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Member You - Questions About Hiring Contractors as a Real Estate Investor?
Do you ever wonder why your huge lot of name brand clothing isn't going as high as it should? That maybe you should sell them individually as outfits, but you aren't sure which ones and if it would really bring you more profit. Here are some important things to consider when making your decision.Attracting The BuyersIf you have a group of clothes that is not name brand, you can usually make more money by selling it in a lot. The key is to include at least two items that ARE name brand, so that you can include them in your title.For instance, if you were to add the brands Gymboree and Baby Gap, your title would look something like this….."Gap Gymboree +12pc. Girls 6-12 Lot!"That would be more appealing than the next example, because most people are attracted to the name brands."Dresses Shoes Hats 12pc Baby Girl 6-12 Lot"Also keep in mind that since there is so much on eBay, it is rare that someone will have time to scroll through all the listings. They will do searches instead, and probably look for the name brands first if they are searching for lots.A Picture Says A Thousand WordsBad pictures will affect the bids on your auctions in a devastating way. We've all seen those big lots of clothes that have only one or two pictures
The comments in shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
A Sample of Contract I Have Used:
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. You should be deducting all of the associated costs on your tax returns.Ordinary Marketing ExpensesMarketing costs must be "ordinary and necessary" business expenses in order to be deductible. Put in layman's terms, you marketing must be reasonably related to the promotion of your business and the expense amount must be a reasonable amount.Deductible Marketing ExpensesCommon deductible marketing expenses include the costs associated with the following items:A. Yellow Page Advertisements,B. Business Cards,C. Advertisements in print media such as newspapers,D. Telemarketing,E. Business Cards,F. Web site costs including creation and maintenance,G. Costs for Advertisements on the Internet,H. Billboards, andI. Graphic design costs.Goodwill Marketing For Your BusinessMarketing that is intended to portray your business positively can be deducted. Such marketing creates a long-term potential for business and, thus, falls within the ordinary and normal requirements of
Does the contractor need insurance? You need to make sure you or your contractor has two types of insurance.
The Two Types Are:
A. Workman’s Compensation Insurance: If you are doing a lot of rehabs, you will want to get a minimum workman’s compensation insurance. If your contractor has workman’s compensation insurance, you will want him to give you a copy of his insurance with you shown as an additional named insured. You then have proof of coverage. Even if you have a minimum policy covering you, you will still need the proof of coverage for your insurance carrier or you will be charged for their cost on your own policy. If you hire a contractor working by himself he can choose to exempt himself from workers compensation, but he needs to sign a form that you get from your insurance company.
B. Liability Insurance: Make sure again that you’re named as additional insured on your contractor’s policy or have your own policy. You should talk to insurance experts to determine the amount of coverage you need.
C. Builder’s Risk Insurance: You may want to check on getting builders risk insurance for other coverage on your equipment, tools, and etc.
How do you pay your contractor?
If you are dealing with new contractors that you don’t have a track record on, I recommend that you buy a small amount of materials and see that they get the materials to the job. Only pay for the work that gets done. The question you need to ask yourself is if the contractor walks from the job is there enough money to hire someone to finish the job. Even experienced investors, as well as new investors make the mistake of paying out too much on the job all the time. I have had Home Depot call me and tell me that my contractor is bringing materials back for cash refund. I have had great contractors who I have had a long relationship with me walk off the job. It is a must to hold back enough dollars to hire someone to finish the job. I don’t care how long you have worked with contractors you have to inspect the job before paying. If you don’t inspect the work, don’t get in the business. Consider placing a provision in your contract that final payment is contingent on passing a city certification inspection.
Should you have a contract with your rehab crew?
I say yes. At the end of this article is a sample contract. See your attorney for what you need in your contract.
Should you pull permits? Yes, Yes, Yes!!! The people I see who try to bypass the system and city inspectors just end up in trouble and end up doubling their cost. The short cut to getting the job done is to pay for the permits required.
