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OfflineGalindoiTheGrey
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hypothetically how would my friend turn cash into houses?
    #26126389 - 08/08/19 03:41 AM (4 years, 9 months ago)

Let's say I have a friend who makes a little money on the side doing activities he'd rather not tell the man about. This friend has a full time job but wants to quit it and do his hobby full time instead. He would make much better money, but it would be all cash. He wants to buy houses to use as rental properties because he doesnt want to do his hobby forever, but you cant just buy houses with a suitcase full of cash. What steps could he take to turn a low six figure pile of cash into a rental property or even a downpayment on a rental property every year or so? My friend does not mind paying taxes but obviously his prospective employers won't be filing any w-2s or signing any invoices. Main concern is trying not to draw attention or have anybody ask uncomfortable questions.

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Offlinethisbliss
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Re: hypothetically how would my friend turn cash into houses? [Re: GalindoiTheGrey]
    #26126392 - 08/08/19 03:56 AM (4 years, 9 months ago)

Haven't a clue but it reminds me of breaking bad. The bit where Saul is advising pinkman about money laundering. In which case ur hypothetical friend would need to start a small business and channel funds thru that

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Anonymous #1

Re: hypothetically how would my friend turn cash into houses? [Re: thisbliss] * 1
    #26126629 - 08/08/19 08:46 AM (4 years, 9 months ago)

I think you'd want to take a loan for a business such as a food truck or something, or make it appear like you received money for said business from family or other investors. Then use the business to report more in profit than it's actually getting. Then it appears legitimate.

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OnlineKryptos
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Re: hypothetically how would my friend turn cash into houses? [Re: Anonymous #1] * 1
    #26126639 - 08/08/19 08:52 AM (4 years, 9 months ago)

I believe real estate purchases are still exempt from money laundering laws. There was a temporary exception made by Bush Jr, I can't find anywhere saying it was ever repealed.

So theoretically, you should be fine showing up with a suitcase full of cash.

Might wanna report it as income first, though. Leave the "employment" blank on your tax return, and pay taxes on it. That way, you don't have tax evasion.

Otherwise, laundering money through a business works, but you probably want to have a good understanding of cash flows for similar local businesses. If you start a food truck or nail salon and suddenly earn ten times the local average profits consistently, well...

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OfflineGalindoiTheGrey
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Re: hypothetically how would my friend turn cash into houses? [Re: Kryptos]
    #26126674 - 08/08/19 09:25 AM (4 years, 9 months ago)

Could my friend just deposit the money in a bank at that point? If he just reported it as income and left the category blank. Wouldn't he get audited, and if so how bad is that for his hobby, assuming they don't ever actually investigate anything beyond bank statements?

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OnlineKryptos
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Re: hypothetically how would my friend turn cash into houses? [Re: GalindoiTheGrey] * 1
    #26127775 - 08/08/19 09:46 PM (4 years, 9 months ago)

NO, stay far from banks. And any other financial instrument that is NOT real estate. Money laundering laws are no joke.

Audits are possible, and may well lead to embezzlement charges. Unless in the process of the audit, all of his customers come forward and verify his income. Legally, the IRS isn't supposed to tip off the cops.

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Invisiblenooneman
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Re: hypothetically how would my friend turn cash into houses? [Re: GalindoiTheGrey] * 1
    #26127822 - 08/08/19 11:12 PM (4 years, 9 months ago)

Houses can be seized just as easily as cash if they're believed to be bought with the proceeds from drug sales. Real estate is not a good option if you want to keep that money long term.

You might instead consider precious metals if you have somewhere secret you can store them, or maybe bitcoin if you can deal with the wild swings in price (and if you operate and own your own bitcoin wallet, etc.)

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Invisiblelaughingdog
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Re: hypothetically how would my friend turn cash into houses? [Re: nooneman]
    #26128691 - 08/09/19 02:44 PM (4 years, 9 months ago)

there is a movie where bank robbery money is laundered through a casino.
Of course they want to make the bills themselves untraceable.
But reporting the money as gambling winnings, might be part of a plan.
They also use a lawyer, in the movie.
But they aren't dealing with millions. ("a low six figure pile of cash").

It would seem the answers to this question are known by people who are either very dangerous, or far richer than you are, which would seem to make connecting with the knowledge and operators who facilitate these transactions rather tricky.

If real estate is part of the plan, taking a course, in real estate, might be a wise move anyway, (if you haven't done so already) and possibly lead to some ideas, and less dangerous connections. Especially as tax planing is part of a successful real estate, empire, whether big or small.

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InvisibleAntigov
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Re: hypothetically how would my friend turn cash into houses? [Re: laughingdog] * 1
    #26128707 - 08/09/19 03:00 PM (4 years, 9 months ago)

You’re going to have to laundry that money till it’s squeaky clean before buying real estate with it. Any purchases over $10,000 is reported to da man.


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Offline5150
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Re: hypothetically how would my friend turn cash into houses? [Re: Antigov] * 1
    #26129978 - 08/10/19 04:31 PM (4 years, 9 months ago)

Better call Saul


--------------------
"the way of the warrior is the resolute acceptance of death"

Miyamoto Musashi

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InvisiblebodhisattaMDiscordReddit
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Re: hypothetically how would my friend turn cash into houses? [Re: 5150]
    #26130943 - 08/11/19 11:16 AM (4 years, 9 months ago)

Say you earned it panhandling by the freeway til you made it

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OnlineKryptos
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Re: hypothetically how would my friend turn cash into houses? [Re: Antigov]
    #26131762 - 08/12/19 02:58 AM (4 years, 9 months ago)

Quote:

Antigov said:
You’re going to have to laundry that money till it’s squeaky clean before buying real estate with it. Any purchases over $10,000 is reported to da man.




