All Forum Posts by: Siye Baker

dang that's a well versed martial arts background. Aikido is no joke, got a friend that did that growing up, small guy, but he can throw guys around twice his size. Not to mention his weapons take away moves. Time for me to start looking for a local gym!

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@Karen Margrave

gotcha. Sounds like a great use of the land. I wish you and your daughter the best. keep us posted on how it goes!

Sebastian

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@Account Closed

I see. thanks!

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Originally posted by @Michael Seeker:

Originally posted by @Michael Herr:

Originally posted by @Bobby Beard:

I reinvest all profits at this point. However in the long run all profits will be paid to me. So later yes but not now. :-)

I reinvest all profits, just was thinking this could help make decisions more black and white.

Paying a handyman $30/hr for 20hrs($600) hurts, compared to doing it myself for free, but If I had to pay myself $1,000, the numbers (my business bank account) would show that the correct choice is to hire it out.

The easy answer is that if you can afford to pay somebody else to do it then you should. You're far ahead of most people that do their own work in that you put a value on your time already. One flaw is that you're working the math backwards.

Let's say you've got a $1K project:

-You can do it yourself and "save" the $1000 and it takes you 50 hours...you're earning $40/hour. Great! But you just worked 50 hours of overtime for the same amount as your regular pay. I would value my "free" time much higher than company time, but that's just me.

-You can pay a contractor $1K to do it (you've now got 50 hours of your life back) and you can deduct this $1K against income or basis (depending on type of investment). At the 25% bracket, that's $250 less of taxes you'll have to pay next year (or $250 extra return...however you want to look at it). So you're effectively paying the contractor $750, $1K now minus the $250 of future tax savings.

Benefits of paying somebody else:

-Things get done much more quickly, after all you're already working 40 hours a week on your day job

-Job gets done professionally. I can do plumbing work, but it's not the same quality as a licensed plumber

If you want to trade your day job for contracting work, then doing the work yourself might make sense. If you want to trade your day job for income/wealth generation, then let the contractors do the contracting work and stick to the day job until you can afford to give it up!

well said

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Originally posted by @Account Closed:

Ethically, why would this be a problem?. The real problem is that what you are offering has little value. You have zero incentive in finding problems in your own house, thus you are biased and your report is worthless....and the buyers know this

Is that "conflicting interest"? If so, wouldn't that fall under ethics? I am not correcting you- merely trying to gain clarity. I do agree that most buyers would get their own inspection.

@Adam Baker I would have to agree with the others in that I most buyers will probably hire their own inspector as part of their due diligence. Let us know how it is received buy prospective buyers. Great thread!

Sebastian

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@Joel Owens very interesting, as I have been trading stocks for the past year. I see that as another basket to put my eggs in. What kinda martial arts are we talkin'... Kenpo, krav, king fu? Did a little Safta, and Jeet-kunedo back in the day, but I never kept up with it enough to make it stick. Need to get back into it. But I digress...

Thanks for all the great info!

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@Karen Margrave

I suppose I should have said that this property is 80 miles away, so I will need to take that distance into account. As for your fitness camp-That is very creative!Did you end up doing something like CrossFit? Ever though about hosting an event resembling "Tuff Mudder" there?

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@Joel Owens That sounds like a great escape. Does your friend do that as a career or is it side income. It sounds like he is offering heaven on earth. I would imagine that there is a long waiting list for his lodgings.

Don't forget to make time to visit him!

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@Sabino Gonzalez

@Mike Reynolds I am going to make sure that a hunting camp will not conflict with whatever agreement my parents currently have with div of wildlife/forestry. I just found out that there is currently a mobile home on that property, and I will see what condition it is in, and if it can still be used as a sleeping quarters.

This is some great info!

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@Sabino Gonzalez

Thank you for the info. I will be sure to include pecan trees in my research

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All Forum Posts by: Siye Baker

Siye Baker has started 7 posts and replied 240 times.

Post: What would you do with 400 acres farmland in Ga?

Post: What would you do with 400 acres farmland in Ga?

Post: Ethics of Home Inspector Selling A House Pre-Inspected?

Post: Does anybody literally pay themselves for work

Post: Ethics of Home Inspector Selling A House Pre-Inspected?

Post: What would you do with 400 acres farmland in Ga?

Post: What would you do with 400 acres farmland in Ga?

Post: What would you do with 400 acres farmland in Ga?

Post: What would you do with 400 acres farmland in Ga?

Post: What would you do with 400 acres farmland in Ga?