All Forum Posts by: Sean H.

homeowner. nc

I have a house i'm about to buy off market. I will probably pay the seller 1k of earnest money, just to tie up the house while i close on it. Its going to be a simple cash 10 day close. Im buying it as is. Does anyone have a simple contract i get the seller to sign?

All i've doing up to this point is keeping my receipts in boxes, hoping the print won't melt away. Im pretty frugual, so i'm trying to justify whether quickbooks is worth the money, since it's monthy and not a one time cost,. Any other ideas to help organize receipts and digitize them in case i get audited?

So, he makes 150-250k/year and he is having trouble putting up 33% of 80k in 60 days?

Are you paying for the paint for the second guy? Valspar is ****, and super paint is a great paint. If you give me the brands, i can tell you what their cost prob is. 

Unless you're trying to knock on doors and find your own wholesale deal, good luck. You're already competing against hundreds of other wholesalers trying to find deals. Also, most of the wholesalers listservs that i am on are mostly junk. I find better deals on mls. 

I still play the GC role for buddies who have property in Raleigh if i have extra time, but i don't waste my time looking in raleigh anymore, i can find desirable lots cheaper than 150. I put my money in Durham. Also, you're looking at 120-150/sqft for new construction. 

Alright, so im just going to have him write me an invoice for the time he worked this year, and have him sign it (even though it was all cash), so i can 1099 him at the end of the year without any issues. Thank you everyone for the input. 

There isn't a question of employee vs. contractor. its a 1099. I guess what i'm mainly asking is whether you can pay a 1099 employee in partial cash or it all has to be check. 

I have a worker that worked a fair share of hours for me while i was building one of my houses. I originally offered him a cash hourly wage or a 1099 wage. At the time he wanted the cash wage, but now he is saying would rather have the extra money, and i can 1099 him for the hours worked if i pay him the added difference (about 2 dollars more an hour). 

Its a win for me, because i can write off his hours on the books, and a win for him because im going to write him a check for the difference. Since i paid him most of the money in cash, im afraid i wont have a paper trail to prove all the compensation. 

The work was all this year, so i still have time to give him a 1099 before the tax year is over. 

Any thoughts on this?

@Payton Chung A friend just mentioned to me that it might be easier to try to get the standard 25' backyard moved to 10', than get the 20' street setback set to 10'. Thoughts?