All Forum Posts by: Mike Reynolds

Thanks all for the replies. I have never actually sold a house other than my own residence. All my stock is in my IRA's and 401k so I have never had to pay a capitol gains tax at all.

So basically all income form either the building process and the sale will be earned income taxable. I haven't said yes to the deal yet so I just wanted to get a feel for what was coming down the road next year.

I have read some on capitol gains but the info I find is for married people not partnerships. Here is my particular situation. Myself and a friend want to build a spec house and we basically have a buyer lined up. We both have had success on our own with rent property. He is an electrician and I am a builder. We will build the house on our own and our projected profit will be 25k. We will pay ourselves as we build it so that will be taxed as income of course. But the capitol gains has me confused.

Will I have to pay capitol gains on the entire 12.5k or will I be able to use the 250k deduction? Also, if we reinvest it back before years end how would the capitol gains tax work for that?

I don't think I would use them on a rent house. Like you mentioned the batteries go out and they call you if they don't have the key to get in. Kwikset has a lock that is fairly cheap and you can rekey with any other kwikset key in seconds. I use them on all the time. They don't cost anymore than a regular lockset.

If is a new house it will most likely be retail. Shoot them a lower price for both of them if you can get the numbers to work.

Forgot to add that it doesn't state that you have to be living in the home at the time of reno either. In my state you can pull anything but mechanical permits and do the work yourself. It must be inspected just like anything else but that goes without saying.

You can tell the a**** inspector that yes you can pull your own permit in South Easton Mass. If he is not clear with where to look have him look at 7b #1 on your building permit application which states:

An Owner who obtains a building permit to do his/her own work, or an owner who hires an unregistered contractor

(not registered in the Home Improvement Contractor (HIC) Program), will not have access to the arbitration

program or guaranty fund under M.G.L. c. 142A

So you can pull a homeowners permit. Looks like it will cost .65/foot for what you are talking about. Here is a link to your AHJ permit app.

Crayon is very difficult to get out or cover up. You may need two coats of KILZ. You can get this at most any paint store. It may take two coats of it too. Let the coats dry completely before you apply the next one. Then use a very good quality one coat/primer paint to finish with.

If this happens again use WD40 and baking soda to get the crayon out then prime/ paint if needed. Most times it will come out without having to paint though.

I cant speak as a flipper but as a contractor. It would depend on your house really. If its a higher end house than it may hurt you chances but on a mid to lower end house it should be fine. On a rent house they would be great.

I do not like the engineered laminate floors. My experience is they are not durable and any spills that get on it get absorbed into the MDF core. If that liquid has an odor like pet urine or alcohol it stays with you for a long time.

Just my nickel

@Richard Masciana

I can help some with that if you need Richard. Just got through doing two condo remodels in New Braunfels and I know some contractors in that area.

@Jamie B.

Welcome from Nacogdoches Texas.