All Forum Posts by: Blake C.

Joe Funari I’d love to have that referral as well. I’m in search of a good property manager. Last one I had didn’t follow thru on almost anything.

Greg S. Thanks Greg. That's definitely what I was trying to figure with opportunity value. I just don't have any guaranteed opportunities! This property was going to earn about 4-5% on my money. You're factoring 10%...just because those are the deals you're looking for?

Bryan Otteson My goal is to own 5 properties in the next 5 years. I'd especially love to get a couple of duplex/quads. Selling this would provide some great down payments. I have a management company I'm using. I'm not super worried about the headaches. You gotta put in some work no matter what you do, right??! I'm a little nervous the market is inflated in Dallas right now. That was a factor in selling/renting and then buying other rentals. But my plan is to buy low in a neighborhood and try to rehab some. That's been great on the first 3 houses I've bought and ultimately sold. I guess from a "goal" standpoint though there a ton of ways to go about it. This is still new and early for me. Any advice on what to think through?

Bart Hedgcock Ya I would for sure sell within the next 3 years anyway to avoid the gain. I started an LLC taxed as a partnership and actually asked a question in a previous post about if a sale to the partnership would count. Never got a clear answer. My accountant found rulings in the case of a corporation but never a partnership. So just trying to decide timing. The school we live in just switched to Montessori and bumped up to a 10 ranking so we thought if that caught on our value might jump in the next couple of years and we could sell higher. I've been told it's always better to sell too early though :)

Need some advice. I paid cash for a house in Dallas 5 years ago. We've lived in it as our primary residence. All in all I've got about $270k in the house. Im trying to decide whether to keep it or rent it. It rents for about $2900/month. We could probably sell at around $450k. I know the numbers don't work to ever buy this house with the purpose of renting it but I'm wondering if the low risk (no mortgage) and high cash flow makes it worth keeping. Maybe the value of the house keeps going up? It's in a good area. Or the other option is to sell and have a lot of cash on hand to find a couple of other properties to rent. But then I'm buying in this expensive market. Thoughts?

Need some advice. I paid cash for a house in Dallas 5 years ago. We've lived in it as our primary residence. All in all I've got about $270k in the house. Im trying to decide whether to keep it or rent it. It rents for about $2900/month. We could probably sell at around $450k. I know the numbers don't work to ever buy this house with the purpose of renting it but I'm wondering if the low risk (no mortgage) and high cash flow makes it worth keeping. Maybe the value of the house keeps going up? It's in a good area. Or the other option is to sell and have a lot of cash on hand to find a couple of other properties to rent. But then I'm buying in this expensive market. Thoughts?

Steven Hamilton II I don't owe anything on the house. No serious attachment it would just be a great rental and I already own it so seemed like a good deal. That's why we were wondering. Seemed like the case ruled it okay for an S Corp but we haven't been able to find any case that's shown it is okay or not okay for a partnership.

@Dave Toelkes Correct. But I want to keep this property if I can. 

@Steven Hamilton II 

I would rather use an LLC taxed as a partnership, if possible. That's why I started this thread. However, holding the property in an S Corp would not be a problem since it will be wholly owned by me and my wife, there is no mortgage, and there are no basis limitation issues.

@Brandon Hall 

In our search related to these particular cases we found PLR 8350084 related to a sale of a personal residence to a wholly owned S Corporation. However, I was unable to find any authorities that would prohibit such a sale to a related LLC taxed as a partnership.