# Got my wife a new ride \*56k beware\* **URL:** \ **Category:** NYSpeed Automotive\ **Created:** [May 7, 2007, 7:32pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938 "2007-05-07T19:32:58Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Daddie](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/daddie/32/7621_2.png) [@Daddie](https://forums.speedlife.net/u/Daddie)\ **Post date:** [May 8, 2007, 8:12am UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/21 "2007-05-08T08:12:04Z")
[quote=“SoloIIscoob,post:11,topic:28938"”] should got the RX330H H-being for hybrid [/quote] They don’t have a 330H, only 400H, but that was said. The H is good for beating around town (really good in NYC), thing gets like 35 almost lol but not so good driving normal. However - it does go like stink. ---
**Author:** ![SoloIIscoob](https://avatars.discourse-cdn.com/v4/letter/s/35a633/32.png) [@SoloIIscoob](https://forums.speedlife.net/u/SoloIIscoob)\ **Post date:** [May 8, 2007, 12:31pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/22 "2007-05-08T12:31:13Z")
–and i meant 400H yea my friends parents could drive 3 hours to cape may and drive around all weekend and drive back on 1 tank of gas. +they are fast(for an SUV and for a hybrid ---
**Author:** ![Darksyde](https://avatars.discourse-cdn.com/v4/letter/d/ed655f/32.png) [@Darksyde](https://forums.speedlife.net/u/Darksyde)\ **Post date:** [May 8, 2007, 1:45pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/23 "2007-05-08T13:45:31Z")
[quote=“traumadog,post:9,topic:28938"”] Then I hope your business doesn’t get sued, because your house would be “recoverable” assets if you lose. In any case, nice truck. [/quote] Not if he’s down as the President of the company and not the Owner. ---
**Author:** ![87FOXGT](https://avatars.discourse-cdn.com/v4/letter/8/ecd19e/32.png) [@87FOXGT](https://forums.speedlife.net/u/87FOXGT)\ **Post date:** [May 8, 2007, 1:46pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/24 "2007-05-08T13:46:19Z")
pimp :tup: ---
**Author:** ![redrum](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redrum/32/7398_2.png) [@redrum](https://forums.speedlife.net/u/redrum)\ **Post date:** [May 8, 2007, 4:03pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/25 "2007-05-08T16:03:30Z")
[quote=“newman,post:18,topic:28938"”] 56k beware of what? Two 100KB photos? [/quote] lol ---
**Author:** ![Boomin99GT](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boomin99gt/32/7306_2.png) [@Boomin99GT](https://forums.speedlife.net/u/Boomin99GT)\ **Post date:** [May 8, 2007, 4:34pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/26 "2007-05-08T16:34:19Z")
[quote=“Darksyde,post:23,topic:28938"”] Not if he’s down as the President of the company and not the Owner. [/quote] Exactly what he said not to mention this business was opened solely for the purpose of purchasing this house. I have another business that I use to purchase commercial properties. So unless the bank sues me or the owners of the house that we’re buying from i don’t forsee any problems. The company is an LLC and i’m the manager. ---
**Author:** ![redrum](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redrum/32/7398_2.png) [@redrum](https://forums.speedlife.net/u/redrum)\ **Post date:** [May 8, 2007, 4:35pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/27 "2007-05-08T16:35:32Z")
So you took out a commercial loan for a non-existant business and used the money to buy a house and an expensive car? ---
**Author:** ![Boomin99GT](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boomin99gt/32/7306_2.png) [@Boomin99GT](https://forums.speedlife.net/u/Boomin99GT)\ **Post date:** [May 8, 2007, 4:37pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/28 "2007-05-08T16:37:16Z")
I took out a commercial loan for the house to establish more credit for myself with the bank so I can later purchase larger buildings. An no the bank would not allow a commercial loan for a car, I paid cash for that out of pocket. ---
**Author:** ![traumadog](https://avatars.discourse-cdn.com/v4/letter/t/8baadc/32.png) [@traumadog](https://forums.speedlife.net/u/traumadog)\ **Post date:** [May 8, 2007, 9:45pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/29 "2007-05-08T21:45:37Z")
[quote=“Boomin99GT,post:26,topic:28938"”] Exactly what he said not to mention this business was opened solely for the purpose of purchasing this house. I have another business that I use to purchase commercial properties. So unless the bank sues me or the owners of the house that we’re buying from i don’t forsee any problems. The company is an LLC and i’m the manager. [/quote] So how does that help you? If the business is solely for the purchase of your house, then I’d think you’d lose out on the tax break on your personal return that comes with a mortgage interest deduction. I’m presuming here that you, as the home occupier, would be paying “rent” - but probably less than what would be declarable as “profit”. Since the business presumably makes no money (having no outside assets for income), then the business would have no tax liability to be offset by the depreciation/expenses/property taxes. Now does that mean that you’re filing under your own tax return, using these “business expenses” as a form of deduction? I’d think at some point, that might trigger an audit if too much is being deducted vs. a traditional mortgage interest deduction - and you might wind up hitting the AMT ceiling sooner (rendering it all moot). And regardless of whether or not he’s the owner or the president, if the corporation has its name on the title of the house, then it would still be declarable assets for any issues (e.g. someone falling on an icy sidewalk in front of the house… and notice, I said if the _business_ gets sued, not him). Any lawyer would look up the name on the deed, not the mailbox. In all, this is not likely, but always possible. ---
