http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm Fri, 21 Oct 2011 00:09:40 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm/comment-page-1#comment-1366 CreditAlignment.com Sun, 30 Aug 2009 09:38:53 +0000 http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm#comment-1366 the5% is great but it's not tax deductible.....is the property going to be under company's name or yours? if the company's name...then you cant claim the property taxes for tax writeoffs the5% is great but it’s not tax deductible…..is the property going to be under company’s name or yours?
if the company’s name…then you cant claim the property taxes for tax writeoffs

]]> http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm/comment-page-1#comment-1367 Retired Sun, 30 Aug 2009 09:38:53 +0000 http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm#comment-1367 I believe if you own the company 100% you can do it. If it's a public held company you can't. I believe if you own the company 100% you can do it. If it’s a public held company you can’t.

]]> http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm/comment-page-1#comment-1368 patrick Sun, 30 Aug 2009 09:38:53 +0000 http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm#comment-1368 It sounds like what you are saying is you would take out a business loan at prime rate 8.5%, and then lend that money to yourself at 5%. There are 2 problems off the bat. First, the government will consider the difference between the interest rates to be income, and subject to income tax. Secondly, the prime rate will flucuate, while a fixed mortgage wont. I would be very surprised if a bank is going to offer a business with 1mm in sales a 200,000 line of credit, without security. It sounds like what you are saying is you would take out a business loan at prime rate 8.5%, and then lend that money to yourself at 5%.
There are 2 problems off the bat. First, the government will consider the difference between the interest rates to be income, and subject to income tax. Secondly, the prime rate will flucuate, while a fixed mortgage wont.
I would be very surprised if a bank is going to offer a business with 1mm in sales a 200,000 line of credit, without security.

]]> http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm/comment-page-1#comment-1369 justagirl Sun, 30 Aug 2009 09:38:53 +0000 http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm#comment-1369 Better to protect your personal assets by keeping them separate from your business. If the business fails(or you get sued) you may lose the house since it was bought as part of that entity. If you want ownship without long term payment, it might interest you to research Tax Liens. Better to protect your personal assets by keeping them separate from your business. If the business fails(or you get sued) you may lose the house since it was bought as part of that entity. If you want ownship without long term payment, it might interest you to research Tax Liens.

]]> http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm/comment-page-1#comment-1370 Dr. Deth Sun, 30 Aug 2009 09:38:53 +0000 http://aspenfinancialgroup.com/ive-got-a-great-idea-on-how-to-buy-a-house-wo-having-to-take-out-a-mortage-what-do-you-think-of-it.htm#comment-1370 Does your company have $200,000 cash it can spare like that? what happens if the company goes thru a slow period and now needs that 200,000 cash to pay payroll, material costs, etc. You could wind up bankrupting your own company. Also, the company would have to lend you money at the same rate it would to an unrelated party or you will have imputed income from the loan discount that you'll personally have to declare - IRS rules. Does your company have $200,000 cash it can spare like that? what happens if the company goes thru a slow period and now needs that 200,000 cash to pay payroll, material costs, etc. You could wind up bankrupting your own company. Also, the company would have to lend you money at the same rate it would to an unrelated party or you will have imputed income from the loan discount that you’ll personally have to declare – IRS rules.

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