Real estate is exempt from that requirement.

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InvisibleAntigov
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Re: hypothetically how would my friend turn cash into houses? [Re: Kryptos]
    #26132975 - 08/12/19 09:32 PM (4 years, 9 months ago)

Quote:

Kryptos said:
Quote:

Antigov said:
You’re going to have to laundry that money till it’s squeaky clean before buying real estate with it. Any purchases over $10,000 is reported to da man.




Real estate is exempt from that requirement.








--------------------

Edited by Antigov (08/12/19 09:37 PM)

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InvisiblebodhisattaMDiscordReddit
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Re: hypothetically how would my friend turn cash into houses? [Re: Antigov]
    #26133026 - 08/12/19 10:18 PM (4 years, 9 months ago)

Sold not purchased

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InvisibleYonatin
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Re: hypothetically how would my friend turn cash into houses? [Re: bodhisatta]
    #26133589 - 08/13/19 10:50 AM (4 years, 9 months ago)

I would do the precious metal idea instead. It's easier to buy and you wont lose money on it right away or if ever.


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InvisiblebodhisattaMDiscordReddit
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Re: hypothetically how would my friend turn cash into houses? [Re: Yonatin]
    #26133631 - 08/13/19 11:16 AM (4 years, 9 months ago)

When you try to liquidate the metals you have to do it 9,999 at a time or less. I wonder how well that actually works when they want to go back to normal currency for people who invest in metals for these reasons.

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Invisiblelaughingdog
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Re: hypothetically how would my friend turn cash into houses? [Re: bodhisatta]
    #26134704 - 08/14/19 12:12 AM (4 years, 9 months ago)

then there are diamonds....
...But regardless, perhaps there is also a sort of humor here.
Seemingly (after all, this is the internet) a great effort, was put into beating the system-
but really, its because of the harsh drug laws, that such a person could get a good mark up, on product.
...So really this is just taking advantage of the system, in all its nastiness, not being free of it.
...Yup, its just capitalism in action. Nothing very romantic about 'beating the man'.
...Now, the concern, is again, just individual security for the future. (switching to real estate). I'm not judging, but I see nothing other than a business problem, which the Mafia, drug cartels, large corporations, and the very rich have been solving every day for years.
....Likely no one falls into that category on this forum, and if they did, they would most likely know enough to keep their mouth shut, as regards this issue.
...Therein lies the humor. All this money accumulated, & all this exposure to drugs, (maybe some mind expanding), but the only result seems to be a tax problem and feeling stuck.
...As I say, I'm in no position to judge. I have the same problem, but on a much smaller scale, namely paying storage fees on stuff in a storage locker, that is so full I can't get at the stuff in the back which would be nice to use. That's how, I know, life is laughing at all the attachments, we both have.

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Anonymous #2

Re: hypothetically how would my friend turn cash into houses? [Re: GalindoiTheGrey]
    #26138757 - 08/16/19 05:16 PM (4 years, 8 months ago)

Not sure what country you live in but in some places they have a thing called "unexplained wealth"

Whereby after however many years you accumulate whatever it is you're trying to accumulate asset wise, suddenly the "man" wants to know the complete history of how you got everything. If you cant prove legit how you came to be in possession of everything then the assets are seized and you're back to square one.

Your "friends" idea is probably 30+ years too late, and you can blame all those before him for doing such things till most things in life are watched or called upon to be accounted for.

In the 70s and 80s quite a few people would buy up land or houses that werent out of reach with cash money and now its worth quite a lot. You only have to look at certain people with quite substantial holdings that you wont need to be a detective to work out how they accumulated everything. It just happened many years ago that it kinda too late to look into.

As someone else suggested about the best you could do is wash it through some kind of business and have fake invoices to show (and a pay taxation on) all this illegal money and hope noone ever looks into it properly.

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OnlineKryptos
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Re: hypothetically how would my friend turn cash into houses? [Re: Yonatin]
    #26140839 - 08/18/19 02:23 AM (4 years, 8 months ago)

Quote:

Yonatin said:
I would do the precious metal idea instead. It's easier to buy and you wont lose money on it right away or if ever.





The problem with this is it doesn't lend itself to easy laundering. Say I have 100k. I can buy an apartment building for 50k, and then mix the other 50k in with the rent revenue until I have enough to sell the original building. Or keep the building as a laundering cash cow.

If I buy gold, then all I can do is sell under 10k at a time, and wait for the cooldowns (not entirely sure about specifics) to avoid that 10k reporting value.

Fact is, precious metals are worth at most whatever the next generation of loony anti-government folk are willing to pay, nothing else. Real estate, on the other hand, is a tried and true method of laundering money.

Edit: I personally have no experience laundering money through real estate. I've never had to disappear more than 10k into regular person cash flow. It's just that based from what I've read, real estate in the US seems to be the money laundering method of choice, even for people with foreign contacts. Some economic analyses have basically said that Miami wouldn't exist without Escobar and his cocaine mules.

Edited by Kryptos (08/18/19 02:27 AM)

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Offlinebaronmushroom
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Re: hypothetically how would my friend turn cash into houses? [Re: GalindoiTheGrey]
    #26321908 - 11/15/19 08:33 AM (4 years, 6 months ago)

It is only deposits over $10000 which raise a red flag with the tax office, make sure his deposits are below this amount. Otherwise convert money to gold/silver bullion and resell it at another place. You can keep the receipts and say that sale was of relatives silver/gold/coin collection. No tax should be payable on selling a collection of this nature.

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