I TRIED TO GET A FARM LOAN...HERE'S WHAT HAPPENED!
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- Опубликовано: 6 фев 2025
- I am rebuilding my entire farm. From the farm's property to the farm's finances, I have pulled apart and started rebuilding everything. Today I visit with my banker to try to get a farm loan and work on waterproofing the farm house's new underground movie theater. Welcome to the 100% restoration of my mansion.
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The irony of going from a bank guy named Les, to one named Max, is wild lol
They are probably both jews
Hopefully a go from Les to Max is a good sign 👍
Hopefully Max gives out better loans than Les 😂
Congratulations to Roman, his wife and family!! What a blessing to welcome a baby into your family!!
I hope you honor your friend with naming the movie room as “The Roman Room”. He has been the most consistent worker there.
He should be able to pick his personal seats.
@@tammyeich4493 He should get 1st choice of movies to watch too.
That's fine, now you name your kid after the guy who built your house Roman is a friend but more important he is an employee and gets paid There are unwritten rules in business not to do what you have asked.
Yeah, The Roman Theater 😅😅😅
That is a good idea. How about "The Roman Theater". Kind of like the Roman Coliseum.
Cole, whatever choices you make are yours and yours alone. You never have to explain your choices and the way you live your life. The audacity of some followers is staggering and quite simply, ridiculous. You do you Cole and know the folks who have been watching you for the last 4.5yrs are here and supporting you every step of the way.
If you don’t won’t your life in the open then keep it quiet and closed
@@derekcarstensen9134No, that logic is no longer valid. He puts out what he wants and anything else is no one’s business but his.
@ that logic is no longer valid lol your a moron lol what are you a family member lmao I will reiterate what I said
@jenifergorman1223 That logic has always been valid. You put everything out there for people to see, and to MAKE MONEY from those people, you are going to have opinions.
actually, ALL of it is no one's business but his own. Just because he puts it out, does not mean he is looking for input. Cole derives income from youtube, not the viewers. We viewers are NOT stakeholders in any way, shape, or form.
The humility that Roman has is a breath of fresh air in a world of people who are fixated on being right.
You are definitely blessed with everything, Cole. You never need to explain yourself to people. It's obvious that you are doing your job on the farm. But most importantly is what you are doing for your family. Nava and your children will be making happy memories soon in your new home. And you are correct that you need to make more time for your family.
I love that you said your soul will be a peace Roman. That did mean something good to me.
Us old timers that’s been here from the get go, we will always come back and be here, don’t worry about the ones that don’t have nice things to say and troll just to be mean, life to short. You do you it ps your life and your choice. We got your back .
Most people probably think that a farmer's job is just to drive a tractor around. There is so much more to it. I'm glad that you're taking the time to educate us about all of the "hidden" things that go on behind the scenes.
On a side note, I'm 60 years old and my knees sound like that all the time...😁
Take care Cole.
My husband is no stranger to hard work. He was raised on his grandparent's dairy farm in western MD and as a child he found a book in the attic on submarines and dreamt about them until he joined the Navy and became a submariner. After serving our country for 30 years he retired and became a psychologist. He still longs for the farm and submarines, but not the long hours.
@@tooem356remarkable story!
@Tooem356 Sounds like you locked down a solid man. 💪
@@tooem356 Okay, that has nothing to do with the comment or this video... you sure you don't have some medical issues you want to bring up while we have you here?
@ Bottom line is it was about HARD WORK. I think you're just being mean and unkind.
The best line in this video was Roman saying " We messed up on the forms, we'll do better the next time, I doubt there will be a next time.😂😂😂😂😂
I think they still have to pour footings and shorter foundation walls for the garage, plus an area by the back door (or side door) that goes to the basement, so they may need to rent forms again.
@ILGuy2012 you missed the whole point of my comment. Of course there will be more concrete, but not with those forms if you were paying attention to what Roman said. Geeebuss get a grip.
It is good you were involved with the bookkeeping and taxes for so long and now are turning it over to someone else. It will make it easier for you to talk them. I feel certain your father and brother appreciate that you developed that as a strength to give to the three of you. I guess your the high-value-time is this RUclips channel. Best of all it is apparent you appear to be adept and enjoy gaining knowledge and skills. We enjoy your journey.
Best wishes to Roman's wife and new baby. May your wife's recovery and the new baby continue to go and grow well.
Should be able to file IRS Form 2553 to elect to treat your LLC as an S Corp. No need to open a new company as an S Corp, just elect to have your LLC treated as an S corp. Speaking from experience.
This
💯
This comment needs more ‘thumbs up’ to rise to the top so Cole can see.
