All Forum Posts by: Amit Chawla

@Edward Adams thank you for your detailed response.  This will help a lot.

Hi, I was wondering if anyone had compiled a list or if there is one online where I can find which tax credits are available for a redevelopment project.  I know these vary based on state and the redevelopment needs, but anything would be helpful.  

I know there are Historical Tax Credits, LIHTC, NMTC to name a few.  There is also Tax Increment Financing, which allocates some of the tax revenue generated towards the project cost. 

If people can add to this so that we can compile a thorough list that would be extremely helpful.

Thank you

@Jackson Halverson your biggest benefit would be getting a BRRRR deal done. That will give you experience on the entire process as well as give other investors confidence that you know what you're doing.

sent you a DM

@Natalie Kolodij  thank you for the clarification.  Yes, everything I found online and on the IRS website basically said the same thing, it is non-qualified if I rented it first before making it my primary.  Thats why I was so confused as to why my CPA was saying it didnt qualify.  

I even sent her various articles saying the same thing.  So, I guess my options now are to meet with them and have them file according to what I want, or I file it on my own.

Simple fix, and I will be looking for a new CPA moving forward that can handle Real Estate as well as my personal.  I should not know more about specific tax codes than the hired professional.  

Purchased a primary residence in March 2017 and lived in it until Jan 2020, then rented it out until May 2022 and sold in June 2022.  We owned this residence for just over 5 years and lived in it for at least  out of the last 5 years.  I have not taken the exclusion before, so this would be my first time.

My CPA is saying that since it was rented for some of that 5 year portion, that ends up being non-qualified use and must be broken down in order to see how much of the capital gains is excluded.  CPA is saying that since it was rented roughly 48% of my total ownership that 48% of the gain is taxable.

Can someone please explain to me what is considered qualified use vs non-qualified?  When would each come into play?  The total gain on the house is below $250k so I don't seem to be going over any limits. 

Any tips or clarification would be helpful.

@Nathan Gesner  Thank you for the detailed post and information.  I will def. use this when interviewing new property managers.

Hello BP Community,

I have 4 small mobile home parks located in Jonesboro Arkansas and need to change my property management company ASAP!  Due to lack of response and very poor accounting, I am looking for someone who would be interested in taking over management of my assets.  

Rundown:

Purchased June 2022.  4 mobile home parks within 2-3 miles of each other.  

34 pads with 32 POH (2 vacant pads).

Rent should be anywhere from 500-600 per unit with tenants paying for their own utilities. 

A lot of deferred maintenance and capex have been re-invested

Everytime I speak with my manager, things seem to be moving in the right direction.  However, when I sent a crew to give me quotes on repairing the vacant units, I was informed there are now 17 vacant units.  When I purchased there were 0 vacant.  Granted, the previous owner had not raised rents in years, and many were way way under market.  I understand losing tenants due to increased rent, but 17 units vacant is more than 53% vacancy.  Looking for a property manager that will police the parks to make sure tenants are not making things worse and fines are implemented to deter any issues.

I will be repairing all 17 units as quickly as possible and getting tenants in with the help of my realtor, but would appreciate if someone had recommendations for a property/asset manager that can help with the following:

1. Maximize short and long-term property value

2. Maximize operating income

3. Minimize tenant turnover

Any help would be appreciated

It also depends on what you are trying to do to get started.  Are you ok with house hacking? If so, you might be able to get away with a smaller downpayment as it will be your primary residence.  This way you can get a tenant to help you pay down your loan and allow you to save additional cash.  You'll also most likely get some appreciation which will help you when you want to do property #2.

@Ryan Blackstone could you please share Joe Kinghorn's info with me as well?  I have some mobile home parks in Jonesboro that I am trying to get submeters installed.

Thank you!