Here is a little BBC Tip for all of you aspiring or practicing flippers, renovators, or new-construction types: Keep all of your estimates, contracts, and Google Doc or Quickbooks or... Files.
If you sell a project you may be called upon later to prove that you had paid for the work, or a specific portion of the work, or that you did the work yourself. Receipts, checkbooks, credit card statements, estimates and contracts can all go a long way in proving that you have done what you have represented as being done. (Or at least paid for it to be done.)
We consistently try to put out a great product that makes the "conceal and cover" guys look like the fly-by-night people that they are. However, this is construction and real estate. Problems will abound. Therefore, we like to go all IRS with our records, and hang on to them for a minimum of three years.
Just a friendly tip as you roll through the land mine fields of this business.
Have a great week!
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This site is for informational purposes only. We do not guarantee anyone's performance in the house flipping, or transformation, or investment arena of real estate. Invest in your own ideas and projects at your own risk.
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