
 
Location: The analog world
15,742 posts, read 8,794,392 times
Reputation: 21127
Quote:
Originally Posted by hitpausebutton2 View Post
So what happens if IRS kills the deductible for the home? or force them to pay taxes on assets they are holding/hiding? Im intrigue about this notion, maybe we can find a solution to keep from having so many houses just sitting empty in a area that needs the space.
Again, be careful what you wish for.
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Old 05-03-2018, 10:39 PM
 
8,396 posts, read 7,392,460 times
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Why an investor will buy a home at a tax auction and will let set vacant for a year.

In most areas of the country, the person that lost the home by not paying taxes, has one year to redeem the home by paying what the bid was plus a high interest rate. In most instances the property owner will sell their redemption rights to someone else to redeem. The property is not owned by top bidder until that period has passed without being redeemed.

I knew a number of people buying those homes, and when the home was redeemed got a lot higher interest on their money than from any other source.
Some bought several homes a year, and all were redeemed.

This is something the OP does not know or understand. If he bought one of those homes, he could expect the home to be redeemed and he would have only some interest not a home for his family. In addition he would need cash to buy it, because he could not get financing till after the redemption period passed.

Question for OP. Don't you think it is just as important that renters have rentals available for their family to live in as it is for buyers to have homes available to live in?
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Old 05-03-2018, 10:55 PM
 
5,242 posts, read 2,389,930 times
Reputation: 5119
Quote:
Originally Posted by hitpausebutton2 View Post
Im no bookeeper, so getting paper proof is one thing.. Consider lumber prices are low, illegal workers helps keep labor cost down.. List can go on.. But you know if they have it on the market at xx price, doesnt mean that what it cost to build it. Im not that stupid.
Youíre the one that made the ridiculous claim. Itís not true, and if you canít support it, you should retract it.
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Old 05-03-2018, 10:57 PM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,126 posts, read 3,416,251 times
Reputation: 5658
Quote:
Originally Posted by hitpausebutton2 View Post
Who is Freemkt?

Its a difference getting beat by another family vs a property management Firm. I would be happy to be out bid by a family that saved up vs a business that is buying them up only to resell them the next day at higher rate. Those are the ones that needs to be kicked out of public auctions or wait till their is dealer auctions for this very reason. That is the problem with our nation, everybody is sacrificing family time for big business games. Could be reason why our kids are acting the way they are now, because nobody home to teach them anything. But i will wait for your response, "should have waited to have kids when your able to have free time" remarks. Well just like a normal person, some kids are plan and some are not and you deal with it. But doesnt mean that we should sacrifice our time to make some other person rich while they sit on the beach.

*Didnt take long before everybody click on the names and see all their back posts.. makes you feel entitle some how?
Funny you should use the word "entitled"
I'll give you a few moments.

Funny you think everyone else is rich while sitting on a beach. Could it be that they are rich because they are not sitting behind the computer whining? That they are doing more than you to get ahead?
Maybe they are out working the extra job or going to school to improve themselves?
That is why you won't be rich, you won't do what it takes and you look to assign blame on everything but yourself.

As far as kids acting the way they are now, part of it can be from watching their parents sit around and complaining while waiting for someone to hand them something. Is that where some kids get their sense of entitlement?

I can imagine your kids growing up with the attitude they can never win because the world is against them.

No one has to look up your name. Many people have responded to your past posts which all center pretty much about the same topic. . . .woe is me, I deserve a house and I shouldn't have to work for it.

On all your threads people have told you what you need to do, it's a pretty common agreement yet you refuse to do so. It's a free country. You are free to be an underachiever and complainer all you want.
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