Financial Friday: Charity vs. Welfare & Types of loans

Financial Friday: Charity vs. Welfare & Types of loans

For Financial Friday we discuss experiences at different conferences, property taxes across different states, commercial loans, and gold investment strategies. We also discussed the benefits of local charity versus government welfare programs, concluding with ideas for real estate and precious metal investments.

State Property Tax Burden Comparison

Ohio ranks 8th highest in the nation for property tax burden. Eric discussed the growing frustration among Ohio taxpayers regarding property tax increases, highlighting how senior citizens are particularly affected. He emphasized the need for legislative action to address this issue, noting that while the proposed constitutional amendment to abolish property taxes requires about 400,000 signatures to get on the ballot. He also mentioned the potential for more tax foreclosures in Ohio and offered resources for learning about property tax sales.

Local Charity vs. Government Welfare

The group discussed the benefits of local charity versus government welfare programs, including a local community chest and how local businesses and individuals helped each other. Deven said that government handouts should be replaced with local charity efforts, citing the Constitution's focus on the pursuit of happiness rather than guaranteed welfare. Lila shared her experience helping a nursing student with Christmas assistance, emphasizing that local charity provides more meaningful connections between giver and receiver. They agreed that local charities would likely be more effective and that people would donate more if taxes were lower. Finally, they discussed the idea of defunding government-funded schools, with Eric suggesting that locally funded schools would be less likely to threaten parents or label them as domestic terrorists for opposing certain educational policies.

Commercial Loan Maturity Peak 2025

Financial data shows that 2025 may be the peak year for commercial loan maturations, with over $5 billion coming due by October. Obtaining bank loans & the fees and interest rates involved as well as working with smaller banks for better service and deals. We explain how the "extend and pretend" strategy can lead to worse problems in the future. He detailed how commercial loans differ from residential loans and emphasized the importance of understanding loan terms and financial statements. Eric also shared his experience brokering deals during the 2009-2010 period and predicted more opportunities in the coming year or two from tax foreclosures and pocket listings.

Gold Investment and Reserve Planning

The group discussed gold investment strategies & a good possibility of a significant increase in gold prices over the next 5-10 years. They explored the importance of maintaining operating reserves while minimizing cash in banks, and discussed using real estate as collateral for loans. The conversation concluded with talking about how he invests in gold and silver through American Gold Exchange, and Deven was encouraged to take action on his real estate investment goals.

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