miltiades wrote:Stop this pathetic nonsense. You said clearly ALL MY DEBT IS TAX DEDUCTIBLE.
Now shut it and stop being plonker all your life!!
And a normal person knows EXACTLY what is meant. I have heard people say this all the time, and that includes very wealthy business people.
One of my Koumbaroi is an extremely wealthy builder/developer. he helps me with trades as well who come to my projects. And we are not talking about housing but high end building where the base model is 1.5 million and up to 3.5 million. The guy also borrows to build display homes in sell them off and it is a term we both used, as well as our accountants.
It's only clear to you because you want to be recalcitrant. This individual has lines of credit from the Bank in the order of 10 odd million. I have lines of credit of 2 million on my own which I need especially when we go in halves on a parcel.
When we build it is common for both of us to spend about a 1 million each or more.
These Lines of Credit are CRITICAL for our survival because often times we just don't actually have the cash to buy materials or even pay contractors. We can probably carry ourselves halfway, until our cash runs out but then need to rely on the Bank because materials still need to be bought and our contractors need to be paid. That is WHY Banks are extremely important because most of our money is actually tied up in land and other projects.That seems to be the common modus operandi of even the biggest corporates. Without the Banks, the whole economy would crash into a pile.
I've been doing this for years. I started my first project with my dad at the age of 20. It was just normal housing then. Corner blocks getting subdivided into 2 and 3 and build.
We only do high end high quality now. All fittings of the highest quality.
I'm happy to show you some photos via PM. I give you an example. Our joiner is the very same guy who is responsible for the 10 Downing Street Door and that is the type of quality we do.
Between myself and my Koumbaro, we employ 6 supervisors and project managers and between the 2 of us we have 15 contracts this year. Some his own, a couple my own and a couple as joint. The biggest and most lucrative we have done was build a new premises for a TV Network worth 10 million.
We have our own signature constructions. people know they are our constructions. Well they know my Koumbaro but they also know I am behind him as well.
We know what tax deductible and what's not I can assure. And we know how to structure ourselves.
The reason is, we have done stuff and lost money as well. An example, the worse one was a loss of about 300K. That was recent too.
