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SVTPerformance's Chain of Restaurants
Road Side Pub
Six Figure Income
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<blockquote data-quote="OETKB" data-source="post: 16299388" data-attributes="member: 187145"><p>But nowhere are assets mentioned.</p><p></p><p>Assets matter.</p><p></p><p>Let’s say you have 300 acres of farmland outside of town which is taxed at a rate that is not even worth mentioning in my county. And you rent that land to a farmer for an amount that is also somewhat negligible, but builders are expanding the footprint of your town and buying that land nearby for $60,000 an acre.</p><p></p><p>You likely won’t sell it all for $60,000 an acre, or all at the same time, but you effectively have an $18MM asset that cost you nothing to own. You can’t really borrow against it, but it is still a valuable asset nevertheless.</p><p></p><p>Let’s call it a ship still out in the ocean, as it were, but will come into port one day, if you so decide, or you swap it in a 1031 exchange for a like-kind piece of real estate that either now earns income, or you just like better.</p><p></p><p>So being rated for only income just doesn’t mean much in my personal view.</p></blockquote><p></p>
[QUOTE="OETKB, post: 16299388, member: 187145"] But nowhere are assets mentioned. Assets matter. Let’s say you have 300 acres of farmland outside of town which is taxed at a rate that is not even worth mentioning in my county. And you rent that land to a farmer for an amount that is also somewhat negligible, but builders are expanding the footprint of your town and buying that land nearby for $60,000 an acre. You likely won’t sell it all for $60,000 an acre, or all at the same time, but you effectively have an $18MM asset that cost you nothing to own. You can’t really borrow against it, but it is still a valuable asset nevertheless. Let’s call it a ship still out in the ocean, as it were, but will come into port one day, if you so decide, or you swap it in a 1031 exchange for a like-kind piece of real estate that either now earns income, or you just like better. So being rated for only income just doesn’t mean much in my personal view. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Six Figure Income
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