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Old 04-10-2008, 02:54 PM   #1
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Default 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.
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Old 04-10-2008, 02:57 PM   #2
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You do nice work, Mike.

Good to have you back.
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Old 04-10-2008, 03:01 PM   #3
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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.
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Old 04-10-2008, 03:03 PM   #4
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thats the same home??(in other words, ) i LOVE the color. it just screams "proud to be a floridian!" excellent work.
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Old 04-10-2008, 03:03 PM   #5
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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.
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Old 04-10-2008, 03:10 PM   #6
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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.
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Old 04-10-2008, 03:11 PM   #7
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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.
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Old 04-10-2008, 03:21 PM   #8
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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...
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Old 04-10-2008, 03:28 PM   #9
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Tell me about it.


I've lost 20 grand on this house in the past year alone. Stupid economy.
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Old 04-10-2008, 03:41 PM   #10
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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.
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