shah269 0 #1 November 21, 2011 Ever wonder how the super rich can afford say a nice expensive place and never really have to worry about taxes? Here is how they do it! And I know because one of my close friends is a part of the machine! He's a broker on non performing notes. ( A note is a unit of debt for those that do not know, aka a mortgage or a check is a bank note) And here is how you can buy or sell a non performing note and pay either no taxes or get a huge tax write off! My friend sells a non performing asset that is worth on paper say $10 mill to someone who pays $6mill. The seller writes off the $4mill loss and the buyer also writes off the $4mill loss (not sure how this one works but that's what I'm told). The company he is brokering for collects 10% from the deal, both sides again write off another loss due to commission charges (cost of doing business). And then my friend will get 0.05% of the price for which the property was bought for. So everyone but my friend either gets a killer tax write off or a commission check. It's how the rich do it! Oh and there is no tax paid on the sale of the property. It's not really a sale it's a transference of the note aka the debt so you can't tax those who let the debt go since they are not making any money or those who buy the debt because well they are buying debt. And oh the guys who collect the commission build in the tax they have to pay on the commission into the price of commission (OK so they are paying taxes). If the above confuse you a little I had to draw it out for it to make sense but it's how Trump can be worth as much as he is and buy as much as he can without having to pay silly little things like taxes. The person who gets screwed is my friend.....he hustles until he finds a buyer. If he can find one he makes money. If not then it's for nothing. But with unemployment at a solid 10% what are his choices?Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
Gravitymaster 0 #2 November 21, 2011 You can't buy something for $6 million and then claim it's worth $10 million and then take a $4million write-off. Quote Share this post Link to post Share on other sites
rehmwa 2 #3 November 21, 2011 Quotemy friend will get 0.05% of the price for which the property was bought for. . . . The person who gets screwed is my friend.....he hustles until he finds a buyer. $6,000,000 * .05/100 = $3000 Yeah, poor sap. he makes $3k on something he put zero risk into. And don't get me started about the driving habits of real estate agents....... (are you sure you didn't mean 5%?) ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
verbil 0 #4 November 21, 2011 "Man—every man—is an end in himself, not a means to the ends of others; he must live for his own sake, neither sacrificing himself to others nor sacrificing others to himself; he must work for his rational self-interest, with the achievement of his own happiness as the highest moral purpose of his life." -Ayn Rand Quote Share this post Link to post Share on other sites
shah269 0 #5 November 21, 2011 QuoteYou can't buy something for $6 million and then claim it's worth $10 million and then take a $4million write-off. I don't freaking know how that one works out either...but that's what one of the guys who co-owns the company said while we were enjoying his box seats at the stadium. Seeing how his watch cost more than a new 3 series I wasn't going to argue! And nope really 0.05 so yeah...$3k per deal The thinking is he makes nothign the first few years...what a way to live....and then the deals come together and he starts making money the second and third years! Funny thing...I was going to do the same to my condo. But then I found out how high my taxes would go and I sat down.Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
rehmwa 2 #6 November 21, 2011 and you blame the rich? or the government that put those laws in place? maybe "more government" will fix it all ... Driving is a one dimensional activity - a monkey can do it - being proud of your driving abilities is like being proud of being able to put on pants Quote Share this post Link to post Share on other sites
kallend 2,027 #7 November 21, 2011 Quoteand you blame the rich? or the government that put those laws in place? maybe "more government" will fix it all We have the best government money can buy.... The only sure way to survive a canopy collision is not to have one. Quote Share this post Link to post Share on other sites
shah269 0 #8 November 21, 2011 Quoteand you blame the rich? or the government that put those laws in place? maybe "more government" will fix it all HELL NO! I almost did the same thing when I thought of unloading my condo! Not saying they are wrong for using this I'm saying "Shit...it would be nice if more of us could use this!" I wonder how much revenue the govt would get if they got rid of this?Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
