All Forum Posts by: Philip Bourdon

On the lighter side... My Lady and I were in Johnstown PA for the Flood City Music festival. We decided to check out some old buildings (makes the trip tax deductible!). Near our hotel there was a street that looked like an alley. We came upon a home that was 99% covered in vines . It just so happened that the man next door came out and he happens to be a contractor.

He told us that the 90 year old man who owned it (died 3 years ago) was told by a Realtor that vines would "improve the look." Ouch! The building is a beautiful, three story brick that has(had) wonderful charm. I call it the "Vine House" since J Scott has the propensity of giving his rehabs clever and quirky names, I thought I'd do the same.

The contractor told us that the woman he was living with was a pack rat and that there were "walking trails" throughout the house in the midst of all the stuff that she kept. He estimated that it would take at least 7-8 27 foot trucks just to haul the junk away before there was any attempt at restoration. Enjoy the photos (hopefully they load).

Hello Dave. You said:

So, for instance, let's pretend my income was 25K and with deductions and exemptions the AGI comes to 17K. I believe the next tax bracket would start at 34.5K. If the distribution I choose to take from the 403b is 20K, then my taxable income would be 37K. Are you saying that only the amount over 34.5K (2.5K) would be taxed at the higher bracket rate?

This is a question for you Tax-Savvy Folk out there. I'll soon be 59 1/2 and am planning take a distribution on a 403b (non-profit organizations) that I have with the intention of using it in a SD IRA (most likely with checking capability).

I am currently in the 15% tax bracket with my job. I have read online that the distribution, although taxed, will be taxed at my current rate and not jump the taxable income up a bracket or two.

Does anyone know for sure about this. yes, I will soon meet with a CPA but am hoping to learn as much as possiible beforehand.

Thanks

Jim Stardust:

I would think every house is very different. Perhaps on the average a $150K house takes 30-50k, but lesser value homes may require close to that. Why would those wanting homes with lesser value just accept an investor's cheaply done cosmetic changes? As I read guys like J Scott, almost every kitchen and bath need to be replaced. As long as the purchase price was good, spending a bit more for an attractive house means less DOM.

Hello Bryan.

Besides that video being amazingly fun and entertaining, it is expressing profound truths that I believe can help any RE Investor, especially during challenging and discouraging times.

The AUTONOMY factor is motivating the overwhelming majority of us, is it not? I love that artist who draws "Direct Thyself" (How cute was that; a drawing within a drawing!).

I believe that most of us want that autonomy where not only are we not beholding to a boss, but we are in charge of ourselves and our destiny. In REI we become proactive and love that process along with the feeling of strength, competence and capability it brings.

MASTERY brings great satisfaction, especially when it has been coupled with AUTONOMY.

Hopefully, we can find a PURPOSE that is deeper and more profound than financial independence. Of course, I am expressing my own bias that we need more than the buck to be the underlying purpose.

One that I have been working on is to take what appears to be problems and utilizing my own imagination and creativity, along with timeless principles, transform those situations into positive, pleasing and profitable opportunities.

Can't I use that same purpose in relationships and elsewhere?

Great stuff. Thanks, Bryan.

Jeffrey, that product looks amazing. To think that it has levels for the type of houses is so focused. I may very well use that. I really don't have a good eye for color. I know good and bad when I see it, but am not sure how to get there!

Thanks so much.

Thanks Ophelia. As I sell lighting for homes, literally everyone who is building has an island and we see 4-5 people a day who now have an island and are trying to light it. I know that even in the under 100K more blue-collar neighborhoods the island will give that kitchen fantastic "pop." The sizzle sells and it's even more than sizzle.

What you said here:

Great advice.

I am appreciating all the intelligent feedback here.

Regarding paint color, it seems so many here in Pittsburgh just do white, or white or perhaps...WHITE in the rooms. I can see tans and creams feeling so much warmer and "home."

J and Mrs J, thanks also. So, you have several sets of furniture that you use for staging? How extensive? What styling?

I may start another thread or find one regarding kitchens. Even if I was selling at 60-80K, I am thinking that extra care and pizazz in the kitchen will pay off. If there is room, how about islands?

Ophelia:

Brilliantly spoken! You are so on target. Not married, but dating seriously. Plus, as I sell lighting, I work with a number of designers whom I'm sure could help me for a discount (as I do for them).

I see guys do rehabs and put the "Hollywood Dressing Room" strips in the bathroom; how ugly and dated. That's one area (lighting) where I believe many rehabbers try to save money and are actually losing it.

Thanks Rene and Anson for your feedback.

I like the templates idea, Anson. I could certainly do that. Thanks so much.