All Forum Posts by: Robert Hughes

Thank you @Robert Gilstrap and @Rick H., I really appreciate your advice on this.  Setting up a trust is what we will look into.  

@Rick H.Just wanted to confirm, is the book you suggested "Personal Property Trusts" by Mark Warda?  

As for the tax benefits of the trust, if they "sell" the property to a trust at their cost, will my father and my uncles or the trust beneficiaries be required to pay taxes this year?  

My dad and his two brothers own a 2 family rental property in Rego Park Queens, (it is legally only in my uncle's name). They all now want to transfer ownership of this home to me and my cousins (there are 5 of us). They paid very little for it from my grandparents, it has been paid off and is fully depreciated for a long time.

What is the best way to structure the ownership transfer to minimize taxes?  My cousins are considering selling their shares.  We would like to have any buy outs and taxes that will be due from my father and uncles to be paid by the equity in the home, if possible.  I'm thinking we would setup an LLC for the rental going forward.   If anyone knows a good real estate lawyer to help set something like this up I would greatly appreciate it.   We will also be looking for a good property management company if anyone has any suggestions.   Thank you for your time.  

Great! Thank you very much for the help Jon!

Originally posted by jaschoenly:

Where I live you can pay $1.50 at the courthouse and get the leads each week or month however often you want to do it, but it still takes me time.

I am new to real estate investing and I was wondering if you could tell me who I would have to speak to in the courthouse and what to ask for when I go? Thanks.

Does anyone know why places charge for foreclosure listings? Is there a place to get a free foreclosure listing for Westchester County NY?