Opinion ID: 77298
Heading Depth: 2
Heading Rank: 2

Heading: Giddens's Real Estate Development/Investment

Text: 12 While practicing dentistry and following the sale of his dental practice, Giddens also engaged for profit in real estate development and investment. Giddens and his wife owned two companies, Giddens Construction Co., Inc. and Oak Land & Development Inc., through which Giddens participated in the development of real estate. Through these companies, Giddens bought real estate and developed a subdivision. The record shows that forty-three residential lots were developed and sold by Giddens's companies, and indicates the address of each lot and when each lot was sold. Giddens also developed commercial property and was involved with residential rental properties. 13 Giddens's principal duties in his real estate business were entrepreneurial, financial, planning, coordinating, and other administrative duties. Although Giddens had a construction company and developed projects, he performed no physical labor on the job sites, but subcontracted out all the physical labor to independent subcontractors. Giddens was able to engage in the real estate business with his wife's assistance until 1998, when his health no longer permitted his doing so. 14 In an affidavit, Giddens described the functional requirements and tasks for the occupation of construction management and real estate development as follows: 15 entrepreneurial vision and energy; planning real estate projects; selection of house plans and materials; selection of contractors; supervision of construction superintendent(s); periodic inspection of contractors' work quality; financial management of development and construction projects; supervise compliance with building and other regulatory codes; project scheduling; pay bills; pay contractors; work with banks, government agencies, and financial consultants as needed; calculating the feasibility of projects, reviewing sites, and planning for contingencies; and coordination [of] dealings with realtors and agents.