billvon 2,991 #9 November 21, 2011 >The thinking is he makes nothign the first few years...what a way to >live....and then the deals come together and he starts making money the >second and third years! Wow. Sounds almost like . . . investing. Quote Share this post Link to post Share on other sites
shah269 0 #10 November 21, 2011 Quote>The thinking is he makes nothign the first few years...what a way to >live....and then the deals come together and he starts making money the >second and third years! Wow. Sounds almost like . . . investing. Well we all invest don't we? In education in our selves...it's just the way things turn out. Hum...you know....maybe that's what I'll propose to my higher ups for saving money. Free Internships! We will call in Investingships! Yeah you can come over work for us for two to three years and maybe on year 4 we pay you! Deal?Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
billvon 2,991 #11 November 21, 2011 >Yeah you can come over work for us for two to three years and maybe on >year 4 we pay you! Deal? Lots of people do internships on such terms. Dean Witter, for example, takes people on year-long internships then chooses a few of them for paid positions. (There was a movie about this recently.) Quote Share this post Link to post Share on other sites
shah269 0 #12 November 21, 2011 Quote Lots of people do internships on such terms. Dean Witter, for example, takes people on year-long internships then chooses a few of them for paid positions. (There was a movie about this recently.) GOD THAT'S FREAKING SEXY! So the dumb asses come over, work for FREE! The company makes money off their asses and tells all of them that they all have a chance to maybe get a job in a few years! WOW Stand back not paying taxes on homes or properties...say hi to slaves! Yum yum and a bottle of rum! I like this one! Only Wallstreet can make human trafficing and slave labor look sexy!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
beowulf 1 #13 November 21, 2011 It's not slavery if they are volunteers. Look it up in a dictionary. Quote Share this post Link to post Share on other sites
billvon 2,991 #14 November 21, 2011 >So the dumb asses come over, work for FREE! The company makes >money off their asses and tells all of them that they all have a chance to >maybe get a job in a few years! Basically, yes. (It's a year though.) >WOW Stand back not paying taxes on homes or properties...say hi >to slaves! Slaves != volunteers. Quote Share this post Link to post Share on other sites
shah269 0 #15 November 21, 2011 Quote>So the dumb asses come over, work for FREE! The company makes >money off their asses and tells all of them that they all have a chance to >maybe get a job in a few years! Basically, yes. (It's a year though.) >WOW Stand back not paying taxes on homes or properties...say hi >to slaves! Slaves != volunteers. Hum....yeah sure they can walk whenever they want right? I mean if they do they will not get the possible job.....so they should stay right? So they are really not being held they are just told that if they stay they have a chance of getting a nice job....but if they go they won't! But if they stay and work super hard and make the compnay lots and lots of cash they may.....and since they are not getting paid....the company does not have to pay any taxes with respect to SS or other. God this is such a sexy idea! Who is dumb enough to work for free! And if they are WOO HOO! My god! SCREW tax free notes....say hi to "not really" slave labor! Oh my god this has got to be the best scam since companies figured out they could fire every one and hire them back as independent contractors!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
billvon 2,991 #16 November 21, 2011 >Hum....yeah sure they can walk whenever they want right? Yes. >I mean if they do they will not get the possible job.....so they should stay right? If they like. Up to them. >God this is such a sexy idea! Who is dumb enough to work for free! A lot of people who are now making six figures. If you don't like it - don't do it. I (and a lot of people I know) have worked for free for something we liked doing, because we wanted to help out or learn something or get to know someone or get something we could put on our resume to make us more employable. It's really not slave labor. >Oh my god this has got to be the best scam since companies figured out >they could fire every one and hire them back as independent contractors! You mean like every DZ in existence? Quote Share this post Link to post Share on other sites
