Bill Fooks

• Real Estate Teams

• Manage |RSSThe Future of Real Estate Lending
• Manage |RSSThe Real Estate Agent of the Future

Bill Fooks TFT realty Marketing Service Warwick, RI http://www.fooksteam.com Good thinking. I am 71 and still going strong on the team. Our team increased our transactions in 2011 by about 30% over 2010. But, average prices were down by 10%. Revenue was up slightly. It has been exciting. Have only been in the business full time since 1966, still trying to learn it all.Never seem to catch everything, but am working on it. It is really a great business to be in and would not trade it for any other work. Those who leave the business say they have to get a "real job". I guess that means that I have not had a "real job" all these years. Retirement has been fun:-)

Bill Fooks TFT realty Marketing Service Warwick, RI http://www.fooksteam.com Your are correct about taxes. Also there is a penalty if you under pay by 10% Some of us in the business prefer to under pay, and pay the fine. We can invest the money at a higher rate of return,and pay the lump sum down stream along with the fine.In either case we have to pay. Your key statement is to plan accordingly, and realize that you have a very expensive, and demanding partner, who has a great desire to waste, and poorly invest, your money.

Bill Fooks TFT realty Marketing Service Warwick, RI http://www.fooksteam.com I agree. There is one stipulation I would make. Reduce the loan, forget the five years, but have the lender participate in the upside by 50% upon a sale or refinance. If the refinance yeilds less then 50% of the original loss the terms stay in place until either property is sold or refinanced again. This encourages everyone to look to improve the property. It avaoids a glut in 5 years. The partners would look to get max yeild. What are your thoughts.?