Why I was away from BC for so long...
#1
Senior Member
True Car Nut
Thread Starter
Why I was away from BC for so long...
...or how to burn the candle at both ends. By Lash; published by, Whattayoukiddingme stories.
It'* a slideshow, showing some of the initial condition found during inspection and some of the current updated things, like the living/dining room, kitchen, and exterior.
There'* no way I could begin to tell you all that had to be done and if I did, you likely would have a hard time believing.
So anyway...
Oh, and comments are welcome...good and...uhm...bad too I guess.
It'* a slideshow, showing some of the initial condition found during inspection and some of the current updated things, like the living/dining room, kitchen, and exterior.
There'* no way I could begin to tell you all that had to be done and if I did, you likely would have a hard time believing.
So anyway...
Oh, and comments are welcome...good and...uhm...bad too I guess.
#3
Senior Member
True Car Nut
Thread Starter
Thanks, Bob!
Have yuo posted any of the kajillion things you've been doing yet? I know that YOU'VE an idea of what it involves.
Have yuo posted any of the kajillion things you've been doing yet? I know that YOU'VE an idea of what it involves.
#5
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Join Date: May 2005
Location: _Phoenix, AZ_ _WCBF '05, '06, '07 Survivor_ ____NEBF '07 Remnant___
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I never did post any photos. Funny (or disturbing, depending on how you look at it)thing , is I am still not done yet. Lots of detail work left, but time and money have been scarce for awhile, so I have stepped away from the home projects for the last couple of months.
#6
Senior Member
True Car Nut
Thread Starter
Oh, believe me now or I tell you later...
I have two rather long lists of smaller renovations, repairs, and upgrades that need to be done. However, I also need to let the bank account cool off for a while. I had it smokin' from the friction of money flying out, lol. Plus, I did find myself getting burned out a bit, so I too am taking a short respite from repairs.
I decided to publish a little of what I did to put a bit of closure on what'* been done so far. You should do the same, Bob. Be proud of what you've done. Don't think of what still needs to be done for now. Sit back, pound some cold ones, and bask in your own magnificence.
I have two rather long lists of smaller renovations, repairs, and upgrades that need to be done. However, I also need to let the bank account cool off for a while. I had it smokin' from the friction of money flying out, lol. Plus, I did find myself getting burned out a bit, so I too am taking a short respite from repairs.
I decided to publish a little of what I did to put a bit of closure on what'* been done so far. You should do the same, Bob. Be proud of what you've done. Don't think of what still needs to be done for now. Sit back, pound some cold ones, and bask in your own magnificence.
#7
Sweet. How much do you hope to clear on it?
Nobody here knows it, but I'm doing one also. Started on it in January and we're finishing the HVAC this weekend. Next weekend is tying up the electrical and insulation.
Lots of work, but great money makers.
Nobody here knows it, but I'm doing one also. Started on it in January and we're finishing the HVAC this weekend. Next weekend is tying up the electrical and insulation.
Lots of work, but great money makers.
#8
Senior Member
True Car Nut
Thread Starter
Well, with the market as depressed here right now as it is, we expect to hold and rent for a few years first. Two reasons really. First and foremost, my Father-in-law needed a better place to live than the retirement community he was in. This is about 1/4 mile from my house in a decent neighborhood on the same lake as us. More room, better location, less rent. It all works out for him.
We could turn this right away for a profit, but in 3-5 years, things should be better, real estate wise.
Or however long he has a need for it...
We could turn this right away for a profit, but in 3-5 years, things should be better, real estate wise.
Or however long he has a need for it...
#10
You don't actually loose it until you sell. Remember that.
Good strategy, Mike. On our first one, we did the same thing. The real reason we did it though is to get out of the full 25% capital gain tax. We held it for 13 months before selling it so that our tax liability was only 15% of the profits. That 10% really helps at tax time. If you can stretch it (and it sounds like you will), keep it for a year or more to make it a long term capital gain.
Good strategy, Mike. On our first one, we did the same thing. The real reason we did it though is to get out of the full 25% capital gain tax. We held it for 13 months before selling it so that our tax liability was only 15% of the profits. That 10% really helps at tax time. If you can stretch it (and it sounds like you will), keep it for a year or more to make it a long term capital gain.