All Forum Posts by: William Morrison

Just a thought if your choosing the PM route, chose like you would your dentist or doctor.  What I'm saying here is a retiring person should at some point change doctors and dentists as they get older.  Pick from those that are younger so they are still in the business when you're not.  Grin
PMs, doctors and dentists are all so people specific.
Also if you're keeping your property, what is the average age?  And are you a deferred maintenance type landlord ie deferring mess and spend my artificial cash flow now?  Will your kids want it if it's managed and not a new career (pain) for them?  Will your kids be willing to be the PM interface if you are not as mentally capable?
I tend to keep mine in better shape than my own house but I'm not so dependent on the cash flow.  And my kids are willing to take over when I can't.  One's getting in the rental business the other not yet.

Picture not complete enough, but if it's active and not passive income you might be able to start a Solo 401k.  That might make the W2 issues worth it.
The limits are much higher than an IRA and the UBIT rules make make it worth while to look into as well. The Trustee vs Custodian issues are another thing to look at.

 Robert glad you pointed out that it's not the panel.  I spent some time today talking someone through what it is on a commercial job.  If your in the basement, crawl space or attic you should be able to see it.  The knobs look like little porcelain yoyo's with no slot and tubes are about the size of a bic pen, only porcelain which the wire goes through.  One protects the wire going through the joist, the other provides an insulated turn of generally 90 degrees.
The bad news many times the tubes are not in the joist anymore and are hanging on the wire between the joist.  Then you bring in Robert to replace it.  Grin.

 I'm with you.  I have seen both big box stores sell new non replacement windows as if there is no difference.  All depends on who your salesman is.  That's why I mentioned it.

 So Luka, what did you end up doing?

 Matt, funny unless you're the guy.  I was in a meeting on a $10 mil interior commercial remodel when the Landscape Architect asked for the site plans and analysis, he just had to have it.  (not Colorado)  Everyone in the room tried to look straight forward and not make eye contact.  Even his co-workers were trying not to laugh or get mad.  Luckily common sense took over when a supervisor said it's an interior only job, next question.  We all breathed a sigh of relief.
You made me laugh as I remembered the meeting.
By the way the government job title of the person doing reviews maybe just be Architect as in my case but the person can be an Engineer or Architect looking for signatures, seals, code issues etc.
Good Luck to ya.  Hope thing go smooth next trip to the permit office.

Interesting.  I went to look at mine.  I was just enjoying, click follow, click follow.  Then looked at mine, and only 20 showed on that page.  I deleted some and they were replaced by older ones.

 Ernest, I'd ask Realtor who they use and recommend.  The more they do the cheaper it is or should be.  In North Carolina it was about $600 with real estate lawyer.

 Interesting Matt, you caused the old guy to go look.  Grin.  It's true but the stamped plans you spoke of depending on what they cover, site, structure etc will be Engineers not the Architect.  Life safety issues are sometimes caught between the two.  All fun, you just need to know who you need for what.

 Joe, I like your idea in general, but there is the sales model in high population areas like the north east where the buyer may not know the whole area and may have unreal exceptions on price points and house size.  The agent puts together say five potential properties and starts with the worst condition or highest price or both.  Never expecting that property to be the sale.  It's used as a expectation adjuster.  The last two or three should be what the buyer can afford and like if the sale agent has read them correctly from his or her interview.  This house is certainly not in bad shape, many think it could show better with some changes, but not bad shape.
I'm not suggesting this is the case but without knowing what else they looked at it's tough to tell.  If this house has an agent they should be able to follow up with those who have brought clients through for some feedback.
I'm sure the left coast has some of that too.