All Forum Posts by: Jerry Rodgers

So I guess my new plan, William, will be to make as little as possible so the government won't spend as much :).....isn't that how if works?...lol

Thanks Wayne for the disappointing information :( I guess the tax man always gets paid. I will continue then to help pay off the national deficit :)

An update on this home. I ended up putting a row of fast growing shrubs that will at least block the view for the new owners. I ended up selling the home the first week it was on the market and made a great profit. Thanks to all that gave me the suggestions.

Hello Everyone. I have been blessed over this last year in my rehab business now I need some tax advise from others on BP so that we don't bless the tax man so much :) I have been rehabbing homes since last summer and though have only done seven flips, I will have made a net profit of almost $275,000. I plan on building up my business to having 4 or 5 a month so hope that the profits will continue. My questions for those that have been in this business for quite some time now is should I pay the capital gains on my profits as I go or should I look into the 1031 tax exchange? I will be looking for a good accountant but want the advice from the professionals here on BP. Thanks to everyone in advance.

Hello Everyone. I have a question that I am sure not many of you have dealt with but want to do the right thing for my business and my personal morals. I am in the rehab fix and flip business and when selling one of my homes, an elderly gentleman called me on it. We got to talking and turns out he has been in real estate for about 50 years and to make a long story short, I have taken him on as a mentor. He recently found a home that he put under contract and called me and ended up assigning the home contract to me for nothing. I rehabed the home in three weeks and sold it in a week and when it closes in a couple of weeks, will be making a net profit of almost $30,000. I have told him this and want to give him something and he says not to worry about it and doesn't want anything. Well that isn't the way that I operate and will give him something. Any suggestions? I have been struggling with this and would like to know what others would do in my situation. Thanks

I like the rose bushes suggestion. Passive aggressive is a great idea :). I will add some along the front of the property and it will also look great.

Thanks John. BP has been fantastic and can't believe it took me this long to find it. In the middle of all the great podcasts. The hedges will be a good alternative to where the buyer won't have to look at the neighbors yard and I will do that. We have some that grow about five feet a year so that will work out great but still doesn't solve the problem of the kids in the yard. I have already talked to all the neighbors about one of their friends buying the home and one said she knows of a family, that they are all friends with, that would consider the home so that there would then be 25 kids in the neighborhood :). Don't think they will be able to afford it though.

Sean. There is already a fence between the property but they just ride their bikes up the driveway and leave them there. Not a pretty site when we start showing it. Although maybe I can offset my losses by selling all the toys on eBay :)

Thanks for the suggestions Mary. It isn't a daycare, it is just a place where all the neighborhood kids go to play. They are not bad kids but the parents just have no respect for others property. Building a fence would not matter because I would have to build a moat filled with alligators to keep them off (wait a minute - that sounds like a great idea...lol). My contractor told the kids (against my wishes) that they would call the police if they didn't stay off the property and so the kids went back to the dad and told him and then he came over and started yelling at my guys and said they have every right to play where they want. Now I am afraid that once the house is complete that he will do things to keep it from selling. I am going to tell my realtor to only show it during school hours when the kids are not there.

First post for me here on BP. Thanks to everyone on the site, I have learned a lot. I am a fix and flipper and have a home that I am rehabbing in a nice neighborhood. The home is going to turn out very nice but I believe the next door neighbor is going to cost me a lot of money on this deal because of his yard and the twenty (a real number) kids that play at his house and the house I am rehabbing. He is a hot head and won't be told that he has to stay off our property. Have tried being nice and tried building rapport with him but the kids continue to play at the house and leave their toys, bikes, balls, and everything else in the yard. Have told them it is not safe to play here because of all the work going on. I am afraid that when we list it for sale, that whoever comes to view the home will experience the community playground at my house and will not buy it. Any suggestions on how to deal with this situation? Thanks again for all who post on here and hope to pay it forward someday.