The comments in shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
A Sample of Contract I Have Used:
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
Many people think that because they didn't go to college or have not worked for many years that their options for business ownership are very limited. However, that really isn't the case at all. There are a lot of franchise opportunities available that do not require experience and they are perfect for individuals who have that entrepreneurial spirit, but just do not have the college degree or work experience. The following examples are just some of the franchise opportunities available that do not require experience.Opportunity #1 Wacky Fun Factory Vending FranchiseThis vending opportunity is wonderful for individuals who don't have a college degree because it is easy to do, requires a small investment, and anyone can do it. The vending machines from Wacky Fun Factory are different than other machines so they are easy to locate and easy to operate. Making a good income with Wacky Fun Factory vending machines, whether you went to college or not, is entirely up to you!Opportunity #2 Squeegee Squad FranchiseYou can own a Squeegee Squad franchise with no college experience, but with plenty of real world experience. A Squeegee Squad requires no land, inventory or buildings and building the business is easy. Not to mention every day you work you get paid.Opportunity #3 Pet
B. Liability Insurance: Make sure again that you’re named as additional insured on your contractor’s policy or have your own policy. You should talk to insurance experts to determine the amount of coverage you need.
C. Builder’s Risk Insurance: You may want to check on getting builders risk insurance for other coverage on your equipment, tools, and etc.
How do you pay your contractor?
If you are dealing with new contractors that you don’t have a track record on, I recommend that you buy a small amount of materials and see that they get the materials to the job. Only pay for the work that gets done. The question you need to ask yourself is if the contractor walks from the job is there enough money to hire someone to finish the job. Even experienced investors, as well as new investors make the mistake of paying out too much on the job all the time. I have had Home Depot call me and tell me that my contractor is bringing materials back for cash refund. I have had great contractors who I have had a long relationship with me walk off the job. It is a must to hold back enough dollars to hire someone to finish the job. I don’t care how long you have worked with contractors you have to inspect the job before paying. If you don’t inspect the work, don’t get in the business. Consider placing a provision in your contract that final payment is contingent on passing a city certification inspection.
Should you have a contract with your rehab crew?
I say yes. At the end of this article is a sample contract. See your attorney for what you need in your contract.
Should you pull permits? Yes, Yes, Yes!!! The people I see who try to bypass the system and city inspectors just end up in trouble and end up doubling their cost. The short cut to getting the job done is to pay for the permits required.
The comments in shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
A Sample of Contract I Have Used:
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
One of the great myths associated with the “American Dream” is that you need to have a four-year college degree to be successful. As the economy has shifted to the information age, with a greater reliance on technology and services, this belief applies less and less.The new economy relies on technology more than any time in the past. In fact 70% of existing jobs require specific technical knowledge and this technology is being applied in newly created industries like biometrics, homeland security, nanotechnology and reusable energy.Eighty percent of existing jobs don’t require a four-year degree, while only 25% of students who begin college actually graduate. Of those who do graduate, 30% don’t get a job that actually requires a degree!The solution to these issues for many graduating high school seniors and workers unsatisfied with their current careers rests in a specialty technical school. These schools provide specific technical training in a variety of career fields. Career training courses take less than four years to complete, most take less than two. These schools offer online and night courses, so you can have a job or a family and the best part is graduates earn 50% more than high school graduates.Here is a list of ten great careers that offer high employment prospe risk insurance for other coverage on your equipment, tools, and etc.
How do you pay your contractor?
If you are dealing with new contractors that you don’t have a track record on, I recommend that you buy a small amount of materials and see that they get the materials to the job. Only pay for the work that gets done. The question you need to ask yourself is if the contractor walks from the job is there enough money to hire someone to finish the job. Even experienced investors, as well as new investors make the mistake of paying out too much on the job all the time. I have had Home Depot call me and tell me that my contractor is bringing materials back for cash refund. I have had great contractors who I have had a long relationship with me walk off the job. It is a must to hold back enough dollars to hire someone to finish the job. I don’t care how long you have worked with contractors you have to inspect the job before paying. If you don’t inspect the work, don’t get in the business. Consider placing a provision in your contract that final payment is contingent on passing a city certification inspection.
Should you have a contract with your rehab crew?
I say yes. At the end of this article is a sample contract. See your attorney for what you need in your contract.
Should you pull permits? Yes, Yes, Yes!!! The people I see who try to bypass the system and city inspectors just end up in trouble and end up doubling their cost. The short cut to getting the job done is to pay for the permits required.
