Okay, I'm a small business, where's my help?

[saint]

I've got to think I'm the stereotypical small business. I'm 2 years into the start of my practice, I opened the doors with zero patients.

I now have 5 employees. All females, most of which are the breadwinners in their family. I would LOVE to provide health insurance coverage for them. They work hard and they deserve it. Before Obamacare was backed by the Supreme Court, I got a premium quote. Then after Obamacare was upheld, I got another quote...20%+ increase in premiums.

Wait, I thought it was supposed to make it more affordable? I know that people think dentists are all loaded but the golden era for us has passed. There are many practices going under. My point is that I'm not sitting on a stockpile of money. It's either: pay myself a salary or pay myself zero to give my staff health insurance. I just can't afford it. I WANT to. I just can't.

Oh, banks are going to be lending more? Well, we are trying to get a loan for a home. Credit scores over 800. Over 25% cash to put down on the purchase. Zero debt with the exception of my student loans at 1% interest. Healthy income.

Banks to saint: sorry, we just can't lend to you right now with a 'new business'.

Saint: But i've shown profit both years open and significant growth.

Banks: Yeah, that's nice, we just can't give you a loan right now.


I don't care what side of the fence you are on. I guarantee you one thing: If these things don't get fixed we are all fucked. Romney, Obama, Red, Blue....it doesn't matter. This is the stuff that matters. I'm the living cliche of what is fucked up in our economy. No way we climb out of this hole unless the fucking banks are forced to lend.

 

[Duff Miver]

Just last week my dentist charged me $85 for a cleaning that took his $15/hr gal 15 minutes, then $366 for a simple filling that took him ten minutes.

Scale that up to an 8 hour day:

The gal he pays $120 for 8 hours brings in $2720 in 8 hours.

He gets $11,712 for 8 hours.

Even if they actually work just 4/8 hours, he can sure as hell pay for health insurance, along with the million dollar house and two BMWs he bought 4 years out of dental school.

You say you're a dentist? I'd call you a whiny bitch.

Cry me a river.

 

[THE KOD]

Duff


geezzz thats kinda being a dick when you really dont know the details of things.



I would be asking why are you trying to get another house now ? That seems out of reach at the moment and you should concentrate on keeping the business going.

If you dont give them health insurance then you will be responsible for fines for not having it. So you will pay either way. I am sure yur employees feel one way about it and thats .........YES finally . They know what one serious illness or hospital stay can mean to their familys.

Its impossible for the rates to come down now. We have to get everyone paying first.

and then it comes to having to up your rates some.
You almost have to and I know that I would.

Anywhere else they could go is facing the same thing. Most dentists have been too cheap to provide health insurance so they are all in the same boat.

Its a tough situation. But the strong will survive just like in anything.

 

[Duff Miver]

Banks to saint: sorry, we just can't lend to you right now with a 'new business'.

And that's just pure BS. I have a friend who recently started a small business. He had no cash of his own, and a one-page, handwritten business plan. Within 48 hrs he had an $80K SBA loan arranged through a local bank.

You're not just a whiner, you're a BSer too.

 

[THE KOD]

And that's just pure BS. I have a friend who recently started a small business. He had no cash of his own, and a one-page, handwritten business plan. Within 48 hrs he had an $80K SBA loan arranged through a local bank.

You're not just a whiner, you're a BSer too.

duff

just ouch

 

[THE KOD]

National Average for Dentists
According to the national income average pediatric dentistry residencies make an average of between $250,000 to $300,000 per year.

Self-Employed and Salary
Most self-employed pediatric dentists make more than the salaried dentists and dentists who specialize average a greater income as well.

World Pediatric Dental Salaries
According to data presented by World Salaries [2008] the income of pediatric dentists in the US is the highest followed closely only by Japan and the United Kingdom
..............................................................
it dont look like salary is the problem

specialize make more >?

 

[hedgehog]

National Average for Dentists
According to the national income average pediatric dentistry residencies make an average of between $250,000 to $300,000 per year.

Self-Employed and Salary
Most self-employed pediatric dentists make more than the salaried dentists and dentists who specialize average a greater income as well.

World Pediatric Dental Salaries
According to data presented by World Salaries [2008] the income of pediatric dentists in the US is the highest followed closely only by Japan and the United Kingdom
..............................................................
it dont look like salary is the problem

specialize make more >?

Saint,

All those years of college to be a doctor and now the government wants to tax you more for being a success, I would be pissed...

 

[THE KOD]

Saint,

All those years of college to be a doctor and now the government wants to tax you more for being a success, I would be pissed...

every business gets taxed

deal with it

only the strong survive

 

[saint]

And that's just pure BS. I have a friend who recently started a small business. He had no cash of his own, and a one-page, handwritten business plan. Within 48 hrs he had an $80K SBA loan arranged through a local bank.

You're not just a whiner, you're a BSer too.

Dude, it's called reading comprehension.

I'm not asking for a business loan. I'm asking for a loan to buy a home.

Scott, it's not a 2nd home. We do not own our home, we rent.

Fanny Mae as of Oct 13 changed the language in giving home loans to people whose only source of income is their own business. . The new rules state there has to be more than 2 years of tax returns/profit. It's absurd.

 

[saint]

I don't mind paying taxes. Someone's gotta do it.


Duff you are missing my point. If I make 300k+ and have a credit score of over 800 and no personal liabilities, and I can't get a freaking home loan, our country is never going to get out of this hole. If they aren't going to lend to me, who will they lend to?

