All Forum Posts by: Mike Reynolds

Not an expert as I am researching this very same thing right now. The way I understand it if you borrow money with your IRA as a down payment you may be responsible for some income taxes. Will monitor this thread because I could be in the same boat or I may use mine to buy outright or use it to buy a few.

I live in Nacogdoches, what did you have in mind?

Hey, Gordon. What's the area in Austin that this is at? How far along is the project?

 Yes, I thought Florida would have been the hardest. I was working down there for a coupla years. Working under a roofing contractor during Wilma doing blue tarp. The governor signed an executive order to allow out if state "otherwise licensed" contractors to work there that year. The guy I was working for tried to get me to stay and roof. I did and had to apply for apprenticeship under him the would have had to work three years I think?? to get my license. I did work there a while but don't like roofing that much. Not sure  if any other state licenses their trades that hard.

@Patrick Connell Yes every time I go to the I35 corridor to work in a new town I get frowns because I am not from there. One even flat out told me they didn't want any outsiders coming in here. Wont say the town because he might be a member lol.

BTW, how are things progressing in Bastrop since y'alls second fire? Cant believe you got hit twice like that in less than 5 years.

@Patrick Connell

You are correct. I maybe didn't say it right. Most cities don't require a GC license in Texas for a homeowners permit. But there may be a extra fee in the total for such a permit here. Inspections go harder in a lot of cases because there is no reputation built up with you and the inspector but if the work is good they will lay off after a while.

@David Begley

Yeah, we used to have a state wide org that was working towards that but not many signed up for it. It wasn't a state law they were just lobbying for it I guess. Rules got hard pretty fast so many that did sign up dropped out which decreased funding for them. It started out as an arbitrator of sorts and tried to press too many rules too fast. I stayed with them until the end when they shut down.

of course if you build outside the AHJ, you don't need anything here. I have been on lots of remodels that were built by "reputable' experienced builders that I wouldn't even use as an outhouse. Back when I was a framer (way back) I bid for some contracts from one of them and he said my price was too high. "We don't use as much wood as others do so we don't pay as much to have them built." He is no longer in business either.

But that's not the norm here really.

Ok, I am and have been a Texas GC for many many years. Here is the scoop. Yes you do need a GCs license but as someone else said they are local in nature. Usually a 25 dollar fee and  5000 bond for 50 bucks and poof you are a GC. In some areas like New Braunfels you need a credit check too. In places like San Augustine (although haven't pulled a permit there in 20 years) you just pay a fee per job in addition to the cost of the permit.

You still have to pass all inspections to get your CO. You still have to deal with the central Texas snobby (we are better than you) inspectors. You still have to learn all of the local ordinances. If you don't it will cost you more in the long run than of you hired it all out. I have seen many "GCs" from other states that were state licensed that were hacks. I am sure all of you have too. But if I do a job in many cities in Texas like I do I have to have as many licenses as there are cities.

But you can pull a homeowner permit and still be under the gun by the man. Usually these people are hammered on more by good inspectors than GCs are.  

@Mark Nolan 

Thanks Mark, I'll look into that. Was thinking about rolling them both over into an SDIRA or solo and moving into the ROTH a little at a time. Is this possible or even feasible to do?