Quote:
Originally Posted by Mutt
what are you considering a shitload of upfront cash - what % as a down payment will get a small business owner a mortgage these days?
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It depends on the location and what method you use to buy, but while a W2 will flip out to pay 20% you will have to, and sometimes as high as 50% if you don't want to provide 3 years of docs for your business.
The problem is, for your business your whole goal is to reduce apparent taxable income. With a bank, they want to see high income. So even if you pay yourself a healthy salary they still require audited income statements for you to get the best rates, and unless you are doing it some genius way no one has ever heard of, you'll pay minimum 20% while W2 will pay minimum 3-5%.