All Forum Posts by: James Sloan

Consider two investors just getting started. One wants to build and is in principle opposed to buying existing structures; the other is only interested in buying. 

Which will come out on top? 

I know that most will say beyond doubt the buyer, but wanted to see if anyone had perspectives on how the builder might grow faster? 

He is going to post through here: 

It is possible that you didn't do it. It is also possible that I am a bit wired with caffein right now and it is affecting my choice of words. 

However, this has gotten a bit over-dramatized. All I did was provide a little push-back to get to get clarification, and Steven swept in pretending to be a knight in shining honor. Clearly, she did not need his help. 

I already listed the reason for the misunderstanding. She was using a tax definition for "in service" which differed from "Placed-in-Service" and I thought she was using straight English, when she was actually using another definition.

Regardless, the last couple forum posts helped me to fill out my first P&L Statement, so I do greatly appreciate the feedback on these terms. I am now only taking deductions for genuine repairs. 

Some of us are just more comfortable than others with confrontational language. 

I will probably open a new account using a pseudonym

Adios 

@Michael Baum Weird. It was not showing up for us before.

Just so you all know, my brother was blocked by a moderator (I wonder who), but wanted to convey his response here (see below). 

You said "in service", not "Placed-in-service".

I guess the issue is that you were meaning to use the term "in-service", and I was reading "simple English"

If we go by Oxford, service is always active -- i.e. the action of helping or doing work for someone.

So, without the use of terms, it would mean what I thought.

But, also according to Oxford, "in-service" means "in OR available for use".

Honestly, if they are going to make a term for this, we ought to stick to adjectives like "Service-Ready".

I was wondering, can/do contractors sometimes provide customer financing for some final portion of a project, if it goes over-budget. For instance, if a customer pays reliably the first 40 K of a project's costs, are there some who would be willing to carry the last 20 K for the interest payments? A mechanic's lien would provide them security, and they would get more in the long run.

If so, how can I find them?

In my case, I really want to replace my cabin's vinyl with exterior split-log siding, but have only enough to finish the interior.

Thanks in advance.

I was wondering, can/do contractors sometimes provide customer financing for some final portion of a project, if it goes over-budget. For instance, if a customer pays reliably the first 40 K of a project's costs, are there some who would be willing to carry the last 20 K for the interest payments? 

If so, how can I find them?

In my case, I really want to replace my cabin's vinyl with exterior split-log siding, but have only enough to finish the interior. 

Thanks in advance. 

@Paul Marthaler This I am sure is good advice for new contractors, and I was foolish for not abiding by it in the beginning, but this last project I actually paid him 70% as a DEPOSIT and he finished the work. The first job, I paid him 45% up front, and he did likewise (I said 50% and 40% in a previous post, but just looked back and realized I underreported). Yes, I was an idiot for doing it, and it could have gone very differently. 

I ultimately decided to take the risk. 

I do think he is trying to fund other jobs, but I also think he intends to complete mine. This is certainly not a situation I want to put myself in again in the future, but he already started the demo work for the paneling. I think he may be wanting to repurpose my old countertops for the other job he is working. I don't like it, but if it gets me a discount, why not? 

In a month, this whole thing will be concluded, and I can update this forum to show the results.