Dan is right file under your LLC or LTD
@@DanRudolph it can even be retro active to 1-1-24 just needs the right people and paper work.
So love watching the progress, and learning more about the actual nuts and bolts of running a modern farm. I always had respect for farmers before, now even more so and amazed anyone can even make it. Praying for good harvests ahead for all!
Congrats to Roman and his family. Hope we can hear about the newest member of his family…❤
Getting a name would be nice, however I do respect he wants privacy for his family.
Roman, the next time you have to do a lot of wrapping with plastic you can put it on the handle of a broom/hoe/shovel and walk around it. It saves your back and keeps you from getting dizzy lol.
Had to stop the intro and say a BIG thank you for taking out the logo. Now I can see and hear “you’re watching Cole the corn star”. If it’s not broken don’t try to fix it. Love this channel!
Yes, it gets old hearing it over and over.
When it comes to banking you used to make do with “Less” but now you can go to the “Max”!
Cole, the farm as a whole, is an agricultural corporation. You, daddy cornstar, and the rest of the gang are partners in said business entity. That is the way the family business should be run in that fashion. Those years spent going to college are paying dividends in more ways than one. Keep up the great work and keep the great content coming. Bravo Zulu Cole!
Cole if y’all close in the outside to heat up walls have you checked to see what the fumes will be coming from the waterproofing product will be like . Being closed in may become a little overwhelming and hazardous .
Good point
Cole you will forever pay tuition in the school of life. Some lessons are more expensive than others. You however are a quick learner and will be wise before your years.
Roman, how's your new baby doing? And your other little ones? Tell your wife hello and congratulations. Hope she feels ok.
Even when I have someone else do my taxes, I would try to do them and then compare them after they were done. It helped me understand things, and a couple of times, I found something they did not.
I'd get floor trusses on those walls before you back fill the outer walls with dirt.
Cole, you also might need to pour the basement floor slab before you backfill or place the first floor deck. Your structural engineer might have assumed both the basement slab and deck would be done before backfilling.
Throw back to the intro from 5+ years ago. I can't believe I've been watching that long.
Not sure why I've never subscribed.
At Cole, my knees popped all of the time like yours. I just happened to mention this to my chiropractor one day. He said that is because your knees are out of alignment. You should find a chiropractor that adjusts knees because over the years, your knees will wear on the cartilage and will eventually cause pain
Dont go near chiropractors. They are not doctors.
when you water proof, you want to focus on the junction points, the seams... where the wall meets the footing, where the walls come together at seams... cover it with a membrane or the proper tape there, that's where most of the water will get through, you can watch some basement flood repair videos about it... you have the drains but i'm not sure you understand the importance of putting a barrier way down at the bottom on that seam between the footer and wall... that is the main leak/failure point... don't assume it will not get wet down there... it will.
Since Roman seemed to be the only one working out in the cold most of the time, I hope he got extra hot chocolate that day ! 🥶☕
"Ignorance tax". 😂 Hahahaha! Unfortunately, people have to pay an ignorance tax in all walks of life.
I have to give major kudos to Roman for something I finally saw in this video this evening. He used a square shovel to do some shoveling. I honestly didn't think you guys owned one, haha. I've been watching your videos for several years now and have been amazed at seeing the job you've done on your farm. Watching it grow has truly been a sight to watch. I've questioned a bunch of stuff you've done, but, like you said, you're learning. I have to admit, I've learned some things as well. Keep up the work and be safe.
So you're saying you run a multi million dollar farm ? How about giving him some pointers instead insulting him saying they didn't own a flat shovel 🙄
If you don't own a multi million dollar farm... shut it !
@@michaelzeinert2074That is kind of rude. This is a no judgment zone.
OMG! Nobody on RUclips owns a flat shovel! Flusters me so much when they're trying to clean off hard surfaces with a pointed head shovel.
Could have saved a lot of money if you would have waited till spring and summer to build your movie theater. All the added expense for the weather factor. Did you not think this project thru?
@@barbaraanderson4175 It’s a farm……spring brings on farm work full time.
When I was a kid we went to Irvine Ranch in Irvine Ca where part of the ranch was an educational center and us school kids went there and I read in the paper that they got grants for that when the bus loads of kids went there to see where milk really comes from. .Turn your movie theater into an educational center and see if it will pay you back in some way. When I was in the FFA I thought going to working farms was the coolest thing ever.
Cole, very interesting. I am always impressed with your Knowledge, but it’s important to keep learning, which you seem to do on a daily basis. By the way, Roman is worth his weight in gold. I don’t know where you found this young man, but the Lord blessed you with a outstanding employee. You are one of hardest working young men, , I have ever seen, Roman is equally hard-working. Blessings to you both.
