All Forum Posts by: Cedric Van Duyn

Thank you for the helpful comments and clarifications. The SFH is owned by my father-in-law. He and his family lived in it for many years. He bought a new house around 1995 and allowed one of his sons to live in it for several years, paying only to cover the mortgage.

Subsequent to his son purchasing his own home approximately 2 years ago, the house has been mostly empty except for a few months when a family friend stayed in it and only paid to barely cover utilities. The house is occasionally used for church Bible Study Meetings (the son leads a church in the area).

The house has been "in limbo" for a while and my father-in-law is trying to figure out if he needs to do a 1031 Exchange in order to reinvest the money in a rental investment strategy.

The house is paid off and is worth over $500,000 and it is located in West Covina, CA

Hey BP Community, We have a home that has been in the family and has not been declared as a rental for tax purposes due to various family members and friends living in it. It has come time to sell, and the question is whether or not we need a 1031 Exchange in order to avoid Capital Gains Tax? Thank you so much for any help!! Cedric

Hey BP Community, We have a home that has been in the family and has not been declared as a rental for tax purposes due to various family members and friends living in it. It has come time to sell, and the question is whether or not we need a 1031 Exchange in order to avoid Capital Gains Tax? Thank you so much for any help!! Cedric

Thank you for the recommendations!!

Hi BP Landlords, I have a military tenant and he just called to say that his February rent will be paid “as soon as the Government Shut Down is over.” What is the best way to handle this situation, especially as there is no way to know how long the shut down will last and it could be months? Thank you for any advice!

Hi BP Community,

I am looking for a reasonable and reliable General Contractor to help with a light remodel in one of my units. (My normal GC is not available during the window I need the work done.)

I am also looking for a reasonable Roofing Contractor to help with a fix and a possible future replacement.

Thank you so much for any help!!

Cedric

I suspect drug activity in one of my apartments and would like to know if it is possible to run a drug / chemical test to expose the situation. Is there an inspector or state department that could go into the apartments and run a test of sorts?

Thank you for any information! Cedric

Dear Savvy Investors,

I recently purchased an investment property and due to circumstance did not have my LLC set up in time to put the property in the LLC name. Thus, the property is currently in my personal name (and my wife).

Now that I have my LLC set up, I would like to change the ownership of the property from my personal name into the LLC. I have read about doing a "Quit Claim Deed," and was wondering if anyone could give me any advice on this? I have spoken with my Insurance agent and apparently it is easy to change the insurance immediately after the QCD.

I do wonder about the bank where I have my loan. Since my name is on the loan, how does this work once I have submitted a Quit Claim Deed?

Any other options or advice?

Thank you so much!!

Cedric

Me too!! I need several panels replaced in my apartments...

Hey Zach, did you by any chance manage to get a functional self–storage lease? I just bought a 6–plex and these have separate storage units, which I would like to lease out separately from the apartments. Thank you in advance if you don't mind sharing!