Posted by RR Smith on May 29, 2000 at 08:36:51:
One of the things a Robert Allen student learns early on is that the more people that you can help along the way the better off you are. If your networking and team making skills are low you will never make it to the next level, which not only involves using OPMoney but, OPBrains, OPTime, and OPSkills. By networking with tradesmen you can built up a team that can rehab a property in VERY LITTLE TIME (and at a low cost), and get almost instant expert estimations of what the project will cost.
Sure you might not need a finish carpenter THIS TIME… But it will be nice to know one when installing wood flooring or kitchen cabinets. It will also save you time and ENERGY that you need to focus on doing more deals (WHICH PAYS YOU THE MOST). But what the heck try and replace them yourself that is the only way that (some people) will learn what exactly is involved and to appreciate what the professional is up against.
Mr. Branstetter is absolutely right you should never do deals or improvements based on just tax considerations, however if you are doing a project ANYWAY you could do it in way that will maximize the (tax) benefits of that necessary rehab.