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Ask The Group Questions You Have About Construction.

 
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Old 09-12-2018, 10:13 AM   #21
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Re: Ask The Group Questions You Have About Construction.


It seems like you'd be saving yourself GL, WC, all associated business registration fees, etc by just doing it as a HO and hiring out the portions you didn't want to do.
I guess if you're making it a serious business though you're going to want to write off tools, trucks, etc and probably get a full time helper too.

Just so we're clear, the way my brain works is like this...
First you have to understand that if you're painting a rental alone you have literally nothing to think about. Flat white on ceiling, walls, and trim. Just do it. You are now on autopilot. Just make it white. Binary work. Is it white? Move on. Not white? Make it white.
I do this for 8 hours a day, sometimes more.
The other day I look out the window. House across the way is for sale..

I wonder how much it's selling for
I wonder how similar the interior is to the one I'm in
I wonder what kind of shape its in
I wonder if there's offers on it
It's close to home
I should buy that house
What are my funds looking like these days
should i rent it
flip it
how flip
ho/gc
paint smell good
how flip houses
ask internet


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Old 09-12-2018, 06:09 PM   #22
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Re: Ask The Group Questions You Have About Construction.


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Not at all. That's a completely serious question.

Just wondering if it was legal to just be a guy acting as a homeowner hiring contractors, or if it was more beneficial to you to be an LLC or INC acting as a GC hiring subcontractors.

In Michigan you can flip 2 houses a year as an owner/builder. Check out your state, Im going to bet its at least one.
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Old 09-12-2018, 06:41 PM   #23
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Re: Ask The Group Questions You Have About Construction.


How could there be a max?

My freeeee markeeeeet!
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Old 09-12-2018, 06:44 PM   #24
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Re: Ask The Group Questions You Have About Construction.


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How could there be a max?

My freeeee markeeeeet!

Owner/builder = unlicensed

A Licensed residential builder can do as many as he/she wants under said license.
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Old 09-12-2018, 08:59 PM   #25
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Re: Ask The Group Questions You Have About Construction.


House flippers are supposed to have a GC license in WA, but just about anyone can get a GC license here as long as you have money to pay the fee.
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Old 09-12-2018, 09:16 PM   #26
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Re: Ask The Group Questions You Have About Construction.


In NJ there's no license. You pay $90 and you're "registered." $300 if you wanna hold the bag too.
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Old 09-12-2018, 09:52 PM   #27
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Re: Ask The Group Questions You Have About Construction.


A couple years ago we did some work for a flipper. I remember my boss saying the guy would start a new company for each property they purchased. I'm assuming there were benefits to doing it that way

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Old 09-12-2018, 09:55 PM   #28
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A couple years ago we did some work for a flipper. I remember my boss saying the guy would start a new company for each property they purchased. I'm assuming there were benefits to doing it that way

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Easier to hide when the new owner figures out the house is a POS.
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Old 09-12-2018, 10:04 PM   #29
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Re: Ask The Group Questions You Have About Construction.


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Catch all thread for asking and answering construction questions. Bonus points if you think of them during the workday, like I just did with this one...

- If you are operating a construction business in a country that provides universal healthcare, do you still have to purchase Workman's Compensation insurance, or does the national healthcare just cover all injuries no matter where they occurred?



Here's another question I just thought of, also while filling out my audit.

- If you are a house flipper, do you have to incorporate/LLC/whatever and carry WC, or are you simply a homeowner hiring contractors who carry their own policies to perform work on your home?
How's that work with business setups? Is the only profit you make as a flipper the profit from the sale of the house?
In Ontario, worker's comp is mandatory in the construction industry. But since we have universal and freely-accessible healthcare funded via our taxes, no one needs to buy private health insurance. And from what I know about health insurance costs for business owners in the US...I don't have a clue how half you guys stay in business!
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Old 09-12-2018, 10:06 PM   #30
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Re: Ask The Group Questions You Have About Construction.


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In Ontario, worker's comp is mandatory in the construction industry. But since we have universal and freely-accessible healthcare funded via our taxes, no one needs to buy private health insurance. And from what I know about health insurance costs for business owners in the US...I don't have a clue how half you guys stay in business!
You get insured through your spouse

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Old 09-12-2018, 10:07 PM   #31
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Re: Ask The Group Questions You Have About Construction.


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Easier to hide when the new owner figures out the house is a POS.
I figured it was tax loop holes

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Old 09-12-2018, 10:35 PM   #32
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Re: Ask The Group Questions You Have About Construction.


