You know sometimes you just have to get away. Even if everything is going well, it can be exhausting. I have been having a good bit of trouble staying focused and just making it day in and day out. I felt burnout coming on and didn’t know how to ward it off. Just in a rough spot. The thing about getting into those spots is that you can lose perspective of being thankful. I decided to make a trip to my sister’s house in Friendswood for the weekend, since it was my nephew’s 15th birthday and all. She lives in an area that took damage from Hurricane Harvey. I want to talk about what I saw while I was there.
As I’m writing this post, it’s been exactly a year since I posted our eight exit strategies. You may notice there are nine thought balloons around the house in the graphic. I’ll get to that later.
Exit strategies are simply plans to get out of your situation. When I was writing on tax day, I got to thinking about how our tax situation affects which exit strategy on any given deal or series of deals. That’s what caused me to add the ninth strategy to the list.
With all the talk of border security these days, there’s been a lot of talk about hiring undocumented workers. I’m not going to get into the moral considerations or whether or not undocumented workers “take jobs away” from legal residents—citizens or not. I’m not going into all that because by “undocumented” I mean anyone who can’t or won’t complete a W9, the form by which you would file a 1099 at the end of the year. Instead, I’m referring to what we used to call the “underground economy”—cash workers. What I will do is give you a simple formula to make your own decision.
I have it on good authority that people of Texas, both investors and “normal people,” scored a victory yesterday with the defeat of SB 1994, although the Senate’s bill history page has not been updated to reflect that data. SB 1994 has gone down to defeat, and we can continue to help people who need our help.
The bill has been defeated for now, but it could still come back to life!
You may recall that we have a contract on a house that we’re calling Kerrville Folkways, because that’s the name of the street it’s on. Besides that, some of us have actually attended the Kerrville Folk Festival here in central Texas, and we like it.
We got a signed contract on this property back in November, but we still haven’t closed on it. In February, we shared that we were waiting on the IRS (the tax people, if you are not from the US) to pronounce what it was going to do about a lien on the property. We have been diligently checking in with the listing agent every week or so since. You know, the government takes its own sweet time, and the needs of people to have housing, or to sell their houses, well, those aren’t really important to whoever is working on these liens.
Finally there is some news! It’s not the greatest, but at least there is movement. The selling agent finally sent an email to Carol that explained what the IRS came up with. Hooray for them! It turns out that there is close to $4,000 more owed to the IRS than our current offer. And the owners for some governmental reason, are not allowed to contribute this money. It looked like we would have to do it, or the house would toddle off to foreclosure, where it would languish even longer.