Cole, it wouldn't be too much to ask your wife to do the bookwork. She's taking care of a couple kids but most farmwives have more kids than that and take them along while doing farm chores. Your wife is a university graduate and more than qualified to help!
i doubt she can balance a bank account.
Roman finally got his new shovel!!!
Way to get Cole to step it up!
Hello Cole, I am a CPA. You can file Form 2553 to elect to treat your LLC as an S corporation. Actually, if you were to setup a corporation, it is by default taxed as a C corporation, so you have to file Form 2553 in that case also. One other thing I will add: I would avoid holding land inside an S corporation. If you ever wanted to remove that land from the S corporation someday, it creates a taxable event even if you don't physically sell it. Instead, I would advise running the farm's operations (e.g., equipment, crop inputs, etc.) through an S corporation, hold the land inside a partnership, and have the S corporation rent the land from the partnership. I have been following the channel for quite some time and would be happy to help with any questions.
I love hearing advice from “ those in the know”👍🏼
Will he really save taxes, or is this just moving the tax responsibility around? Hard to believe by changing from an LLC to an S Corporation will simply eliminate taxes.
@@benhur520 Depends on the situation. Our family ended up with a S corporation, the operating entity renting land from my parents. For example, the S corp. had its own check book and loan at the bank. It was a form of budgeting for us also as the S corp. paid wages and benefits and rent to each party involved. We had a better write off of the benefit plan with the S corp. than without. It too bad the IRS treat a corporation large or small better than an individual farmer.
@@benhur520 The tax savings come from mitigating "self-employment" taxes, perhaps better known as Social Security and Medicare taxes. Any farm income generated inside an LLC taxed as a Schedule F (if it has one owner) or taxed as a partnership (if it has more than one owner) is subject to self-employment tax of 15.3% (up until the Social Security wage base of $168,600 above which Social Security tax is no longer required). This 15.3% is in addition to the normal income tax you owe. Any income generated inside an S corporation is exempt from self-employment tax. The one nuance is that the IRS requires S corporation owners to pay themselves a wage as an employee, thereby requiring S corporation owners to pay some Social Security and Medicare taxes. Generally speaking, so long as the owner's wages are less than the corporation's net income, there will be tax savings. The farther the spread between these two numbers (within reason), the greater those savings will be. One caveat would be for S corporations not making much money. In that case, the self-employment tax savings could be outweighed by a reduced QBI deduction from having to pay yourself a wage...but now I am getting into the weeds :)
Love watching, love learning you make wise choices for someone your age
i was an s-corp for 36 years and it does change taxes a lot so good luck with it .
Cole.......DO NOT, DO NOT BACKFILL BEFORE YOU GET YOUR FLOOR ON TOP OF YOUR WALLS. You take a chance of cracking the walls.
Cole, Dr Mike Israetrel and Jeffrey Nippard would be proud of you doing long length partials on those squats.
Put in your steel floor beams before you backfill! Your walls are crazy strong, but there is still risk of them collapsing without the lateral support.
His walls are fine. Nothing is going to collapse. Stop being so dramatic
Cole, you also might need to pour the basement floor slab before you backfill or place the first floor deck. Your structural engineer might have assumed both the basement slab and deck would be done before backfilling.
Are you a carpenter? @@Whitlock69
@Whitlock69 cause I am and you always frame the floor system prior to backfilling, yeah it might not collapse but it will Crack and weaken it. On top of that the water proofing he's going to apply won't matter if it cracks
Thanks for Launching the Show Earlier in the Day!
Farming, the only occupation where you sell everything wholesale and buy everything at retail.
Cole, if you are going to lift by yourself, reposition the safety bars on your squat rack! They are there for a reason!
Cole, you don't know what you don't know. My husband and I have had to learn the hard way with our small business over the years. The good thing about that is that you don't forget those lessons and they become a solid foundation for doing better in the future. I do understand the sting of those choices, however.
Cole the Cornstar the up dates for this going on in the life of a Cornstar is appreciated you are really getting your footing and I have no doubt believing that if you continue in this direction you will be an outstanding business manager.
Cole, where did you find Roman. You are the luckiest person in the world. Bonus time!!!!
College
Cole, the farmyard is getting full again. I know, it's getting taken away. What a change from when I first started watching you when you had all the stuff left from your Grandpa. That's what happened to the children that grew up during the Great Depression (my father was the same way).
My dad was the same way,after his passing we had a job on our hands. One good thing scrap iron was at a all time high.
