All Forum Posts by: Robert Mack

Josh, this wasn't your status was it? :lol:

I'm not sure if he works on lots of investor homes or not, but I do know he does lots of re-piping of houses which runs about 2.5k around here.
I have a feeling investors might not know to collect W-9 forms, I wouldn't of known if it wasn't for BP and J Scotts blog.

Either way, I think the point is to get familiar with the processes by asking questions here, your REIA group and talking with your CPA and always CYA

Originally posted by Steve Babiak:

And you get them to fill out the W-9 by explaining that it is the form needed by you to prove that there is no "backup withholding" required; without that form you are required by IRS to withhold 28% of payments to them.

I had this very issue today. My plumber was skeptical in filling it out and had never been asked to fill one out by a client. I didn't really know how to explain other than my partner needs it for tax purposes...
He then ended up calling his partner who takes care of this and he will be bringing it by when he comes to finish the job.

My other two contractors I have coming this week I have emailed over everything I need for them to get signed so that they are aware of what is needed before they get to the job.

Here is a link for the W-9 Form
http://www.irs.gov/pub/irs-pdf/fw9.pdf

Here are the instructions straight from the IRS on the W-9
http://www.irs.gov/pub/irs-pdf/iw9.pdf

I am just getting started with my first rehab project and I had been dealing with the same exact question you are dealing with. I bought a property at a great price and decided it was worth the extra cost to use a GC, mainly so that I can hopefully shadow him and learn from him, similar to what J has said.

I called and got three GC's to give me bids.
The first one said he was going to email me last Thursday with a bid - haven't heard from him yet, so he is out of the question.
The second one I met at the job site and he essentially said he wasn't interested in the job. He was however helpful and walked around with me giving me pointers and gave me some rec's for subs to use.
The third GC was interested in the job and gave me a reasonable estimate which I was ready to take, however I later learned that he let his insurance lapse so he was essentially an uninsured licensed GC - NOT what I am looking for.

In between these bids I was also getting bids from subs to do the specific work so that I had something to compare the GC's against. I ended up deciding that it will be best if I handle the hiring of the subs since there is no structural work being done.

I am getting electrical, plumbing, HVAC, Pool, and general work done on my property. The best way to tackle this I believe is starting with the systems first and then working your way down to the cosmetic issues. If you think about it, it's common sense. You need to fix the stuff behind the walls first before you start painting and paint before you install the light fixtures and.. etc..

If you are looking for something that needs cosmetic work, I think you should be OK. Between BP, my REIA group and my father I have been able to confidently start scheduling and planning out how I will get this house rehabbed.
I am embarrassingly very NOT handy, my father who is in NJ (I'm in FL now) and is handy has told me to not even think about doing any work myself.. :lol:
ONE of the keys is to network with the investors around you and get recommendations for subs. I have also reached out to J Scott more than a couple times, maybe borderline annoying, but his blog is a great resource and he is also very helpful himself if you reach out to him. I'd read his posts about hiring, finding and dealing with contractors along with what contracts he uses.

Take him up on his offer for lunch! Maybe he'll even share some of his subs with you.. :lol:

I'm in FL as of now, lets grab lunch or some drinks when your in town.

Originally posted by Curt Davis:

If they ask you if your a real estate investor say" no, but do I have to be " , this will put the owner at ease. Then schedule a time to get inside and see what you have to work with.

Is it a good idea to lie though? What about when they find out what your intentions are with the property? Won't you lose a lot of trust with them and any future potential referrals?

Scott, are you currently in Florida or NJ?

Looks like I lose LOL

Saints vs. Colts who are you picking?

I'd like to see the Saints win, but Peyton is just amazing hard to argue that he's not one of the best QB's ever.

How about using the chat function more for "chatting" then role playing etc.. that as Green suggested might be better suited by using some other type of media.

I personally like learning from real life case studies as opposed to fake role playing..

I suggested before having at least one experinced investor in a chat to kind of moderate and be there to answer questions instead of just having all newbie's...
There's also a Instant message function that can be used, and maybe if some valuable information gets talked about that can benefit the whole community, it can be posted later in a blog or on the forum...
Just some suggestions... what does everyone think?

As we speak, or I speak, the Saints and Vikings are battling to get to the super bowl in 2 weeks. A minute to go and it's tied up.

What are you predictions for the Super Bowl? I am a huge Jets fan so it was dissapointing to see them lose today, but they still have a very solid season and I am excited about the future.

As for the super bowl this year, I am predicitng a Peyton vs. Favre match-up with the Vikings winning it all.

Lets hear your predictions!