greasy125 wrote:
I don't disagree one bit. but man... for the people going into it, if they've not been down that road before? boy howdy are they in for a surprise!
It has been my hobby for several years to be a mechanic but chasing the dollars there is more money in construction both as an employee and as a business owner I think. Many of the skills transfer over.
I was advised very young to learn multiple crafts by a wise old craftsman. He was a good guy but had a bad drinking habit, drank to excess but was not a mean drunk and a functioning alcoholic and he had no problem making a living as a small contractor. I think this is the draw for some small businesses, not much oversight.
When I finally got my contractors license I set about to fulfill a lifelong dream of building my own house and I did just that with my first project as a contractor. In the early 2000's you could make more money buying a house and remodeling the kitchen and then selling the house than you could just contracting to remodel the kitchen and then you didn't have the fussy old lady that owned the house bothering you while you were working.
Not only that but I realized another lifelong dream of not paying any income taxes. The way the tax laws work you can sell your principle residence for two of the last five years with no capital gains for up to $500,000 for a married couple and $250,000 for a single. You can do this every two years/49 months the tax applies to whatever tax year it falls in.
So the recipe is you buy the house and move the fifth wheel in and completely gut and remodel/rebuild the house. When it has been your principle residence for just over two years you can then sell it and for me happily married after I declare all of the costs with receipts unless I make more than $500,000 in profits there is zero income tax.
I found myself on an island just off the coast of North Carolina and I was working at home. My kids went to the beach every day! Then came the housing crisis of 2008 and fortunately for me I was not overextended and had heavy industrial/welding skills because that was the only construction job available in 08-09. We didn't lose everything and kept food on the table and the family together but it was a hit for sure.
The lessons for me were thankfully I took the advice of the wise old drunk and in a feast or famine construction career I was able to stay gainfully employed by being multi skilled.
And you have to remember you are a businessman with a hammer not a craftsperson with a business. My problem was being too fussy and making it too nice especially on things you couldn't see behind the drywall/siding. The opposite of a flipper I want everything I touch to last 1000 years, I had to rein myself in a little.
Shoddy work bothered me my whole career but early on it was obvious the boss just wanted you to hurry up and didn't care if it was not quite right, when I finally became my own boss then nobody could tell me I couldn't spend any more time on it but it did affect the bottom line a little bit and if you are a perfectionist you have to temper it a little bit.