Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Apr 20, 2013 10:52:45 GMT -5
2004 Ford Focus. I bought it new and am the only owner. It has a bit over 130k miles on it, so it should have been good for another 70k at least.
Don't know yet. By the time a tow truck showed up last night there was no garage open. I'm sure it's going to be expensive though.
I keep second guessing myself on putting the fire out. If I'd let it burn the insurance company would have had to total it. If car insurance covers fire. I'm honestly not sure.
|
|
8 Bit WWBG
Administrator
Your Money admin
Joined: Dec 19, 2010 8:57:29 GMT -5
Posts: 9,322
Today's Mood: Mega
|
Post by 8 Bit WWBG on Apr 20, 2013 11:38:24 GMT -5
...:::"I keep second guessing myself on putting the fire out. If I'd let it burn the insurance company would have had to total it. If car insurance covers fire. I'm honestly not sure.":::... Hopefully they can't weasel out of paying. It would have been funny to call the company from the side of the road and say "the engine is on fire, do you cover this?". Engines aren't supposed to catch fire though... so that ought to be interesting and all.
...:::"This is what garages and basements are for -but I hear no basements in calie? When i was kid, I remember a couple of "own your own biz" type parents - the garage/basement was stuffed with inventory":::...
Unless he also has a van, it could be more costly to move stuff back and forth than to try and procure extra space. Also, doesn't one have to be careful (read: keep ones mouth shut) about storing business inventory at home, lest there be some snafu with insurance or lest you be considered using residential space as commercial?
What if your house burned down? Will it cover business items? What if your business insurance doesn't cover "off-premises losses" or something?
I'd say that ones house bursting into flames is unlikely, but...
|
|
wvugurl26
Distinguished Associate
Joined: Dec 19, 2010 15:25:30 GMT -5
Posts: 21,882
Member is Online
|
Post by wvugurl26 on Apr 20, 2013 12:09:51 GMT -5
If there's an oil leak, engines can easily catch on fire. The timing does suck for Dark.
|
|
Deleted
Joined: Oct 7, 2024 16:23:18 GMT -5
Posts: 0
|
Post by Deleted on Apr 20, 2013 20:33:03 GMT -5
Sorry about the car dark. My Mom had a car that burned up in our driveway back in '89. By the time the fire department got there, the fire had burned the front half of the car completely. Huge flames, very scary. If I hadn't been disobedient and parked my hoopty under the carport that night, the house would've definitely caught fire. My brother had brought home a stray dog about a week before, he woke us up around 3am with this awful howling and that's how we realized the car was on fire. Anyway, that was a huge fire, but her insurance paid for the car. Just trying to give you a little hope until you find out what's what. The timing sure does suck. Good luck!
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Apr 20, 2013 22:01:17 GMT -5
Around here procuring a metal shipping container and parking that behind your section of a strip mall seems like a popular option for a little extra storage. Some of the strip malls here you drive behind them and it's just a long row of shipping containers.
|
|
toomuchreality
Senior Associate
Joined: Sept 3, 2011 10:28:25 GMT -5
Posts: 16,869
Favorite Drink: Sometimes I drink water... just to surprise my liver!
|
Post by toomuchreality on Apr 21, 2013 0:57:46 GMT -5
Latest update So I drove into San Jose today to check out my closest competition. I looked up all the independent toy stores from Gilroy (none) to the middle of San Jose, then drove up and checked them out. I wanted to get a feel for the volume of inventory they fit in a given square footage, what type of fixtures they use, how they're laying out the store, etc, as well as what they're stocking and what they're charging of course. It was a pretty fruitful trip, except I missed The Wooden Horse in Los Gatos. They close at 6 on Fridays, which looks like a bad idea to me. In the 10 minutes I was standing there looking in the windows three families walked up to the door and left disappointed because they were already closed. I really wanted to check that one out because they have the biggest book section of all the indy toy stores I saw. Anyway, we finished up our scope out the competition trip and we're driving home, south on 101 in the car pool lane going 80, when my car shudders for a second, a cloud of smoke comes out the back, and it dies. I pull off to the side of the road to see what's going on and when I open the hood I see a fire in my engine compartment. Not smoke, actual flames. Thank god I had some water bottles in the car. So yeah, my 9 year old car that's never once not started, left me stranded, or needed a single major repair, picks right now to shit the bed and burn. Figures right? I get it, dark. I really do. But perhaps this is a new opportunity for you. Maybe you were meant to get a new Mercedes or something fabulous now. (Maybe a single wide, I don't know. -Just kidding!) Maybe you are going to do so well with your new endeavor that the old car just wouldn't do. Keep you chin up, and you mind open. The best is yet to come! (YOU CAN DO IT!)
|
|
Deleted
Joined: Oct 7, 2024 16:23:18 GMT -5
Posts: 0
|
Post by Deleted on Apr 21, 2013 15:07:22 GMT -5
Great poster! Steve Yes, we are.
|
|
Peace Of Mind
Senior Associate
[font color="#8f2520"]~ Drinks Well With Others ~[/font]
Joined: Dec 17, 2010 16:53:02 GMT -5
Posts: 15,554
Location: Paradise
|
Post by Peace Of Mind on Apr 21, 2013 15:58:08 GMT -5
Sorry your car did this at the worst time possible.
