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31 sats \ 1 reply \ @Coinsreporter 18 May \ on: Property management built on Bitcoin bitcoin
Yupp! A very good model. Renting property for Bitcoin is definitely a win win. Keep updating. I will most likely follow your strategy. I'm here in India and government has imposed 32% tax on Bitcoin profits. So just have to adjust that but else your model is fine. One of my commercial property is currently, of course, they are paying me in Fiat as now, but I will deliberate with them to pay me in Bitcoin. Definitely, first I need to orange pill them somehow.
Thanks - I will definitely keep updating here as I go...so far so good :)
I sat down with one of my other renters and they were on board but ran into some issues with whatever wallet they were trying to use and then I think one of the two of them kind of freaked out a little....
I haven't sat down with the rest of them though...if they are buying btc and turning around and sending it, they wouldn't really have much of a tax to pay depending on the time they are sitting on the bitcoin... so the cost to them is the initial purchase % and some time filling out an extra tax form...but the benefits to the upside should outweigh them...
It might be worthwhile to sit down with them and have a good chat :) so many people are so worried about getting in trouble or something with the IRS or government and its just so not like that if you are playing by the rules....I think more people just need to hear that type of messaging....
I mean I have been pretty straight-forward with my one tenant and he understands what our profit is on the building....he also understands why we need that profit and what the downside risk is to them...they also understand that they are not likely to find a better deal anywhere right now so it works for them for now...as I collect more sats and continue paying down the FIAT loan they know their rent will eventually be able to go even lower in Bitcoin terms... I just hope they keep stacking as we go...cuz I sure am
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