Alabama thread!

Morning Rob

 

Mentone is like Gatlinburg in Alabama without the people. It’s a beautiful little area.

I’ll gladly check in on it for you a few weekends a year.

 

Anyone into guitars? I just finished up my version of an ideal guitar for what I play. Super pumped about it!

 

All that can be arranged! Nothing like steady regular traffic to keep the undesirables away.

 

Nice!

 

I gotcha covered!

 

Mentone is an awesome area. I've worked at or done work on most of the camp's up there.

 

I've always wanted to learn drums

 

I am an 80’s metal head, so I’m mostly into superstrats. I bought and sold guitars through college and have at one point owned most guitars that Jackson/Charvel and Kramer made.

Currently only have 3. The one previously pictured, a 5150ish replica, and a 1998 American Wolfgang special.

 

Anybody ever brought a contractor in to do some extensive work in their house? I don't mean like replacing floor in a single room. I mean like, kitchen/bath remodels etc etc larger projects type stuff.

 

when you say a contractor do you mean someone who oversees the project or just hiring laborers yourself to do the work?

 

actually bringing someone in to do the full extent of the work. most general contractors have their guys they use for electrical/plumbing/etc so I just say contractor where when I say "hey come remodel my kitchen" if I talk to Ol' Joe over here, he can handle every bit of the project, I myself don't have to talk to 3 Joes to get it done lol.

The reason I ask is because my rate of completion, paired with my lack of motivation to work on the house do not coincide with what appears to be my life schedule right now lol. I sort of predict my girlfriend and I to get engaged next year (barring any crazy situations) and moving in together. This would be her house, because neither of us want to live in a construction zone that is my house. At the rate I'm going now it will probably be 2-3 years before I was really able to get the house to a great selling point. Whereas I'm thinking I can bring someone in, do something like say 30-40k worth of upgrades/remodeling etc, and I could sell my house for the ~200k range next year. I only paid 136k for the home, so a 40k investment with a 24k profit seems like a no-brainer to me....

 

because of location my little house cost 204k

when people consider profit on a house are they considering the amounts they've put in interest that hasn't even touched the house. If you just bought this house last year not a thing has went towards the principal right, well very little.

anyways the cost of a contractor is generally about 10-15% of work for overseeing. I agree though, to deal with less stress go contractor route.

 

me personally, no I'm not really considering the interest, same as I don't really consider the utility bills. those are sort of "cost of living" costs to me. It's money you won't see again anyways and it's not as fun if you consider it lol!

I look at profit as "what I sell the house for minus what I owe"

So say I owe about 125k, add 40k for updates = 165k. Sell house for 200k, rougly 35k profit. Because, that's 35k in my pocket. Sure, subtract interest bills and such probably like 15-20k over 2 years.

 

bills are cost of living, interest isn't. because utility and taxes are there rather house is paid for or not.

any profit is profit, just remember, if you make profit on a house sell you have to reinvest all of that money on a new house otherwise it counts as capital gain on income taxes.

 

yeah a new house is directly what it would go to. is there a time frame on that requirement that you know of?

 

I'd probably check with a CPA or maybe a realestate agent, but here's the most relevant page I could find.
https://finance.zacks.com/soon-money-selling-house-invested-capital-gain-tax-paid-8203.html

 

Yeah I like them also. Was looking at 42 stickies but I don’t want to drop 3500 on 4 tires

 

If you sell your home, you may exclude up to$250,000 of your capital gain from tax -- or up to $500,000 for married

 

Awesome that's what coke can said above too. Easy peasy then.