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Post 22 made on Monday January 2, 2017 at 21:02
Fiasco
Senior Member
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July 2009
1,276
And for those interested in such an endeavor. The banks hate bars/restaurants. Forget about financing. It didn't matter how good our numbers were, they would not loan us money to build.

So we've been in a 100% cash pourback into the building to finance the construction for going on five years now.

The wonderful thing about this is that the building improvements are on a 20 year depreciation. Which means, to the IRS, the money spent to build was profit wrote down each year.

So, on top of taking no paychecks for five years, working 70-80 hours a week and not getting back any money I've put in, I show big income and get hit with massive tax bills each year on money I never took.
Pump House on Facebook: [Link: facebook.com]


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