The Wild and Whacky Scrapping Adventures of MattyNoNeck - Page 5

Originally Posted by mthomasdev

Matty,

If you do this, get some purchase order or invoice slips that you fill out and have him sign. Consider getting a business checking account so that yo ucan give him his share in a check. By doing this, you will have everything documented at tax time. IRS can't say "well you sold $XXX at Weitsmans, where is your proof that you bought this or had a business arangment with Joe Shmoe."

Already got the invoices. As for a checking account, it may have to be a "business" account in the sense that it just happens to be separate from my normal one. If I remember correct, one needs an EIN to set up business bank accounts, or am I wrong there?

Check into "Doing business as" or DBA with your tax person. I'm not REALLY clear on the particulars; But as far as I know, DBA gives you a tad more protection/isolation at tax time, etc.

I'll look into the DBA stuff. Thanks guys.

Quick update:

Scored a job while out garage saleing yesterday with my GF/business associate. Guy was basically just selling a few odds and ends and we got into talking about scrapping. Turns out he was a scrapper way back when! And because we had t-shirts, truck signs and business cards, he said we looked like the "real deal" and basically gave us free reign of all the accumulated scrap he had. Was supposed to only be a lawn tractor and some other odds and ends but we ended up needing both trucks! Now THAT'S a good day!



Couple of big A/Cs, the lawn tractor, some brass, a few copper pipes, aluminum, a hood from a GMC Yukon (HEAVY!). A really great mixed bag! Talking to him was great. We chatted about scrapping back in the day, how things of changed, strategies on maximizing yield, etc.

That job last week ended up with another call back. The previous owners had just dumped all kinds of stuff into the woods. Well, my partner (more on that in a sec) and I had free reign. Here's what we came up with





Good haul and even though the first pic doesn't show it well, we did indeed need both trucks even AFTER we took all the tires/rims to the yard. There's still some stuff left that was hard to get to so we'll tackle that another day.

As for the partnership thing, this is not the guy I referred to in other posts. Me, my GF and her brother (great guy) have decided to make this into a legitimate business venture and came up with solid figures on the division of profits and things like that. It's already going very well, things are getting organized, more scrap is being hauled and there's finally some cash in hand! It's just getting better and better. This feels like the right decision and everyone is working towrd the betterment of the business instead of themselves.

Originally Posted by mthomasdev

good thing the port takes tires with rims. guessing you had over 800 pounds of them.

860 I wanna say. I could check the ticket but I'm too lazy right now.

And that's the only reason I take them...otherwise I'd be charging

Well, that trailer job I mentioned in another thread got done this past week. I would have posted sooner but I had to skip town and go a friend's wedding in Maine. I will have pictures soon as soon as I am able to amass them all together. But I wanted to say thanks to everyone from here that chimed in with advice and experience. We ended up snagging a sawzall and that started to do the job but was going very slowly (especially after I cut through the cord to the angle grinder...oops!) and we were going through blades like CRAZY. The sawzall itself ended up breaking so that put the brakes on the job real fast. We re-evaluated the situation and decided renting a gas-powered demo saw would be the next thing to do. Worked AMAZING. After it was all cut up, it was a matter of cleaning up the steel and aluminum and hauling off to the yard. The two ends of the trailer were the worst and very, very heavy. If you do a job like this, you will need at least three people to get those ends (solid steel) and into a truck.

So after all was said and done, the home-owner actually decided to pay us MORE than we quoted her (so basically we got a sizeable tip) and we got a decent amount for the metal. For our first "big" job, I'd say it was a success. We gained knowledge, got some cash and made good contacts. We were also able to exchange the sawzall for another one so now, we have a good tool for thin steel and wood down the road.

As for removal of the wood decking, well we needed some for our fire pit anyway

Again, pics coming soon!

Nothing like a 12k winch from Harbor Freight for $300 or a good come a long set up to help move the heavy chit.

Big day for Matty the Metal Mover!

First eWaste shipment is packed, dropped off, and on its way to eWasted. Really excited to see what it brings in and how my sorting skills are. And already got some more computers to break down. Here comes the eWaste train…CHOOOOOO CHOOOOOOOOOOOOOOOOOOOOO

I just checked with a co-worker who used to work in auto insurance claims on that very issue. That kind of issue would be covered under liability insurance, which everyone is required to carry in New York State. I have full liability, comp and collision on both trucks anyway so I’m covered as best I can be. I’m also pretty anal about tying down my loads and I usually add one more strap that I think I need and then another one after that. While I may be covered legally and financially, I really don’t want to ruin someone else’s day. I’m just not that guy.

As far as the ice fishing deal…I hate the cold (why do I live in upstate NY again?) and sitting outside in sub-zero weather to catch a tiny-ass fish is not my idea of a good time! Put me in front of the fireplace with my TV and the Xbox and I am one happy winter hermit.

And as for things cooling down since June, yes and no. The business is growing but since I haven't had time/need to go curb shopping as much, I haven't had very many "scores." It's been mostly calls for pickups and junk removal jobs. Just last night I did a quick job grabbing two dryers and a washer, but it was nothing that would set the world on fire and it's nothing we all haven't seen before. Made a good contact with an independent realtor who may need our services in the future so that's always a good deal. I'm still waiting on pics from the trailer job and I have personally been devoting a lot of time to the eWaste side of things. So the posts may have dried up a little bit but we are still VERY busy. Good problems to have.