**Author:** ![antosh87](https://avatars.discourse-cdn.com/v4/letter/a/8e8cbc/32.png) [@antosh87](https://forums.speedlife.net/u/antosh87)\ **Post date:** [May 8, 2007, 9:54pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/30 "2007-05-08T21:54:46Z")
oohh shit rotating HID’s ballin ---
**Author:** ![Carless](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/carless/32/5032_2.png) [@Carless](https://forums.speedlife.net/u/Carless)\ **Post date:** [May 8, 2007, 9:57pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/31 "2007-05-08T21:57:08Z")
![http://i26.photobucket.com/albums/c128/Wildcherrys2587/Other%20Crap/1341420206_l.gif](http://i26.photobucket.com/albums/c128/Wildcherrys2587/Other%20Crap/1341420206_l.gif) ---
**Author:** ![Boomin99GT](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boomin99gt/32/7306_2.png) [@Boomin99GT](https://forums.speedlife.net/u/Boomin99GT)\ **Post date:** [May 8, 2007, 10:06pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/32 "2007-05-08T22:06:10Z")
It has nothing to do with tax writeoffs or anything. In my current job the house will most likely be paid off within a year. I did it to establish credit in commercial loans. Showing that I can pay off such a large commercial loan in 1 year or less will then allow me to take a larger loan next time to buy a building. Getting a regular mortgage and paying it off in 1 year would not look too good on credit, the bank even told me they tend to frown upon people paying off 30 year loans in 1 year. ---
**Author:** ![redrum](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redrum/32/7398_2.png) [@redrum](https://forums.speedlife.net/u/redrum)\ **Post date:** [May 9, 2007, 4:43am UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/33 "2007-05-09T04:43:50Z")
Thats because the bank doesnt make any money on them. What kind of commercial loan was this that you got for your house? ---
**Author:** ![misteroman](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/misteroman/32/7423_2.png) [@misteroman](https://forums.speedlife.net/u/misteroman)\ **Post date:** [May 9, 2007, 7:26am UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/34 "2007-05-09T07:26:02Z")
[quote=“redrum,post:33,topic:28938"”] Thats because the bank doesnt make any money on them. What kind of commercial loan was this that you got for your house? [/quote] Curious on that as well? D ---
**Author:** ![Xander](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/xander/32/7597_2.png) [@Xander](https://forums.speedlife.net/u/Xander)\ **Post date:** [May 9, 2007, 7:32am UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/35 "2007-05-09T07:32:54Z")
Who cares where the loot came from? Congrats on your purchases, enjoy them. X… ---
**Author:** ![Fry](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/fry/32/7284_2.png) [@Fry](https://forums.speedlife.net/u/Fry)\ **Post date:** [May 9, 2007, 7:46am UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/36 "2007-05-09T07:46:16Z")
So Boomin99GT is Timothy Rigas. Got it. :tup: Just messing. I’m guessing that if you can pay off the mortgage for a nice place in 1 year, you might kind of know what you’re doing with money. :tup: ---
**Author:** ![redrum](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redrum/32/7398_2.png) [@redrum](https://forums.speedlife.net/u/redrum)\ **Post date:** [May 9, 2007, 9:13am UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/37 "2007-05-09T09:13:40Z")
I’m curious because I work fairly closely with the commercial lending officers and SVPs at my bank, and I cant see them going for something like this. ---
**Author:** ![rage87](https://avatars.discourse-cdn.com/v4/letter/r/9e8a1a/32.png) [@rage87](https://forums.speedlife.net/u/rage87)\ **Post date:** [May 9, 2007, 11:12am UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/38 "2007-05-09T11:12:46Z")
You’re curious because you’re a hater!!! ---
**Author:** ![Boomin99GT](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/boomin99gt/32/7306_2.png) [@Boomin99GT](https://forums.speedlife.net/u/Boomin99GT)\ **Post date:** [May 9, 2007, 1:38pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/39 "2007-05-09T13:38:14Z")
[quote=“redrum,post:37,topic:28938"”] I’m curious because I work fairly closely with the commercial lending officers and SVPs at my bank, and I cant see them going for something like this. [/quote] I opened an LLC… I said i’m purchasing this house as an investment property. They saw my credit and said ok, you can get a loan. Wasn’t really complicated at all. ---
**Author:** ![redrum](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/redrum/32/7398_2.png) [@redrum](https://forums.speedlife.net/u/redrum)\ **Post date:** [May 9, 2007, 2:40pm UTC](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938/40 "2007-05-09T14:40:32Z")
[quote=“rage87,post:38,topic:28938"”] You’re curious because you’re a hater!!! [/quote] Do you even know what a LLC is? [quote=“Boomin99GT,post:39,topic:28938"”] I opened an LLC… I said i’m purchasing this house as an investment property. They saw my credit and said ok, you can get a loan. Wasn’t really complicated at all. [/quote] Gotcha, just remember though that your house is now property of the LLC, and thus is not a protected asset under the LLC business structure. [Previous page](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938.md?page=1) [Next page](https://forums.speedlife.net/t/got-my-wife-a-new-ride-56k-beware/28938.md?page=3)