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You get insured through your spouse

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Nuh uh. Sole earner in this household!
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Old 09-12-2018, 10:43 PM   #33
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Re: Ask The Group Questions You Have About Construction.


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Nuh uh. Sole earner in this household!
Good thing you're in Canada then! Lol

We wouldn't be able to afford insurance for a family of 4 if I had to cover it

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Old 09-13-2018, 04:26 AM   #34
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Re: Ask The Group Questions You Have About Construction.


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Good thing you're in Canada then! Lol

We wouldn't be able to afford insurance for a family of 4 if I had to cover it

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I have a few subs who work at UPS (for insurance) at night, then do their trade during the day. They said itd cost them $30K to buy equivalent insurance.

I thought Obolacare was supposed to fix all that?
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Old 09-13-2018, 06:22 AM   #35
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Re: Ask The Group Questions You Have About Construction.


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I figured it was tax loop holes

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Nope, it limits your exposure when things go south. I know guys who have a different LLC for every house. 12 main st, 28 maple st etc.

As soon as the house sells the LLC is disbanded, any issues the buyer is out of luck
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Old 09-13-2018, 07:47 AM   #36
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Re: Ask The Group Questions You Have About Construction.


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I have a few subs who work at UPS (for insurance) at night, then do their trade during the day. They said itd cost them $30K to buy equivalent insurance.

I thought Obolacare was supposed to fix all that?
It just allows everyone to have access to insurance. It also pushed up the deductibles and rates to the point where all it is is catastrophic insurance. That type of insurance use to be the cheapest of them all and for people who couldn't afford "real" insurance which paid for your doctors visit so you could stay healthy in the first place.

Now you need to pay your $12K a year premiums and spend $9K on doctors bills before insurance even kicks in. So $21K before you get to use this invaluable insurance.

It didn't fix anything.
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Old 09-13-2018, 09:40 AM   #37
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Re: Ask The Group Questions You Have About Construction.


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I definitely feel like I am in a void. A bottomless void where all my clothes are slowly, one by one, converted into work shirts and my freezer becomes less full of food, and more full of paint brushes that I am too lazy to wash at the end of the week.
Strip kleen brand "brush cleaner"........I don't care if you left the brush in the oven for a week and it is the equivalent to a wood chisel at the end of the bristles. Leave it dunked in it overnight. Then comb through it a few times in the morning before you leave. And come back that night and rinse and comb it.........new brush again! (If latex paint)

Paint thinner or anything like that won't produce the same results.......I've tried them all
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Old 09-13-2018, 11:30 AM   #38
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Re: Ask The Group Questions You Have About Construction.


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I have a few subs who work at UPS (for insurance) at night, then do their trade during the day. They said itd cost them $30K to buy equivalent insurance.

I thought Obolacare was supposed to fix all that?
I used to work at UPS when I was a dumb kid after high school. I was amazed how many guys worked there just for the insurance. They were always the first ones to volunteer to leave when the work load got light and guys were getting sent home. I didn't get it. "Dude, don't leave, you won't make any money!"
They'd laugh at me and tell me they'd work there for free. Just in it for the insurance.
Won't say I haven't thought about going back. You keep your time there no matter how long a lapse. I'm only 6 years of awful work away from full benefits for me and my family for life. Something I think about it.
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Old 09-13-2018, 01:06 PM   #39
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Re: Ask The Group Questions You Have About Construction.


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I'm only 6 years of awful work away from full benefits for me and my family for life. Something I think about it.
Is that legit? 6 years and no more insurance to pay for, ever?
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Old 09-13-2018, 01:51 PM   #40
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Re: Ask The Group Questions You Have About Construction.


UPS gives you and your family full benefits(and a pension based on your rate) for life after 10 years. I already did 4 years, but IIRC you don't lose those years, even if you take several years off.
The union contract is very strong there. I was making $14/hr there in 2001 when all my other friends were making bupkis $7/hr minimum wage money. The shifts available for what I was doing were either 4-9am or 4-9pm. Pretty easy to make those work with any straight job. Most of the contractors preferred to do the early shift which typically let you out around 8. You could make it to a 9-5 construction job or really even an 8-4 if you had a company that was willing to work with you.
Going TO the box factory at 4pm would be too much for me though. It's a pretty physical job and you definitely leave sweaty and tired most days. Also, from Thanksgiving to Christmas UPS owns your soul. 1-9am constant stream of boxes coming down a conveyor belt and you only get a 10 minute break the whole shift. It can be pretty brutal, but you just have to crank that radio and get into it or the boxes win.

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