No Mortgage For FranLab

You need to find a better "mortgage guy".. I've been around a long time, and I've seen people from very underprivileged "economic classes" go on to achieve amazing things. Fran, you're already a superstar - noone would send me diddly squat if I made a youtube video outlining my plight. You need to step back, look at what you've got, your skills, your existing resources, your global support network and stop wearing this lead waistcoat of an economic class. Maybe you need to look at youtube advertising - I for one wouldn't hold that against you - we all have to do what we have to do, that's just the nature of the beast. Others have suggested that the business, not you should be buying the property, that might not be such a bad idea.. Stay positive, you can do magic if you put your mind to it..

Gordo

Love the way the Gofundme keeps rising. Up! Up! :D

You Fran are the archivist of your own museum. You keep history alive for others like me to enjoy and study. Never underestimate your importance to our community. Your work matters to all of us. Thanx for all you do. We love you for it. Mike

Hi Fran, I’m a big nobody but I have always enjoyed what you do on your channel. I think you are at a point where you need a local expert to review your situation and provide some guidance. I’d highly recommend that some of the gofundme contributions go towards hiring a tax attorney as you likely have more options available to you than you know for both reducing your tax obligations as well as giving you more options to purchase a property or at least a long term lease that you’d be comfortable with. Also they can review your current lease and communicate to your landlord of any potential violations if they proceed with their “Brooklyn-style push out” tactics you mentioned. A letter from an attorney’s office may give them pause and treat you with more respect. I can speak from personal experience that hiring a tax attorney first seems like a unnecessary expense until you start working with one. I have found mine invaluable over the years and have had similar incomes to what you have described. I wish you the best, cheers! 🍻 p.s. no, I am not an attorney. 🙂

Fran, I was able to move some expenses around to become a patreon. My finances are bit up and down so I really don't know how long I can contribute but will help as long as I can.

Hi, I chose to become a Patreon rather than use the Gofundme after noticing the Gofundme "Thank you for including a tip of:" window (which appears compulsory) which automatically increases a donation of $5 to $6 so that they get 20%, plus I assume their "2.9 percent payment-processing fee collected on each donation, along with 30 cents for every donation". Sneaky sods. Love your ethos, restore my faith in humanity you do :)

L. Brait

I donated to your campaign, believing it would go towards rent or purchase. I guess I was assuming that a pile of cash might come in handy. Was I wrong? EDIT - there was not bait and switch: "you can send one-time donations for the moving expenses I am incurring" I consider my donation moving expenses, even if it goes towards D-D donuts/coffee :)

Hi Fran, The way your Go Fund Me is headed, you can use that money to buy a place with no mortgage. Good luck with that. I will mention that you may not initially get the ideal place you are looking for, but if you don't have to move for a while, you can then trade up later if you still want to. You stated that the taxes will be high, but if you bought a place, you could secure a loan (mortgage collateral) to pay the taxes. There a a thousand ways to make this happen, and you are on page 1 or 2. Go for it. To quote Ed Harris as Gene Kranz, "Let's work the problem people, let's not make it worse by guessing." ... so let's look at this from a standpoint of status....what do we have here that's good?

Shout out to Dave at EEVblog who also rang the bell

Paul Ferguson

Keep that go fund me site going, You might get that "Cash in a briefcase" you were looking for, your fans could essentially buy this property for you, and the only thing that you'd need to do in return, would be just keep cranking out those wonderful videos.

I think you should keep looking. First, the business could buy the property. Second, there are all kinds of alternate lenders out there. Keep looking.

Matthew Stecker

One more thing, if Fran Lab/Frantone are businesses then doesn't the payout of money get deducted under "Sole Proprietorship" Schedule C or something like that?

Daniel Bingamon

I'd say keep saving up and buy something outright.

Daniel Bingamon

Fran, how about these people <a href="http://usmtgpa.com/" rel="nofollow noopener" target="_blank">http://usmtgpa.com/</a> , they look like they might be able to help out with a mortgage.

Ian Harris

Fran, I agree with the other comments, keep the GoFundMe open.

Ian Harris

Hi Fran. Keep the GoFundMe..... its there to help...

Graeme Gets

We need AvE to jump onboard the Franboat too and then we're good to go for $100k.

Fran just got the EEVBlog bump. Hope that sends some more people this way.