Amazing the amount of work and things that get accomplished on the farm.
Hello Cole and Family, great video today. Sorry to hear that you found out, that you owe more taxes. But at least you can make changes for the next coming year. The movie theater is coming along nicely. I'm excited to see more and more progress as it's done. Looking forward to your next video.
All those years of cracking knees and it was none other than Cole that tells me what it’s called! 😂😂😂
You are correct in analyzing your time-management. Just as your farm grows in complexity so does the bookkeeping end. The business of farming is very complicated. Making decisions on crops can be a gain or loss very easily. Best to let others help.
People have made it a lot more complicated than it needs to be.
Roman, the sore under your eye looks like skin cancer. Please get that looked at. Im from Florida and caught one like that in time and it was cancerous. Just for caution.
Stay off of web md…… Stop diagnosing people with cancer in a RUclips comment section.
Not a bad idea to provide a warning - especially based on personal experience.
A few years ago, a woman was seen on a RUclips video, discussing something with her viewers. Several viewers mentioned what appeared to be a lump, or a swelling on her neck, concerned it was swollen lymph nodes, etc. It was so gradual a swelling that she’d not paid much attention to it. Upon her viewer’s recommendation to see a doctor to get it checked out, thyroid cancer was found. Her viewers helped catch the cancer before it metastasized.
22:32 very smart move… your 100 percent correct on the cost of doing it yourself over paying someone…
Please remember the comments that said to not backfill until you have put the forms across the top or your walls may move.
Cole, you also might need to pour the basement floor slab before you backfill or place the first floor deck. Your structural engineer might have assumed both the basement slab and deck would be done before backfilling.
Lol.... Hey, my knees sound like that..Snap, Crackle, Pop!!
Enjoy watching your updates..❤😊
watching you talk about your new CPA, sounds like they are sharp and do a good bit of corporate accounts. Good they informed you on your business structure and your future changes. Kinda makes you wonder what kind of advice you were getting from your past CPA. All the Best!
Wait till spring to waterproof. Your backfill dirt is probably froze anyway. Start building
I know this might sound crazy, but use the shop vac to sweep up that dust, (on the footing at the bottom of the wall), before you do the waterproofing.
Just checking to make sure you read the comment about installing roof/floor joists prior to backfilling. That seems like a smart thing to do for support prior to all that loading.
So much to think about, takes a lot of projection of the future.
So am I the only one wondering about the Subway sign? Now I want a meatball sub. 🤤
MMM meatball sub....get in me now
@@Samhoushoulder I believe Cole said something about the sign a few videos ago and it was something his brother was working on. Or maybe it was Daddy Cornstar one or the other.
Hello Cole the Cornstar Roman and a glance of Daddy Cornstar and snow on the ground your 7000.00 Manion / movie theater is coming together .
Cole- I have always been taught, when at all possible, use the right tool for the right job. If the farm would best be suited by hiring a book keeping service or accountant, so be it.
It’s not an “ignorance tax”, it is simply the cost of continuing education.
Cricking knees are NOT disgusting, 73 y/o here. It’s just life!
Thank you for not making this whole video on cerebral, my head would have exploded.💥
Correction: so cerebral, NOT ON
Oh Cole ! Your knee makes lot’s of noise! 😊
Cracking corn star!
Keep up the great work man! Can't wait to see the house progress this year!!!!
Cole, thank you so much for this video and information!
Les the banker. No Les, no more.
You really work hard to do really informed videos .
Paying taxes is hard and learning you have to pay more than you should is even harder. Glad you got a new CPA. As old one apparently didn’t inform you of this option. Thanks.
I question this, if this is eliminating taxes by half, why wouldn't more LLC's change?
I’m just wondering why you’re not waterproofing to above grade.
You said getting a marketing team to help you was one of the best things you did. I think it will be difficult at first but you'll come to enjoy the extra time. You'll make the best decision.
Cole I hope with the new CPA you'll find ways to save money and pay less taxes next year.
They're is so much more to running a farm than driving a tractor.
You have been showing us over the years that buying seeds, fertilizers, fuels, parts for equipment ahead of time is very important to keep the farm going. Plus trying to get your farmlands more productive each year.
All of these things are important to making the farm work and you have been doing this job very well.
Congratulations to Roman and his new addition to his family. He's a good man for this country and I hope he will stay with you're farm.
Just a thought you might want to put the full roof back on the movie theater because if you only heat the out side and the over side is that cold it might not adhere well that concrete will hold the cold from the other side but I’m not an expert on this like I said just a thought but I would hate to see you do all that work and you not get a good waterproof job love the show thanks
As a Dave Ramsey supporter, I’m surprised you’re such a proponent of taking out loans.
