All Forum Posts by: Lisa Wright

Hey I am researching the house my sister is renting. She has one of 6 units.  They did an odd lease renewal so I'm suspecting it might go up for sale.  

If she lived there and I moved in to a unit, would we be able to homestead, or not pay the rental tax rates?   Based on the area it would jump up substantially with a sale.

Just pondering and considering reaching out to the owner.  He has owned it for 20 years.  

Thank you!

The contractor is from the circle of friends.  A stand up guy.  And I believe in honesty so I told him these are the numbers we need to make work.  We just went to look at the house now.  They are asking wayyy too much for it.  Great bones but 200 dom, and gross inside.  Plus everything needs to be updated.  But I want to do it.  It's a great starting point for both of us to make some money. 

I just looked up some furniture on marketplace.  Great prices if you have access to a truck.  Even some free stuff.  Get what you can then look for the rest. 

I have some capital, but not enough to buy a (rough) property AND  hire out for renovations.

My thought is bringing on  a contractor as a partner.  Where he is going to do the work, then we will sell and split the profits.

But how would that look:  All cash returned to investors than net profit split?  Would his hourly be paid and-or just cash for supplies?  And if I wanted to roll my sleeves up and help a bit, could I also be reimbursed for that?

I feel like that makes the most sense but I wanted to see what the team thinks. But also contractors make back so $50 an hour or like that would kill it. 

Thank you for your thoughts and suggestions.

Quote from @Will Fraser:

Quote from @Lisa Wright:

Section 8 sometimes falls behind then catches up.  Are you still receiving the tenant portion?

Gordon Management is amazing, but I'm not sure if they do individual homes. 

 What do you enjoy about.  Gordon Management?  

Incidentally, was it established by The Gecko?

I worked for 3 so far.  2 should be sued by their incompetence.  For sure cost the owners money.  Gordon Management, the owner worked his way up and has been in this business for 40 years.  The team is in place.  The policies are firm.  They don't play chicken or favorites.  They train their staff.  No body is perfect but after working for the other two they could be close.   
Had I known I might have sat tight. 

Call your city and have a convo.  Near me one city was super good with it with a few rules.  Permits of course, foundation and needed to be tied into the grid.  

I didn't get super specific with them because I was just throwing ideas around with a client and we didn't go that way.    

Do you guys think it's something I can DIY through turbo tax?  Or do I need to hire it out?  

Tell me what you know.  What should the price range be if I hire it out?   I saved a good portion of my profits for taxes.  But 1099 all year this time around.  Thank you. 

Quote from @Bruce Woodruff:

Quote from @Lisa Wright:

I just wish they would really show us how to do the repairs.  Walk me through it.  

 A lot of them are just not very good. One of the reasons I watch them is to make fun of the work. You're better off watching YT. Or call me...

I wish you lived closer.  I'd try to come help with projects.  I learn by doing! 

I just wish they would really show us how to do the repairs.  Walk me through it.  

Section 8 sometimes falls behind then catches up.  Are you still receiving the tenant portion?

Gordon Management is amazing, but I'm not sure if they do individual homes.