Re: NET WORTH - Posted by Laure
Posted by Laure on November 01, 1998 at 04:51:53:
I bought my first investment home in 1988, and accumulated several in the first few years. I was under an IRS audit for the last 4.5 years. They wanted 987,000. !! Well, I fought it and won. I did have to pay 18k in tax and 18k in interest/penalties. My ex flew the coop and left everythin with me. I can’t tell you how it made me feel. How it tore me down. I’ve had my phone shut off repeatedly, water turned off, power too and it really made me feel worthless. I sold a few properties to pay for lawyers and knew that if I didn’t win, I would lose everything/ there is no bankrupcy for the IRS… they always get their money.
In Feb. a realtor dropped his card at my door asking if I wanted to sell a 4 plex I own in another town. I almost didn’t call him back. I have called so many and they have low balled the price. I paid 67,000 for this all brick property in 1991 and only had a 33,000 mortgage on it. The realtor asked how much I wanted for the building. I said 129,000. He said that sounds fair ! everyone else has always laughed and hung up. We listed the property and had an offer in 24 hours ! I closed in 60 days with a HUGE CHECK ! Instead of paying the Income Tax on the gain, I got with an attorney (before the sale of the 4plex) and did a real extate exchange. I “traded” for a duplex and a fixer upper. Many more transactions have taken place this year since then. (Oh, I got my enthusiasm back from Carleton. I bought his course during my deal, and his enthusiasm encouraged me to win again.). but due to that one business card, and the deals that have followed, I have increased my net worth to 2million and have 3,000 per month cash flow. It’s Not get rich quick, but 10 years ain’t bad ! At 39 years old, I am seriously concidering quitting my day job and relaxing for a change.