BTW this isn't the banks decision. Getting a Fannie Mae loan happens by bankers putting in numbers into a govt program and it either spits out approval or no approval. Per the new language if the business is less than 2 years old, regardless of income, no loan.

The banks created this mess by being too lenient and now they are preventing recovery by refusing to give out more loans.

 

[THE KOD]

The banks created this mess by being too lenient and now they are preventing recovery by refusing to give out more loans.

Feds gets tough on shady mortgage advertisers


The feds warned the mortgage industry on Monday that potentially false or misleading advertisements will not be tolerated. The Consumer Financial Protection Bureau and the Federal Trade Commission announced that they have issued a total of 32 warning letters to mortgage lenders and mortgage brokers to clean up their ads. They have also opened 19 formal investigations into companies that may have committed more serious violations of law.

"Misrepresentations in advertising for mortgage products pose a significant risk of harm to consumers because they can confuse and mislead consumers when they are making one of the biggest transactions of their lives,? said Kent Marcus, assistant director for enforcement at the CFPB.

These enforcement actions result from an industry-wide advertising ?sweep? conducted by both agencies which now enforce the Mortgage Acts and Practices Advertising Rule which took effect in August or 2011.

For this review about 800 mortgage-related ads for loans, refinancing and reverse mortgages were randomly chosen and examined. These ads were on the Internet, in newspapers and in mail solicitations.

The agencies report finding four major problems:


?Potential misrepresentations about government affiliation: For example, some of the ads for mortgage products contained official-looking seals or logos, or have other characteristics that may be interpreted by consumers as indicating a government affiliation.

?Potentially inaccurate information about interest rates: For example, some ads promoted low rates that may have misled consumers about the terms of the product actually offered.

?Potentially misleading statements concerning the costs of reverse mortgages: For example, some ads for reverse mortgage products claimed that a consumer will have no payments in connection with the product, even though consumers with a reverse mortgage are commonly required to continue to make monthly or other periodic tax or insurance payments, and may risk default if the payments aren?t made.

?Potential misrepresentations about the amount of cash or credit available to a consumer: For example, some ads contained a mock check and/or suggested that a consumer has been pre-approved to receive a certain amount of money in connection with refinancing their mortgage or taking out a reverse mortgage, when a number of additional steps would customarily need to be completed before the consumer would qualify for the loan.


?Our hope is through this joint effort that we will make the point that mortgage advertisers need to be very careful about the claims that they're making in their ads,? said Thomas Pahl, assistant director of the FTC?s Division of Financial Practices. ?Both the FTC and the CFPB will be making sure claims are not being made that are deceptive which would cause harm to consumers,?
....................................................................

These vultures are part of the problem that makes it like it is today.

Trying to misrepresent the public and take their money by fraud.

 

[BobbyBlueChip]

Go to a local community bank and/or wait until you've been in business longer and/or get a co-signer and/or get the loan from someone you know and have them act as the bank.

 

[Cie]

I closed on a construction loan 3 weeks ago with 45% down. My business opened 4/25/2011. Healthy income. Credit score is lower than yours. No debt. I'd try again with another bank. Good luck

 

[Cie]

Fanny Mae as of Oct 13 changed the language in giving home loans to people whose only source of income is their own business. . The new rules state there has to be more than 2 years of tax returns/profit. It's absurd.

I closed last week in October:shrug:

 

[hedgehog]

The banks created this mess by being too lenient and now they are preventing recovery by refusing to give out more loans.

exactly right

 

[Duff Miver]

Duff you are missing my point. If I make 300k+ and have a credit score of over 800 and no personal liabilities, and I can't get a freaking home loan, our country is never going to get out of this hole. If they aren't going to lend to me, who will they lend to?

What you're saying is either total BS, or there's something you're not telling.

With a credit score of 800, and a verifiable income of $300 K, you can get a loan from most any bank you walk into. FNMA and GNMA don't need to be involved. Most any bank will make you a loan on their own hook.

So why can't you get a loan?

A. You want to borrow a million dollars on a home appraised at $250K.

B. You don't have proof - W2s, 1099s, 1040s, etc that your income is really $300K.

C. Your $300K income is one-time: Inheritance, Vegas winnings, settlement of a lawsuit.

But....if what you said and implied is actually true:

800 credit score

$300K verifiable, sustainable income

and if your present debt is >$100K

And if your present net worth is any + number

And you still can't get a mortgage loan

Then message me.

I'll lend you the money, up to 90% of appraised value, on any $500K house you like.

 

[THE KOD]

And you still can't get a mortgage loan

Then message me.

I'll lend you the money, up to 90% of appraised value, on any $500K house you like.

Duff

your golden dude.

term limits ?>

 

[Duff Miver]

Duff

your golden dude.

term limits ?>

It's easy with a lying sack-o-shit like saint.

$300 K and a credit score of 800, and he can't get a mortgage loan?

I've got the cash waiting for him.

Waiting for him to jump on my offer.

Won't hear any more from this turd.

 

[THE KOD]

It's easy with a lying sack-o-shit like saint.

$300 K and a credit score of 800, and he can't get a mortgage loan?

I've got the cash waiting for him.

Waiting for him to jump on my offer.

Won't hear any more from this turd.

...................................................................

you really know how to pull out the sword and swipe off some limbs

 

[THE KOD]

<iframe width="420" height="315" src="http://www.youtube.com/embed/mjEcj8KpuJw" frameborder="0" allowfullscreen></iframe>


Duff you Vs the Black Knight

there is some irony in that


pick it up towards the middle where he starts cutting off limbs :142smilie