Wow, so I finally, after what a year or more?, went out and got the Yeah Yeah Yeahs album. Christ, that shit is fucking awesome! I also bought The Office Season One (the BBC version, i.e. the good version) and Reno 911! Season One (!!!!!!!!!!!). Yeah, so I got paid obviously. Fuckin' a, it took me twenty minutes and two fingerprints to get my damn check cashed cause I no longer have an account with Bank of America (got taken off the business account).
Need to call up to Washington state tomorrow and talk to someone in the Department of Labor to find out how I'd go about paying one employee as a General Contractor. I'm thinking since I'd only be employing one person, I might be able to avoid having to take out taxes and shit like that, leave it to them to worry about.
Oddly enough, in this whole business venture I'm trying to put together up there, finding a good, trust worthy employee is one of the biggest stumbling blocks. Getting a $150k project financed is much less of a problem, as I've very sure I can talk my Dad and Step Mom into financing it for me. The way I think I'm going to pitch it is to go to them and tell them I need like $25k down (to cover my living expenses and initial licensing and whatnot) and then an account with the rest to buy materials, hire the few subcontractors I'd need (concrete, plumbing, electrical, and HVAC), and to pay the one employee. This is assuming I can get the old man to come on and work with me for the first one. Then they'd stand to make a hundred grand ON TOP of that initial investment (which would be financed, so it'd only be monthly payments they'd have to worry about).
$25k isn't a whole lot, a little less then I make now (or did, I am unofficially unemployed as of two days ago), but if I do it right, I could squeeze in two houses the first year. The next year I'd be looking at three. The third year, I'd have enough saved up to start self-financing, and then even if I only did two a year, I'd still be making a quarter mil a year.
Funny, I always said I'd never go into construction as a business. In fact, I worked very hard to avoid it for so long, but here I am full circle, trying to do it again. But I do see a very distinct difference between working for someone else for fifteen an hour, and working for myself for a thousand a week or more. Plus, doing it this way I will have lots of down time.
The schedule I've typed up now calls for a month of prep time post purchase of the land, followed by ten to twelve weeks of insanely hard work, followed by a month or more afterwards to sell it, during which time I could set up another project.
I'm going to look through files for the building plans of the last house I did, because that was a very easy project that would have easily been done in two months if I hadn't lost one of the other workers for three weeks. Well, and if we'd stuck to the plans too. After we got the final inspection done, the owner decided to convert the garage into a fourth bedroom (not exactly legal, but he was footing the bill).
Also, if I stuck with the same floor plan, then every time I built it, I'd get it done a week earlier, until eventually I could build it in eight weeks with two other people.
Man, am I hungry. I'm waiting for eleven o' clock so I can go get a fast food chicken sandwich and some french fries, then veg out for a while longer (been awake since six) and then go over to my cousin's house to deliver the files and whatnot.
Need to call up to Washington state tomorrow and talk to someone in the Department of Labor to find out how I'd go about paying one employee as a General Contractor. I'm thinking since I'd only be employing one person, I might be able to avoid having to take out taxes and shit like that, leave it to them to worry about.
Oddly enough, in this whole business venture I'm trying to put together up there, finding a good, trust worthy employee is one of the biggest stumbling blocks. Getting a $150k project financed is much less of a problem, as I've very sure I can talk my Dad and Step Mom into financing it for me. The way I think I'm going to pitch it is to go to them and tell them I need like $25k down (to cover my living expenses and initial licensing and whatnot) and then an account with the rest to buy materials, hire the few subcontractors I'd need (concrete, plumbing, electrical, and HVAC), and to pay the one employee. This is assuming I can get the old man to come on and work with me for the first one. Then they'd stand to make a hundred grand ON TOP of that initial investment (which would be financed, so it'd only be monthly payments they'd have to worry about).
$25k isn't a whole lot, a little less then I make now (or did, I am unofficially unemployed as of two days ago), but if I do it right, I could squeeze in two houses the first year. The next year I'd be looking at three. The third year, I'd have enough saved up to start self-financing, and then even if I only did two a year, I'd still be making a quarter mil a year.
Funny, I always said I'd never go into construction as a business. In fact, I worked very hard to avoid it for so long, but here I am full circle, trying to do it again. But I do see a very distinct difference between working for someone else for fifteen an hour, and working for myself for a thousand a week or more. Plus, doing it this way I will have lots of down time.
The schedule I've typed up now calls for a month of prep time post purchase of the land, followed by ten to twelve weeks of insanely hard work, followed by a month or more afterwards to sell it, during which time I could set up another project.
I'm going to look through files for the building plans of the last house I did, because that was a very easy project that would have easily been done in two months if I hadn't lost one of the other workers for three weeks. Well, and if we'd stuck to the plans too. After we got the final inspection done, the owner decided to convert the garage into a fourth bedroom (not exactly legal, but he was footing the bill).
Also, if I stuck with the same floor plan, then every time I built it, I'd get it done a week earlier, until eventually I could build it in eight weeks with two other people.
Man, am I hungry. I'm waiting for eleven o' clock so I can go get a fast food chicken sandwich and some french fries, then veg out for a while longer (been awake since six) and then go over to my cousin's house to deliver the files and whatnot.
VIEW 3 of 3 COMMENTS
datsun:
you know, as an independent contractor, you still need to file and pay. I've seen some girls I work with get nabbed by the IRS, and it isn't pretty. 
kreatinkaos:
Looks like you will have some big shoes to fill 