Ever wonder what it would be like to trade your 8-5:00 job in for a 4-hour workweek job?
Is it really a feasible option, or just wishful thinking?
To find out, see my review of Justin Ferriss' book "The 4-Hour Workweek" at ezinearticles.com.
Info on Terry's Book
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4 comments:
Hi Terry-
I was wondering what you decided on your house? Did you list or did you not list -- that's my question..
I am expecting that our house will sell. Once the kids get out of school for the summer families will be moving again. Our agents only have this listing for 90 days (at our request) so that will be right around the middle of July.
RentalsRUs
Hi RentalsRUs,
We have decided not to list our house and to rent it out for awhile.
We've completed the refinancing and have a pot of down-payment cash so that we can act quickly once we find our next fixer-upper.
I'll be watching your blog to see how you come out with your summer sale. I'll keep my fingers crossed.
Terry, my husband just bought me your book as a "gift." We used to invest in WA when the market was hot and we couldn't be touched. We were making money left and right and being a little overindulgent. Then the market went south and we lost some money. So that got me a little gun shy. Well we moved to Indiana and have lived her less than a year. Indianapolis has been voted one of the least expensive places to live and there are SO many foreclosures and deals to be had here. So my hubby bought me your book to convince me to get started again. So I read it in two days (super easy read). I loved your balance and simple way to build wealth overtime. It resonated with me. I have one question for you (as we are hoping to buy our first rental in the next two months). My husband agreed that would be his job since I will be the one who does the rest. Do you have all your rentals in an LLC? company? etc. That would be my first quetion...what is the best way to protect your assets and get the greatest tax bennies? My email in tnbfarrant@yahoo.com Thank you greatly for your time.
Becky,
The short answer is no, my properties are not in an LLC. My understanding is that unless you own your rental properties outright (that is, you still have a mortgage on it), you must get the consent of your lender to transer the title from your name into an LLC without triggering the "due on sale" clause in your mortgage. A “due on sale” clause in a mortgage states that upon the sale or transfer of interest in the real estate the lender has the option of calling the loan due. If they called the loan, you would have to pay back the loan in full.
The longer answer is going to come on my next blog post. It's an excellent question and I am going to address it more thoroughly tomorrow on my main blog.
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