All Forum Posts by: Altaf Essani

I am interested to rent out my house for Assisted Living rental.

What are pros and cons of this business?

What is the best course for Residential Assisted Living businesses?

Hi Everyone, 

I am a newbie starting out on my real estate adventure. I invested in a fix and flip project last year which will be sold in second week of April. I want to protect the profit from Taxes so I can use it in my next project. Any ideas on how I can do that ?

Also, does anyone know I good Tax Adviser in the Linden, NJ or Union County Area ? I would like to consult one to help me plan my future investments. 

Any recommendations would be appreciated.

Thanks, 

Altaf

Hi Alec, 

I am just one of the investors in this investment project. The project was actually done by someone else, we just invested money for the cost of the project. The duration of the project was 9 months. 

Would this still not qualify for the 1031 Exchange as we paid for the cost of the investment property ?

Hi Everyone, 

I want to do a 1031 Exchange for a recent investment. I invested $50 K in a fix and flip last year, and it is about to sell in a couple of weeks, with a profit of $10K -$15k. I want to rollover the principal and profit into another fix and flip starting in another month. This is my first time doing 1031 Exchange and I am not sure of exactly how to set it up. I read that you need a Qualified Intermediary for this transaction. Does anyone have a recommendation for a good QI in the Linden/ Union County Area that charges reasonable rates ? Also do I need to use a QI for this to be a 1031 Exchange?  Can my Accountant,  RE Agent or Lawyer do the necessary paperwork ?

This is my first time and I am not sure how exactly it needs to be done, and if it would be worth it to do it vs paying the taxes. Any advice on this would be greatly appreciated. 

Thanks, 

Altaf

Thank you all for your input. I am not too sure about the different areas in Elizabeth and will have to look into that. They have not told me the exact address yet, but they say it is on East Jersey Street, Elizabeth. Anyone know if this is in a good area ?

Hi Everyone,

I am looking to buy my first rental property. I have come upon an opportunity to buy a Multifamily rental property in Elizabeth, NJ. The seller says that Elizabeth is a great place to invest because it has the most train riders in the area and is a growing area. The property already has tenants, one section 8 and the other cash paying. This property also comes with a 2 year home owners warranty from American Home Shield to cover any repairs.

This looks like a good opportunity but I am kind of hesitant. Is Elizabeth a good place to invest ? Not really sure if it is a safe area and whether I will be able to manage the tenants.

Any advice or experience in this area would be appreciated as this is my first time and I am not sure of what exactly I should be looking for ?

Thanks

Hi Everyone,

I am looking to buy my first rental property. I have come upon an opportunity to buy a Multifamily rental property in Elizabeth, NJ. The seller says that Elizabeth is a great place to invest because it has the most train riders in the area and is a growing area. The property already has tenants, one section 8 and the other cash paying. This property also comes with a 2 year home owners warranty from American Home Shield to cover any repairs.

This looks like a good opportunity but I am kind of hesitant. Is Elizabeth a good place to invest ? Not really sure if it is a safe area and whether I will be able to manage the tenants.

Any advice or experience in this area would be appreciated as this is my first time and I am not sure of what exactly I should be looking for ?

Thanks

Hi Everyone, 

I am looking to buy my first rental property. I have come upon an opportunity to buy a Multifamily rental property in Elizabeth, NJ. The seller says that Elizabeth is a great place to invest because it has the most train riders in the area and is a growing area. The property already has tenants, one section 8 and the other cash paying. This property also comes with a 2 year home owners warranty from American Home Shield to cover any repairs. 

This looks like a good opportunity but I am kind of hesitant. Is Elizabeth a good  place to invest ? Not really sure if it is a safe area and whether I will be able to manage the tenants. 

Any advice or experience in this area would be appreciated as this is my first time and I am not sure of what exactly I should be looking for ?

Thanks