The comments in shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
A Sample of Contract I Have Used:
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
Everybody today wants to earn money quickly, and there is no better place to do this than eBay. You can sell your own unwanted items, that will certainly earn some quick money, but that is not a long-term strategy (as you will run out of things to sell!) so give this a try…How about eBay flipping? What is that I hear you ask? Well that is where you find items that are going to sell for far less than their true value, and when you receive them you list them properly and get their true value. There are three methods you can use to earn quick money this way:Method 1: Look for products that have a mistyped title, most people just search titles and they search for specific words. If someone is searching for a camcorder and the title of a product says 'camcorder' then if that is the word most people use to find those products it will not be found and will sell dirt cheap. Look at the counter at the bottom of the auction and see how much interest there has been in it to see if it worth watching. Although this is a fantastic way to earn quick money, lots of people know about it, the next two are more underground techniques.Method 2: This is a variation of the one above. It seems some people just do not want to put pictures on their auction, and that means payday for you. It has bnship with me walk off the job. It is a must to hold back enough dollars to hire someone to finish the job. I don’t care how long you have worked with contractors you have to inspect the job before paying. If you don’t inspect the work, don’t get in the business. Consider placing a provision in your contract that final payment is contingent on passing a city certification inspection.
Should you have a contract with your rehab crew?
I say yes. At the end of this article is a sample contract. See your attorney for what you need in your contract.
Should you pull permits? Yes, Yes, Yes!!! The people I see who try to bypass the system and city inspectors just end up in trouble and end up doubling their cost. The short cut to getting the job done is to pay for the permits required.
The comments in shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
A Sample of Contract I Have Used:
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
There are hundreds of ways to make extra money on the internet. The beauty of internet is that one can open up many channels on the net and be able to earn money through multiple sources. So the opportunities of diversification are much more.One can make any amount ranging from one cent to several dollars by doing one task on the internet. A stage is being set on the internet whereby every action that one does on the net will make money for a surfer.One of the easiest ways to make money is to click and browse ads. There are a few websites on the net which actually pay for browsing ads. These are online advertising programs and are used by both the advertisers and customers together.Adbux and ClixSense are two programs which pay for reading one ad for 30 seconds.There are glaring similarities between the two programs. Both programs act as a platform to attract advertisers and consumers together.Advertisers are the webmasters or product owners who are looking for increased traffic to their sites and consumers are the members of these websites who may be looking for some quick money and even for some quality products.Whatever the reason, the above two programs provide opportunities to the members to make more money.While the nature of operations is similar getting the job done is to pay for the permits required.
The comments in shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
A Sample of Contract I Have Used:
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
Street Address: ____________________________________________________
City, State, and Zip: ___________________________MI___________________
Phone: ( ) ___________________ Fax: ( ) _________________________
Pager: ( ) ____________________ Cell Phone: ( ) ____________________
Emp. Fed. Tax ID No (EIN):_________________ Soc. Sec. No._____________
Contactor License No (s):__________________ Type of License: ____________
Person authorized to sign and bind Contractor: ____________________________
1. Schedule: The Contractor agrees to commence work on: __________________, 20 . The Contractor agrees to complete all work by: ______________________, 20 , subject to excusable delays such as strikes, unavailability of building supplies or acts of nature. Owner reserves the right to cancel this agreement and Contractor agrees to forfeit the balance of money due under contract if work is not completed by this date. The contract herein shall be void at the option of Owner, if contractor does not commence work within ___________________________ (____________) days from the date of the signing of this contract.
2. Scope of Work: Contractor agrees to provide the following described labor, materials and construction in accordance with plans and specifications as may be referred to herein on the following described property:
(A) Address of work site: ___________________________________________________
(B) Description of work (Describe Labor, materials and Equipment to be furnished. Attach additional pages, estimates, and work sheets if necessary. ________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Other Special Provisions:______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
The Contractor’s supervisor/project coordinator of this project shall be designated agent for the Contactor. The name of the person is: ___________________________________
3. The Contractor agrees to perform this work in a workmanlike manner and to comply with applicable building and construction codes for residential and commercial structures. The Contractor warrants that his work will conform with such codes and pass any governmental inspections. (If any plans or specifications are part of his job, they are to be attached and made part of this contract).
4. Price: Owner agrees to pay to the contractor for the satisfactory performance of the contractor’s work subject to the ter
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