Article

2023-01-26 Economy

32-year-old brings in $39,000 a month renting his 2 boats to strangers

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Posted by Besoeker 2023-01-26 05:20|| || Front Page|| [10 views ] Top

#1 Likely deducting loan interest and depreciation from business profits from his income taxes. Using Other People's Money (OPM) to make money.

Smart lad.

Posted by Besoeker 2023-01-26 05:42|| 2023-01-26 05:42|| Front Page Top

#2 smart but maybe not smart enough...fame invites inspection...esp. from the IRS although other seedy groups may want a cut of the action. Hmmm..wonder if any of those trips were drug cartel related? Inquiring minds in the ATF want to know.

Posted by Warthog 2023-01-26 06:40|| 2023-01-26 06:40|| Front Page Top

#3 The last young punk CNBC raved about was a 30-something fraudster named Sam Bankman-Fried.

Posted by DooDahMan 2023-01-26 07:10|| 2023-01-26 07:10|| Front Page Top

#4 This is like the old mortgages daisy-chained on multiple rental homes game. Banks tend to get quite upset and it is illegal to do with homes.
3dc had a landlord caught doing this with home while 3dc was in college. The bank most impacted agreed not to send him to jail if he married the bankers daughter. She was one of the more evil people (but good looking) that 3dc ever met. 3dc thinks the landlord made a mistake marrying her. Jail would have been preferable.

Posted by 3dc 2023-01-26 07:12|| 2023-01-26 07:12|| Front Page Top

#5 This is like the old mortgages daisy-chained on multiple rental homes game.

It’s probably illegal in some places, but not others. The key is not to be caught in a bubble of interest in what is being rented that then pops, leaving a bunch of mortgages and not enough nearly enough income to pay them... and which point the things being mortgaged are taken away by the bank.

Posted by trailing wife 2023-01-26 10:05|| 2023-01-26 10:05|| Front Page Top

#6 So much for my "If floats, flys, or f*&ks - rent it" mantra.

Posted by Bangkok Billy 2023-01-26 13:27|| 2023-01-26 13:27|| Front Page Top

#7 So you're letting just anyone with the cash hop in and motor away with your ~$1/2M asset without really knowing if they, or the 'professional' they hire, can even operate the thing (30 minutes a day is pretty sparse in the background investigation field), much less returning it to your boat-slip in one piece.

Waiting to hear about the Coast Guard towing it back all shot up due to some miscommunication as to what the 'guests' had onboard.

Posted by Mullah Richard 2023-01-26 16:43|| 2023-01-26 16:43|| Front Page Top

#8 Bill: still applies. I asked my 85 yr old Mom and she stands by it. He assumes all losses due to confiscation or accidental losses

Posted by Frank G 2023-01-26 19:01|| 2023-01-26 19:01|| Front Page Top

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