Wow what a great PACRat's meeting last night. We are growing! Lots of cool stuff we talked about. Some of the things (I think) I learned were:
1. Buyers do not give a "Deposit" to move into the home. The give a Refundable Contribution, which means that at the end of the term of the contract their contribution is refundable. e.g. they contribute $30K to the trust and at the end of the term, the refundable contribution can be deducted from the fair market value.
2. Find Buyers for our current homes by marketing to homeowners who may be loosing their home in foreclosure. This will help so many people because they no longer have good credit, and will be in need of finding a new home. With us they can buy without having to qualify for a new loan and will still receive the tax benefits of a homeownership.
3. We also discussed taking multiple unit buildings and turning them into "condo's" using the trust, which is called "quick condominumization." Basically assigning beneficial interest to each unit, therefore making them a an owner in the trust and now having all the benefits of ownership, which includes tax benefits. This is a little over my head and although sounds fascinating, will take me a little longer to learn it!
ALVINS SIGNs are the hit of evening!
ROSIE and Petey!