Joel

Can look outside of big cities or another state, prices should be less insane. No joke about how unaffordable things are now. Here in Southern California, its next to impossible to find any property listed for less than $500,000. If I'm willing to put up with a 2+ hour commute, I can possible get that down to around $300,000, but that is still stupidly out of reach. To make it worse, rent here is quite literally the same monthly cost as a mortgage on the same property, the only difference is the down payment verse 3 months deposit.

Kadah

I'm wondering whether it'd be better to incorporate FranLab and run it like a company, then get the company to buy the new lab? Not sure about the differences in the way companies vs individuals are taxed, but there's probably a reason why the likes of Jared Kushner do their dirty deals through faceless corporations.

UpLateGeek

Fran, Please keep the goFundMe up. I ,and I am assuming other viewers are donating to give you some security in your move and the near future. The money is yours to do as you please as your situation permits. No strings are attached :) . I have upped my Patreon amount and will be happy to put some more into the goFundMe to cover the tax burden. Please let us help. We all just want to see a smiling Fran in a new lab soon.

Doug McRae

100% support for keeping the GoFundMe campaign going. Accept the financial support in the warm spirit in which it is offered. If you close the campaign now, early contributors will be frustrated. We want good things for you. You are providing a service that people wish to support. Be gracious. Let them! :)

SpringRat

I agree with keeping the GoFundMe up. I'm new here, I'm aware f the situation and I want her to Keep my money. I donated fully knowing that my $ was hers. I wish i found her videos earlier, Full disclosure Big Clive sent me. I watch reruns of him, I don't know how i missed Frans videos but its just what I needed. Clive hit the nail on the end because of her amazingly admirable humbility of not adding ads to her videos YT doesn't promote her in my "you may also like" feed. Throw that 5 second pop up ad in the start of your video, we wouldnt mind.

Fran - please don't give up and maybe get another opinion on the mortgage. My grandmother actually held the mortgage note once on a property that she sold instead of the buyer going through a bank. I did a lease with option to purchase on a property I had that was a strange house in the middle of nowhere, and just completed the sale to the tenant. There are alternatives to the traditional loan. Regardless I think you keep the GoFundMe up and just update and be honest with everyone and let people continue to contribute if they want to.

BigClive sent me, Happy to now be aware of your videos! Not much but you have another patreon.

Please keep the fund going. I value what you do and I want to help as I am able. There have to be many options for financing. I was able to buy my home through an online auction for foreclosed properties.

Gayln Hall

I am not a bank Fran but I can lend you a hundred bucks interest free. If you are paying $40k in rent annually and enough people are interested to fill a suitcase big enough to satisfy the bank , how many years til you have repaid the loan and are rent and mortgage free at long long last? Also I do hope you keep the Go Fund Me going. I can see this developing into a 'geeks v corporate greed'. I could certainly do with the excitement of being an active but tiny participant that such a fight could generate.

It's only a non taxable donation if you are a Gov. Certified not for profit Corp. In the gov. Mind, shes selling her creative output and people are buying it. Totally taxable.

James Boatright

Self employed loans are hard to get here in Australia too

EEVblog

Are you sure it's taxed? Here in Australia it's considered a donation and is not taxable.

EEVblog

Please don't shut down the fund. The prospect of buying a place has nothing to do with why people have contributed so much.

Michael O'Rourke

I would get a second opinion. You should be able to qualify for an FHA loan if you're working self-employed as small business.

FranArmy pulls thru!!

Don't shut it down! We donated to support you. If you end up with extra money, use it to buy better infrastructure for the new space, or save it for a down payment later, earning interest in the meantime.

I thought my small donation was to help you, period. Please don't shut it down.

Aaron Nadler

I'm doing the same! great idea!

Keep it going Fran. It is absolutely terrible how much tax they impose. Hoping the go fund me still provides a suitable amount.

AESFTW

Don't shut down the go fund me. I will donate an additional 20% of my donation to cover the taxes. The gauntlet they put you through for a mortgage is ridiculous these days. Why didn't they do that before the first mortgage crisis where they gave anyone a mortgage?

Bill Karkula

That is an interesting thought that might be worth some thought and consideration kudos

h.drew foy

Up to $14k - after that it is considered taxable income.

Fran Blanche

This is interesting. You mentioned shutting down the GoFundMe. I wonder if you could leave it open and twist this into an opportunity to build a community maker space. This might get you enough money to buy the property with a "brief case" and then use member dues to keep it afloat (land taxes, maintenance, etc). Just a thought. I would keep it open regardless so that you could use any donations to run the lab beyond the initial move expense.