Sourcing the money: Unlike conventional lending, for commercial property purchases you need to source at least 25% for a down payment. In my experiences, most lenders asked for 30-35% down payment in order to secure financing. This was news to me as I was only prepared to put down 20%. I strongly encourage you to work with multiple financing sources and start your process as early as possible, as it can be a lengthy and frustrating one. I began the process by working with a broker, until I learned that the terms, fees, and down payment terms were not in-line with my expectations. This was two weeks into the process when I decided to look for a new source of financing.
So you want to be a millionaire...
The principle is pretty easy actually, you find a need among people and you fill it. If you can fill the needs of a million people, you will become a millionaire. However, most people do not start a business because they've identified a need.
If you make under $200,000 a year, your chances of getting audited by the IRS are just above 1%. Some people like those odds and take a chance by screwing around on their annual tax returns. Does this mean you can get away with cheating on your taxes? Absolutely not. The IRS uses sophisticated computer algorithms to decide on which returns to audit. If your return looks strange, your chances of being audited go way up.
You answer your phone and the person on the other line introduces themselves as an IRS official. That's your first clue to curse them out and hang up the phone. Most people fear the IRS and these scams have a very "real" feel to them. The caller verifies some personal information and immediately people are hooked in this tax scam spiral.
Tax Services / 20.03.2014
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