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Apr 22, 2013 17:20:15 GMT -5
You guys want to see what $4,500 in legal fees buys you? Well, that and the corporation setup. Next steps are setting up the bank accounts then initiating the IRA rollover.
|
|
toomuchreality
Senior Associate
Joined: Sept 3, 2011 10:28:25 GMT -5
Posts: 16,869
Favorite Drink: Sometimes I drink water... just to surprise my liver!
|
Post by toomuchreality on Apr 22, 2013 23:39:17 GMT -5
I want to see SPEND the $4,500!!! -I'll take them in ones, it will look like more! I bet/hope it feels good to get started. Eh? Good for you!
|
|
Deleted
Joined: Oct 7, 2024 16:23:18 GMT -5
Posts: 0
|
Post by Deleted on Apr 23, 2013 8:54:30 GMT -5
Nice, and I agree $4,500 in $1 bills would look much better!
Keep trucking forward Dark, good luck!
|
|
Deleted
Joined: Oct 7, 2024 16:23:18 GMT -5
Posts: 0
|
Post by Deleted on Apr 23, 2013 10:37:18 GMT -5
Nice, and I agree $4,500 in $1 bills would look much better! Keep trucking forward Dark, good luck!
|
|
Deleted
Joined: Oct 7, 2024 16:23:18 GMT -5
Posts: 0
|
Post by Deleted on Apr 23, 2013 10:39:52 GMT -5
friggen lawyers
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Apr 23, 2013 11:54:24 GMT -5
It's not a bad deal actually. I got the articles of incorporation for the C corp, expedited state filing, and EIN, and the articles for the profit sharing plan and trust, its EIN, the trust agreement, the 415 amendment and 5307 filing with the IRS, the legally mandated summary plan description, beneficiary designation forms, summary plan description acknowledgement forms, QDRO forms, loan forms, rollover forms, distribution forms, spousal consent, and a plan administration guide that explains everything I have to do as the plan administrator and trustee to stay kosher with the IRS. The firm I paid to do this specializes in these plans, and it's pretty much a canned product that they sell to each person with very few changes, however if I had to pay my own lawyer to draw it all up from scratch it would have cost way more. Assuming I could find a lawyer who'd even heard of a ROBS in the first place.
|
|
Deleted
Joined: Oct 7, 2024 16:23:18 GMT -5
Posts: 0
|
Post by Deleted on Apr 23, 2013 12:04:25 GMT -5
Dark.
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Apr 23, 2013 12:22:41 GMT -5
You wouldn't even need to do this to buy property in your IRA. A basic self directed IRA allows you to do it already. And contrary to a lot of the bad information you find online, you can finance a property you buy within an IRA as well. The only issue is that all expenses for the property have to paid from the IRA money and you can't mix in your own personal assets, or it'll be counted as an illegal IRA contribution. You can add up to the IRA limit of your own personal money each year, but nothing beyond that. So, if you bought a mortgaged property and it sat empty for three straight months, you'd need enough in the IRA held in reserve to make the mortgage payments, plus any repairs it might need due to the previous tenant.
However, you could do something like half down on cheap income properties to give you really small mortgages and juice up your return a bit through the leverage.
|
|
Wisconsin Beth
Distinguished Associate
No, we don't walk away. But when we're holding on to something precious, we run.
Joined: Dec 20, 2010 11:59:36 GMT -5
Posts: 30,626
|
Post by Wisconsin Beth on Apr 23, 2013 12:23:56 GMT -5
I think you can. Check Money magazine from last year. And didn't Dark have a thead on that about a year ago?
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Apr 23, 2013 12:31:29 GMT -5
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Nov 17, 2013 12:50:09 GMT -5
I used SDCooper Company, a San Diego based law firm. I'm pretty sure they do ROBS in all fifty states. They have a website with quite a bit of info on the process at sdcooper.com.
Are you finally pulling the trigger?
|
|
Sum Dum Gai
Senior Associate
Joined: Aug 15, 2011 15:39:24 GMT -5
Posts: 19,892
|
Post by Sum Dum Gai on Nov 17, 2013 14:08:43 GMT -5
Small business ownership is awesome! Long hours, low pay, constant little fires to put out. It's kind of like joining a cult and taking a vow of poverty, but way more fun! Seriously though, I wish you well with whatever you're thinking about doing and thanks for the trip down memory lane. Rereading this thread was a trip. I was such a clueless moron. I did end up incorporating a lot of the ideas here in the business. Still not doing birthday parties, but we've had several customers ask, so we'll probably have to find a way to make it work.
|
|