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All Forum Posts by: Simon Obas

Simon Obas has started 101 posts and replied 196 times.

Post: Advice for challenge with building inspector

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Hello. Is it legal for the building inspector to not close out a trades permit because another part of the job wasn’t permitted? I’m working on a home and I have not secured a mechanical permit YET. But the plumber did his thing and is ready to close out but the building inspector is saying he won’t do a final plumbing inspection because there wasn’t a mechanical permit taken out. I feel like the inspector is abusing his power. Can he actually do this? What are my rights? Whose his boss, the mayor? Should I get an attorney involved? Any advice is helpful. Thank you.

Post: Advice for dealing with building inspector

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Hello. Is it legal for the building inspector to not close out a trades permit because another part of the job wasn’t permitted? I’m working on a home and I have not secured a mechanical permit YET. But the plumber did his thing and is ready to close out but the building inspector is saying he won’t do a final plumbing inspection because there wasn’t a mechanical permit taken out. I feel like the inspector is abusing his power. Can he actually do this? What are my rights? Whose his boss, the mayor? Should I get an attorney involved? Any advice is helpful. Thank you.

Post: When should I look for a buyer?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

@Caleb Brown thank you.

Post: When should I look for a buyer?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

I’m about to wrap up a flip in a couple of weeks, but I’m interested in trying to lock in a buyer before the rehab is done. The reason being is to not waste time. Is it normal to reach out to agents/folks letting them know that I’ll have a property available soon? Or should I just wait till the project is complete and then market it?

Post: Contractor went Missing

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Hello. Hired a contractor to rehab my home. he missed the completion deadline and kept saying “just give me 2 weeks”. He then said he underbid my home, and as a result he had to stop working on my home, to work other jobs in order to have money to pay his guys for my job. As of last Monday, I haven’t heard from him. He’s been ghosting me and I’m sure he peaced out. Fortunately I “bought right” so I’ll be good. BUT, what legal action can I take against him?

Post: Advice for firing contractor?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

@Michael Hayworth thank you I appreciate your thoughts. I am in Connecticut.

Post: Advice for firing contractor?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Greetings. Can anyone offer advice on how to properly fire a contractor? I hired a GC on Dec 7th with a job completion date of January 23rd. To date the project still isn’t complete. Every time I ask when will it be done, he gives me some BS answer and says just give me 2 more weeks. Last week he told me he “under bid” my project and he had to stop working on my home to take other jobs to have money to finish my home. He hasn’t to my house all week. I’m DONE! How do I get rid of this guy?

Post: Flipping homes, taxes, capital gains

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

@Michael Plaks I hire a GC and pay him from my business checking account. I occasionally use Zelle too.

Post: For sale by owner tips?

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Peace. I am getting ready to flip a home and considering not hiring an agent. As you know hiring agent eats into my profit. I just completed a flip and sold it to a friend (no agent involved) and not having to pay commission was sweet. What are your thoughts on this topic? How have you done it? Is it way more difficult than one may think?

Post: Flipping homes, taxes, capital gains

Simon ObasPosted
  • Rental Property Investor
  • Posts 199
  • Votes 42

Peace. I'm interested in knowing how you all house flippers are filing taxes. I flipped a home in January and selling another one in 2 weeks. I purchased both homes under my LLC and will sell them under my LLC too. I'm hearing I should file taxes as an s Corp to avoid/lessen capital gain taxes. I will go speak to a cpa for sure however, I'm curious as to what other investors are doing. Any information is greatly appreciated.