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All Forum Posts by: Don Gouge

Don Gouge has started 1 posts and replied 139 times.

Post: Mixed Sex Tenants in SFR, Good or Bad Idea?

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

What if you don't know the sexual orientation of your tenants and you rent to people of the same sex but one or more of them are gay?

Post: Cost basis for subdivided land + house

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

Seems like a question for your CPA instead of advice from a forum

Post: $3,300 to paint 1,500 sqft? (Ohio)

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

Instead of worrying about the cost of paint, I would be worrying about my property manager.

Post: Contractor and Building

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

As a kid I loved driving nails and building things. I loved to create.  Eventually I developed a love for cars and decided that I wanted to own a car dealership one day. I met a young guy in college whose dad was a teacher and he flipped houses during the summer. This was way before the term flip was created.  This seemed like a great way to generate cash to get a car dealership. Eventually the love of building once again took over and with the help of my uncle and an old jack of all trades builder, I built my first spec house at age 25. Now 30 years later I feel like I have never worked a day in my life.

  After saying all of that, let me give you some advice that runs counter to my experience. What is the core word in "contractor"? Contract! Building and construction is a business, not merely  bunch of people practicing a trade. Being too hands on can distract you from the business side of things. Knowing the building process is vital but using a hammer isnt.

  The most successful contractor might be the one that has never picked up a hammer. He will be a great organizer, planner, people manager, negotiator and money manager. He can not only build a hands on work team but build an organization and business. Learn to think like a businessman and not a carpenter.

Post: Thoughts on an appropriate response?

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

Just say "Susan has always been difficult.  I hate that she is giving you a hard time".  This way you have acknowledged her problem and have placed the blame on the neighbor without offering to get involved.

Post: First Flip Completed

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

What did you learn during this process that will allow you to make a much larger profit on the next one?

Post: Should I fix the roof on my rental or wait.

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

The logic of not replacing a worn out rook is like having brakes squealing and grinding on your car and not fixing them because they haven't failed yet and caused you to have a wreck.

Post: Should I close in 2021 or 2022?

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

I think you should run this by your CPA.

Post: Advice on buying home, moving in, then renting it out.

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146

Maybe I am side tracking here but I have to wonder how an 18 year old can qualify for a mortgage. 

Post: Interested to find our first short term vacation rental!

Don GougePosted
  • Specialist
  • Johnson City, TN
  • Posts 139
  • Votes 146
Originally posted by @Myrtle Mike Thompson:
Originally posted by @Don Gouge:

Myrtle Beach has gotten a lot of bad pr in the last few years. Many consider it a war zone.

Umm, no.  There's a rowdier section, just like in most tourist towns - but no war zone.  Any good realtor can help steer their clients towards the better-performing parts of the beach. 

 I would say there are safer sections of any city but why do you want to put yourself into a position to always be explaining why your area is safe? Myrtle Beach has a huge problem with PR. Just Google Myrtle beach crime statistics and they jump off the screen as "FBI says Myrtle Beach third most dangerous city in America". I know that North Myrtle is vastly different but the media brush covers all. I live in an area where a large portion of the population grew up going to Myrtle every year. It was the vacation spot for East TN. Now most of those people don't go because of the founded or unfounded fear of violence.