All Forum Posts by: Will Rodgers

Hi All, Thanks so much for the detailed responses! Very Helpful

Hi All,

I understand that there are great tax benefits/write offs as it relates to the purchases you have made towards your rental property like depreciation, maintenance fees etc...My question is...Are there any tax benefits of simply owning a rental property? For instance, Will my personal taxable income be reduced by simply having the rental property or is the only way to benefit on my taxes is to write off the money I have spent? This question is stemming from me trying to find new ways to reduce my overall taxable income as a single person and thought about rental properties as a way to do it...Any other ideas to reduce my taxable income as a single person because I don't have write offs for kids, personal home etc...???

Hi All, Im flipping my first house and am not sure and having trouble deciding if I should replace roof. There is some curling when looking from the street. Contractor got on roof and said that it probably has 3 to 5 years left?Typical asphalt shingles... Do you think I should go ahead and replace it or take my chance on selling as is? What are my negotiation options if I decide to leave as is?

Thanks all, Silly question but is there a difference between licensed electrician and a certified electrician? I will probably be do this the right/legal way and want to make sure. Which one should I be using or are they both the same thing?

I'm flipping a house and my cointractor just informed me that my electrical panel is 60 amp and does not have a main breaker. It needs to be updated. He also says that I should do this before an inspector sees it. What are your thoughts on doing this without gettung the permit first? How often does that happen. Multiple people have said to update the panel Before an inspector sees it. Is there a way they can tell that I did it or do they usually not  even bother after the fact?...

Im looking to avoid both, injury to the handyman and liability from bad workmanship, but again my question was derived because I figured these were low risk tasks from workmanship and injury standpoint...I wont have him doing major electrical or roofing etc. Just the tasks that I mentioned above.

Thanks Guys. That helps from a tax perspective, but what about using an uninsured handyman as for lower risk work. Can you share some "low risk" work that I can consider him for? I will go licensed and insured for the riskier tasks. I want to use handyman for cabinets, flooring, new bathroom tile and finishes, new lighting fixtures etc. He is very experienced...Should I consider him for those tasks?

Sorry, when I say licensed in the above post I mean licensed and insured. And the handyman has no insurance.  But again, that's the reason for the post, is the low "riskiness" of the work worth going the uninsured route?

Hi All,

I have a house that I will be flipping. I know a great handyman who could do the work as its just basic stuff( Painting, installing new cabinets, installing flooring, tiling bathrooms, changing fixtures). Would you consider this low risk to the point where I can have my handyman do it? Or would you go with a Licensed General Contractor and pay the additional cost? I'm thinking about getting licensed roofer but letting handyman do everything else. What are your thoughts.

HI All,

Alright, I have read J Scott's book and am aware that you want to hire someone who is licensed and insured etc to do my labor for a flip... But I know someone who is really good at rehabbing but is not licensed or insured. Im thinking about hiring him for, painting, tiling, flooring and basic electrical install cabinets, etc. Then hiring a licensed guy for roof, plumbing (If necessary), and skilled electric. What are your thoughts? 

Furthermore, what are your thoughts as it relates to paying payroll taxes on the handyman (any any other tax liability that I may be subjected to)? There seems to be confusing info on this...Would I have to pay more in taxes by hiring a handyman?

 Is it really a big no no to hire this handyman as it relates to taxes?

Do you suggest paying the extra cost for the GC and getting them to sign the indepedent Contractor Agreement or paying handyman (He can pretty much act as a GC with his experience level)?

Any help/ thoughts would be greatly appreciated!