All Forum Posts by: Account Closed

@Krysta Dugger Whether he works for this builder or not, he should have all this in place already.  The days of having employees under 1099's are over and you can get in real trouble with the IRS for this.  You also should already have Worker's Comp for your workers....especially for siding and roofing.  Again, you can get in real trouble for not having it and if someone gets seriously hurt, you could face criminal charges.

Consult with a CPA, an attorney and an insurance agent to set up your business properly.  You'll be glad you did!

@Christopher R. No matter the method of payment, he needs to give you a completed    w-9 and you are going to have to issue him a 1099, if you pay him more than $600 in a year.  What happens if he gets hurt working for you?  Or if he causes property damage (fire,flood,etc)?  Is he licensed to perform the work you have him doing?  

Be careful with all this...it can come back to haunt you.

@Cody Barrett If you're interested in learning how to be more handy, why don't you work for somebody for a while?  Videos and books have their place but there's no substitute for actually doing the work.  Plus, it's fun!

@Simon Shih "I could probably build a house from scratch on what I've learned from watching YouTube videos."

 I would remind you of the adage: "A little bit of knowledge is a dangerous thing."  :)

@Dan Clark Have you asked him directly for an explanation?  What does he say?

@Tina Allaire A bunch of us get together for a monthly meet-up; you might want to join in.  I think the next one is on 2/25 with the location unknown (it's somewhat peripatetic).  Watch for the announcement or contact @Michael Jobe for more info.  

Welcome to BP!

"Worst tenant ever"?  "Crazy"?  Really?  

She pays the rent and keeps the place in decent shape, yet she merits those monikers, ostensibly because you don't like being inconvenienced by your customer? 

"Passive [Investment]" is a tax/financial term; it does not mean you can be a lazy, hands-off landlord.  If your tenant has no heat then you need to address it right away, no matter what the cause.  Spiders and mold are also issues worthy of your attention.  

Ignoring a tenant's calls is immature and unprofessional.  Tenants are customers who are paying you good money: they deserve good service and in that sense, you are supposed to be their "servant".  Too many landlords only want to collect the rent money and do nothing.

Real estate investing, be it flipping or landlording, is hard work. If you're not willing or able to work thusly, you should probably just invest in other areas that truly are "passive" e.g. stocks/bonds, etc.

Don't always go by price.  I'm redoing 2 bathrooms now that were just done by a 'cheap' tile guy 2 months ago.  His work looked all new and shiny but I was able to demo the entire thing with my bare hands as most of the tiles had totally clean backs.  

If you're flipping, try to be mindful of your end buyer.  They are paying their hard-earned money for your house: they deserve a quality job.

Curry....I love that smell!

 Many of us here are both!  :)

@Alex Bejenaru Even if a contractor shared his bank statement with you, it wouldn't mean much in terms of you being able to assess his honesty, competence and reliability.   There are plenty of rich crooks. 

In NC a general contractor must renew his license every year and as part of that process, must demonstrate a certain amount of financial health (working capital)... though again, this has limited value in judging his overall character. 

Many seek a 'secret formula' for finding good contractors but there is no such thing. It takes time to find good people and build relationships with them.  The occasional bad experience is unavoidable and just part of the process.  All in all, referral really does seem to be the best method.