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Q-talk *ON TOPIC ONLY* QUALITY ON TOPIC discussion of Backyard BBQ, grilling, Equipment and just outdoor cookin' in general, hints, tips, tricks & techniques, success, failures... but stay on topic. And watch for that hijacking.


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Unread 07-19-2013, 06:42 AM   #226
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How does that work???? You cant write off any of the principle payment as a business expense? Doesn't make sense to me. Would it be "creative accounting" to put the old lady as the owner of the business and then lease it to her while you pay the mortgage?
That is what a lot of people do........
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Unread 07-19-2013, 06:57 AM   #227
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I believe one could create an LLC that would carry the mortgage and the "tenant" could pay rent which was in excess of the mortgage payment.

Could certainly be the same person/people.

It would be important to talk with an accountant/attorney in your state, though, as I am drinking right now and can't be trusted.
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Unread 07-19-2013, 09:20 AM   #228
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Originally Posted by Grabnabber View Post
I believe one could create an LLC that would carry the mortgage and the "tenant" could pay rent which was in excess of the mortgage payment.

Could certainly be the same person/people.

It would be important to talk with an accountant/attorney in your state, though, as I am drinking right now and can't be trusted.
Exactly how it is done. BTW, you are drinking at 6:57 a.m.? And you didn't invite me?
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Unread 07-19-2013, 09:22 AM   #229
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I believe one could create an LLC that would carry the mortgage
NEVER hold the mortgage in your personal name and not in the same company as your business. Limit your liability by having a separate LLC for just the mortgage.
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Unread 08-06-2013, 02:10 PM   #230
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Quote:
Originally Posted by Just BS View Post
How does that work???? You cant write off any of the principle payment as a business expense? Doesn't make sense to me. Would it be "creative accounting" to put the old lady as the owner of the business and then lease it to her while you pay the mortgage?
Think of it this way. If you are leasing something, at the end of the lease term you will have no asset (i.e. the building) to show for it. All of that money has gone to basically renting it from someone else. On the other hand, if you were to buy it, those same payments you are making are leaving you with a piece of the asset. With each mortgage payment, you have more equity in the building. At the end of 15 or 30 years,depending on the mortgage, you will have an asset that you own (the building). If you leased it for 30 years, at the end of the lease, you would have no asset. That is why lease payments are deductible.

Also, you can write off property taxes if you own the building but not if you lease it.
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Unread 08-06-2013, 05:45 PM   #231
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A restaurant is like a boat. Everybody needs to own one in their life.
I wish you the best. A friend fulfilled his lifelong dream and opened a BBQ joint here. He is doing very well.
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Unread 08-06-2013, 06:05 PM   #232
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Quote:
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A restaurant is like a boat. Everybody needs to own one in their life.
I wish you the best. A friend fulfilled his lifelong dream and opened a BBQ joint here. He is doing very well.
Whereabouts in Cleveland? I'm not too far from there, and up for a road trip.
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Unread 08-06-2013, 07:52 PM   #233
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Quote:
Originally Posted by oifmarine2003 View Post
Think of it this way. If you are leasing something, at the end of the lease term you will have no asset (i.e. the building) to show for it. All of that money has gone to basically renting it from someone else. On the other hand, if you were to buy it, those same payments you are making are leaving you with a piece of the asset. With each mortgage payment, you have more equity in the building. At the end of 15 or 30 years,depending on the mortgage, you will have an asset that you own (the building). If you leased it for 30 years, at the end of the lease, you would have no asset. That is why lease payments are deductible.

Also, you can write off property taxes if you own the building but not if you lease it.
Interest portion of the payment is also deductible if buying.
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Unread 08-06-2013, 07:55 PM   #234
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Interest portion of the payment is also deductible if buying.
That is correct b/c the interest paid is not equity, merely a fee for financing.
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Unread 08-07-2013, 12:08 PM   #235
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Good luck to you! Updated pics?
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Unread 08-07-2013, 12:15 PM   #236
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Quote:
Originally Posted by wjwheeler View Post
A restaurant is like a boat. Everybody needs to own one in their life.
I wish you the best. A friend fulfilled his lifelong dream and opened a BBQ joint here. He is doing very well.
If it flies, floats or f*cks. Its cheaper to rent it than owning it.
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Unread 08-07-2013, 12:16 PM   #237
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All the best to you. If I'm ever down that way I'll be sure to stop in
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Unread 08-07-2013, 02:12 PM   #238
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Good luck to you! Updated pics?
Sorry, nothing worth taking pictures of at the moment since the place is still all torn up. But, I do have a quick update. I finally have a contractor on the job and work will be underway shortly. Right now I'm just trying to coordinate the smoker delivery with the builder who will be cutting the hole in the wall and installing it.

But all in all, it looks like we'll be done by the end of the month, barring any further delays, and then it's all up to when I can get the final inspection from the health department.

So, my fingers are crossed.
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Unread 08-07-2013, 02:21 PM   #239
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If it flies, floats or f*cks. Its cheaper to rent it than owning it.
That's some funny sh*t...
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Unread 08-07-2013, 02:50 PM   #240
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Well, the bad news never seems to stop with this project. Can't get the smoker delivered until September 27th. That is, unless I can find one sitting around somewhere. Or more likely, I need to come up with a plan B.

I've got the biggest headache right now.
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