$650,000 in Debt On A Mobile Home Park

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Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 9 April 2025

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Transcript

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0:00.0	brought to you by the every dollar app start budgeting for free today quick question well two
0:08.0	quick questions first i i own two businesses one is a mobile home park and uh and i also am in the
0:16.0	Airbnb business i own three Airbnbs i do have some debts, obviously on the mobile home park, a truck
0:24.8	and a side-by-side. Is it okay to use money from one business to pay down debt in another
0:33.0	business? So we make about 150 through our three Airbnbs.
0:42.3	And that's kind of flush money.
0:44.3	We use that for big projects around our house and whatnot.
0:48.3	But our mobile home park, the loan on it in two years readjust. So we also want to pay down that
0:57.8	balance as quickly as possible before readjust. So is that a big no-no tax-wise?
1:05.1	No, there's no tax difference. All of it is taxed at your rate. I assume these are all held in
1:10.3	LLCs. Yeah, they all held in LLCs.
1:12.2	Yeah, they're two separate LLCs.
1:14.5	Yeah.
1:14.7	So you know what happens?
1:15.8	You know LLCs don't pay taxes, right?
1:19.7	Yes.
1:20.2	Whatever the profit is and the LLC lands on your personal return.
1:23.4	That's where the taxes are paid.
1:25.6	LLC.
1:25.8	You file a tax return on the LLC.
1:28.8	You show the profit, but there's no tax paid then.
1:32.0	The profit then lands on your personal return, and that's where the tax is paid.
	...

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