shah269 0 #17 November 21, 2011 1) BEST LINE EVER QuoteIt's really not slave labor. Now say it in Dutch! Ha ha! Oh that's good! Yeah work kid work....work doign what you love and one day...one day you may get a job! And you may eat! HA HA HA! Oh that's good! And 2) DZ's are not main line companies! Sure it's one thing to not pay tax on a $6mill property purchase. It's another thing to not pay taxes on any of the people who work for you and thus increase your bottom line. And before you say a word you know full well that's where this nation of ours is going. Soon we will be a nation of self employed contractors good today gone today..no benefits no nothing. Run yourself raggad for table scraps and think one day you may become a full time employee. I think the appropriate word we are looking for here boys is "Self induced bondage" as in these people willingly become slaves. God and I thought not paying taxes and getting huge tax breaks for buying and selling property was sexy! NOPE! Slave trade! That's where it's at! Highly trained, highly educated and highly motivated dumb asses drinking the coolaid hoping one day they may get a meal!Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
beowulf 1 #18 November 21, 2011 You have a very strange way of looking at things. By your logic no one would volunteer for those silly shows that have you do crazy things to win money. Quote Share this post Link to post Share on other sites
shah269 0 #19 November 21, 2011 QuoteYou have a very strange way of looking at things. By your logic no one would volunteer for those silly shows that have you do crazy things to win money. I'm sorry did you just compare employment to "crazy show where you can win money"? Yes congratulations graduates of 2012. If you wish to have a job that pays your student loans you will have to volunteer for company X selling underperforming notes and after two years if you are not dead or so far in the hole due to not getting paid we will pick one lucky contestant and give him or her a job! Woo hoo..... As long as it's not you....it's a game right?Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
beowulf 1 #20 November 21, 2011 That's one end of the spectrum. You could also work as an intern in the hopes of getting hired on to a permant and much better paying position. What would you do for a position that would pay upper 6 figures? Some people would work for free for a one year to beat out everyone else and get that position. It's all risk versus reward. Quote Share this post Link to post Share on other sites
kelpdiver 2 #21 November 21, 2011 Quote>The thinking is he makes nothign the first few years...what a way to >live....and then the deals come together and he starts making money the >second and third years! Wow. Sounds almost like . . . investing. actually, when I read it, I was thinking MLM scam. Quote Share this post Link to post Share on other sites
shah269 0 #22 November 21, 2011 QuoteThat's one end of the spectrum. You could also work as an intern in the hopes of getting hired on to a permant and much better paying position. What would you do for a position that would pay upper 6 figures? Some people would work for free for a one year to beat out everyone else and get that position. It's all risk versus reward. With what odds? 1/10 1/100 1/10000? They don't have to hire anyone! It's one thing to trade debt, it's another to trade in lives. Funny...both are tax free.Life through good thoughts, good words, and good deeds is necessary to ensure happiness and to keep chaos at bay. The only thing that falls from the sky is birdshit and fools! Quote Share this post Link to post Share on other sites
kelpdiver 2 #23 November 21, 2011 QuoteQuoteYou can't buy something for $6 million and then claim it's worth $10 million and then take a $4million write-off. I don't freaking know how that one works out either...but that's what one of the guys who co-owns the company said while we were enjoying his box seats at the stadium. If it sounds bogus and you can't understand how it could possibly be true...perhaps it's NOT TRUE? Given your history of misunderstandings, that's where my money goes. *I did like how your earlier rant thread today managed to work in dating frustrations again. Quote Share this post Link to post Share on other sites
beowulf 1 #24 November 21, 2011 You are so melodramatic! This isn't slavery. It's not trading humans. These people have a choice, in fact they have lots of choices. They believe they have what it takes to win and are willing to put forth the effort and take the risks. You don't think it's worth it so you mock them and think it's like slavery. Quote Share this post Link to post Share on other sites
kelpdiver 2 #25 November 21, 2011 QuoteQuoteThat's one end of the spectrum. You could also work as an intern in the hopes of getting hired on to a permant and much better paying position. What would you do for a position that would pay upper 6 figures? Some people would work for free for a one year to beat out everyone else and get that position. It's all risk versus reward. With what odds? 1/10 1/100 1/10000? They don't have to hire anyone! Kids can't get jobs right now because they lack experience. They can't get that experience without jobs. The classic internship method is a way which one gets experience, can see if that's what they'd like in a career, and potentially get hired by the same company. But even if an offer isn't made, that experience at Dean Witter puts the person well above those camping in the park, or ranting on internet forums. Quote Share this post Link to post Share on other sites
