Quote:
Originally Posted by Bugsinrugs
I’ll be 67 in April. I probably would have continued working part time but my shoulder is telling me NO!
After my shoulder is better I’ll be tending to my rentals. A couple of them need kitchen and bath remodels so I’ll still be doing some work.
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You sound much like me: 1) I hate to pay for work I know how to do and 2), I can't delegate worth a crap. You need to change as I need to.
I just did my first job where I didn't pick up a tool. Even though the guy that I found to do the work is pretty good, it's not me and I wanna stop him and make him be me. Ain't gonna happen. This guy is his own boss and he's just getting the work from me. I get compensated by the homeowner and the contractor for the arrangement.
If you need to save money by doing these remodels yourself, you need to figure out a way to get it done by others and save your shoulder. Just to remind you when you get back and read this, your own labor is NOT an expense that is deductible for your rental properties. If you figure out how to make the money to pay for the work, 2 things happen: your money goes into 'improvements' and therefore your income tax liability gets canceled out. If you continue to make money self employed, you will pay the 15% self employment tax before the money gets spent on the rentals. Think about this while you're on the mend.
When you figure it out, let
fastfredracing know because he's going about it all wrong.
Sorry for the derailment.