All Forum Posts by: Brian Christensen

@Alan Walker, love to hear more as well. thanks, Brian

Thanks so much. I will go to the city first. Brian

Thanks Rebecca Belnap Very helpful. I'm in Springville and there are 3 "duplexes" along our street. Definitely feel like it is an option. Do you know the process for submitting to the city? Do I need to draw up plans beforehand, especially if I want to add an apt to the garage? If we don't renovate we will sell and build. I guess if it is in the plans the builder should be able to help us there.

We are about to sell our second rental and I am interested in having a primary home with a basement apartment and having a detached garage with another apartment over it. Not sure what questions I need to ask a local builder, but this is the idea. Any thoughts? My second alternative is that we live in a 4400 sq ft home. I can convert the basement (if I can get zoning changed) and add on to the garage. Big ideas but we are in a position to move on it.

I've listened to Bruce's podcast and have enjoyed his insights, but I am wondering if his economic forecast article is worth the $495? Has anyone bought it and do you feel it was helpful? Did it change your investing strategies? Selling two rentals, just wondering what my next move is with market conditions.

Thanks, Brian

I heard an economist on a podcast years ago describe how the baby boomers made and broke businesses by the large demographic of people and their buying prowess. Right now it is assisted living right? I am interested in this topic in relation to the millennial generation. Anyone know of a good resource for a talk on economy focused on the millennial generation?

Wow, I am so glad I know about BP. You guys are great and I am very grateful for your advice. I will definitely not transfer title, but sell under the LLC. I will buy Tums/Tylenol, because I'll need it when I rearrange my entities with a new lawyer and I will get the aforementioned letter. I may still do the 1031 with the LLC, however I have a few options to cogitate on. I will post when I have explored my options more thoroughly. Thank you again, Brian

Hello,

I was referred to a lawyer who had me set up my entities with evident complexity for liability protection, but now my taxes are quite complicated. I hope to remedy the situation however I need a solid opinion on how I should proceed. Unfortunately my CPA is bogged down with tax season.

Problem: I might have a signed REPC contract to sell my rental in the next 2 weeks and I want to do a 1031 exchange.

My LLC is on title via quick claim deed recorded to the county. My wife and obtained a seller financed loan carried by the buyer (parents). I want to transfer title back to me/wife to get conventional bank financing and use a 1031 exchange (I have someone who I can use).

Confusion:

LLC structure: I own 10% and my LP owns 90%.

LP structure: Wife owns 87%, I own 10% and 3 kids own 1% each.

I know now the setup is cluttered with issues and I need to get the LP out of the LLC, but I want to move now on selling the rental.

Questions:

1) Can I just quitclaim deed title from LLC (Me+LP) to Me+wife and proceed with 1031 exchange? What are the implications of transferring title back to us or does this just pass through to personal taxes?

2) If I buy two more rentals within the 1031 tax window, should I change the LLC structure now or at the end of the year (recommended by a CPA assistant). Is changing the LLC structure a tax mess given the setup?

My plan is to fix the LLC structure to be 50/50 ownership with spouse.

Thanks beforehand for any expert opinions, Brian

Right. In our market houses are under contract typically in 2 days and are selling for more than the asking price...too hot. I may buy 2 rentals through turnkey in Memphis or in Indianapolis. Thanks for your comments, 

Brian

Hi @JD Martin

I will sell likely at a peak in our market to my renters. Everything is going within 2 day for full price. The home has appreciated 50K and it keeps having water repair issues. My plan is to buy 2 newer homes with the turnkey I've use before. I can sell this home for more by avoiding the realtor fees. If I give him ~3% back, then he is incentivized and I sell at market value with no cleaning...big bonus. Decent tenant. Thanks, Brian