All Forum Posts by: Robert Gailie

Here in NY the area I live in we have multiple licenses. Within the 4 surrounding counties there is 2 that have licenses for the county and 5 city licenses. I personally have 4 of those licenses. So anyone working in a county that doesn't have a license in that county actually can't be a licensed electrician where they are. It doesn't matter how good you are. There are good and bad electricians regardless of licensing. Our license only needs to be carried by the contractor to. The contractor could hire 100 people with no experience but they are covered by the contractors electrical license. So it depends on your state/county/city.

I am an electrician and I actually grew my business from craigslist because I hated paying to advertise. Most of my business was just from there actually. I'm sure there is plenty of hacks on there posting ads but just talk to them and most of the time you can tell when they aren't any good. Make sure they are insured and licensed if that applys to your area.

As for Angie list, home advisor, home depot, lowes, yelp you aren't getting anyone different than what you can get off of craigslist. The screening process to become a contractor with any of them takes all of 10 minutes. I was very surprised at how little they screened me to become a contractor on their site. 

You should be looking to pay 75-175 from any contractor as long as the project is normal circumstances. If you get anyone less then that then they probably aren't very good at what they do or they are terrible business people. 

Hello everyone. I bought my first flip off of the MLS and it was under auction terms. Put in a full price offer and got the house.

Sold it 2 weeks ago and made a tremendous profit and can't wait to do it again. 

Do any of you have experience with buying properties that are going to auction? I see a lot of good properties and I want to learn more about how the auction side works.

I figured after all expenses including tax I would be around 50k the self employment taxes and what not I did not know about. 

My accountant I do not like very much. It's hard to find a good accountant that wants to work for you. 

well if you look at my paper trail anyone could assume that I am clearly flipping. As I said we intended to rent but as the project was near completion we had changed our minds so we never really started looking for tenants. My accountant told me that I can do a 1031 exchange and I do believe he is wrong as I have heard that there is no way to avoid taxes on flips. 

So basically I am going to have to eat the tax burden which is ok as my net profit for my first flip should be around 50k. We signed contracts today and should be closed within a week. 

I actually did buy this property to rent it but it came out way to nice for a rental in this area so we decided to sell it. I have heard of a self directed 401k being a tax deferring way of keeping your money. 

Hello all! I am going to sign contracts on my first flip on tuesday. We did well and made big profits and the experience was incredible. Now I want to avoid paying taxes if possible. 

Do any of you more experienced flippers have any suggestions or advice on how to defer taxes? I have about 12k I will have to pay to taxes right now unless I find a way to not pay. 

I definatly will be buying another property which may be another flip or a multifamily buy, rehab, rent and hold. It really depends on what I can find on the market. Thank you all.

I need to come work where you guys are. Here in NY it is about 2k to replace the panel and all the wiring up to the utility connection.

@Travis Lloyd knob and tube is the style of wiring. The panel is not know and tube. I am a licensed electrical contractor and it really depends on the house and the situation. If you have a lot of accessibility than the price goes down. If you don't then you may get involved in cutting open walls. It all really depends on how much you want to replace to. There is to many variables to give a rough estimate without someone actually looking at it. I just did a 2nd floor of a rental for a customer and snaked in 11 new outlets to remove the old bx and that job was 1200.00

These are some photos as we approach the final steps of the process