I don’t think running a farm of that scale, in today’s economy, could be done without loans.
He doesn’t have loans on a personal level.
You cannot farm today without loans. You need an operation loan.
These are necessary business loans. I think all farmers need them.
I’ve heard farmers call into Dave’s show over the years and he always lays out how to run the farm debt free. Cornstar farms has been in operation for decades, they should have no problem having enough in reserves to run it debt free.
My dad farmed from the 1960's up until 2020's and never took out an operating loan. He did borrow money a few times to buy more land even though later on he could pay cash for it. He said he could leave the money in the stock market and have it make more money than the loan was costing him and he was right.
Having been a contractor I can see your crunch for time. Don't feel shy about talking to the CPA you already know and to your banker; choosing someone who already has recognition with the community you live and work in is always good. But it will help with vetting just who you let into your books and accounts. And there are enough other things on Cornrstar Farm to put any excess time into! You have the nub of any business- learn to put your time into things that really are profitable to the company, and delegate when you need to. And remember, profit is not just measured by how much money you made, it's how much worthwhile life you lived and how much others gained by your being there as well. You have got this, Cole; keep doing what you do best; Cole!
Interesting your banker was Less and now it is Max. Hehehe
Did you get the loan??
The movie theater in our town is actually called the Roman theater after a family name Roman. So every time I see Roman working on the theater that’s all I can think about.
Thank you for sharing the benefits of an S corp. I wouldn't have thought there would be a difference in the rate structure
You do realize that ethanol production prices are going to drop through the roof with drill baby drill
It is great to see you learn about business and opportunity cost, and when to transition what you have traditionally done to someone else (e.g., bookkeeping) with full knowledge. Had you hired a bookkeeper right out of the gate, you might have found understanding the nuances of accounting daunting and unrelatable, rather than the 'oversight' role you'll now be able to more aptly assume / perform. Delegation without knowledge is very dangerous. And as other's have noted, your LLC / S Corp may not be as dire as you related. It is great to watch you learn, develop, and role model attributes of a growing business person 🙂
You went from Less to Max, upgrade 😂🎉🎉🎉
Congrats Roman and family on your new baby
you need to dab a little blackjack water proofing in your wall tie holes on the outside of the foundation to keep water from weeping in
If I knew you were rebuilding your mansion and building an underground movie theater while asking for a farm loan, I wouldn't be giving it to you.
I hope Roman isn’t out there hiding from “ICE”. They will still find him if he’s illegally here. (tequila soundtrack) Da da dunt da dunt da DEPORTED!😂😂
Do what you do best, and enjoy more!
You should definitely be bringing that waterproofing above grade. It looks like you have 3-4 feet of exposed concrete that's going to be touching soil. I just dont want to see you with issues after coming this far and also frame the floor before backfilling
Cole family and friends 🎉 a big thumbs-up 😊 to you ❤
That is where your CPA wasn't doing their job, they should have given you ways to save on your taxes.
Okay when you're wrapping a pallet. Now I have to do this all the time for my job. You pick a point on each corner to put your eye on. Then you have something else to put your eye on the next corner. That makes it so your body and your mind don't spin
Good advice
For current price of corn you need 5$ corn and 200 bsh per acr to break even
Nice video Cole Roman is a blessing glad you got the taxes done
Are you not worried about frost getting under the foot and rising the walls?
Roman, I would marry you in a moment. But both you and your wife would not appreciate an old woman moving in. Positives: cooking, gardening, art, nursing…do you have an older family member? LOL
Ever heard of Alice on the Brady Bunch? There you go, a job as live in help!
Amen! We need more men like Roman!
Man, you must love movies. Each movie you watch down there will have cost you thousands.
It also doubles as a tornado and nuke war shelter. Once he gets generator, food storage, well, septic discharge set up.
@@larsharris I was thinking that. Probably good to make you feel secure in these scary times. I'd like one but I'm pretty old already so, I wouldn't buying too many years if I survived. haha!
@@larsharristhat’s what I’ve thought all along.
Some days are lessons, but ALL days, are blessings🙏
If Cole overestimates the farm income for 2024, will somebody charge him with 35 felonies 20 years from now?
Depends on whether it's an intentional attempt at fraud or an unintended mistake (eg a math error or typo). If it's intentional fraud it could be prosecuted as a violation of 18 USC §1014 which carries a penalty of up to 30 years in jail and a $1 million fine. People get convicted for intentional bank and loan fraud all the time. Even one of Trump's ex-lawyers got a 3 year jail sentence for violating 18 USC §1014 (and some tax laws).