All Forum Posts by: Christopher Guerriero

I own three houses in Ewing, NJ. The property taxes are high like all of New Jersey, but what confuses me is the lack of a standard property tax rate. The three tax assessments, taxes, and effective rates on my houses are as follow, ($170,600, $7,040.91, 4.127%), ($140,200, $6,665.88, 4.755%), and ($171,000, $6,021.48, 3.521%). All three houses are in the same tax class, same neighborhood and all around similar. Picking any house at random in the town and you will get a different tax rate in relation to its tax assessment. Is there any explanation that anybody would know of? I never gave it much thought until recently and would like to have a better understanding of the situation.

I own 3 rental houses in New Jersey that were purchased through personal mortgages in my name. My accountant has directed me to form an LLC for each house so she could write off the losses and carry over the loss to my personal tax return, which apparently is not possible without an LLC over multiple years. My first question is whether or not simply forming an LLC is enough to write off the house through said LLC. I would be 100% owner of the LLC but seeing as the property is still not in the LLC's name, I am not certain that I am entitled to claiming the house as an instrument of the business, also any protections from the LLC dealing with seperation of the properties seems to be void in this case. Please let me know if anybody has any experience with this. Thanks

3 Bedroom 2 Bathroom house on a giant 8,821 sq foot lot! 

House does not require flood insurance. 

House has a current Certificate of Occupancy

Rent estimate is $2,200/mo (Rented for 20+ years in as is condition)

Conveniently located to mass transportation

8.5' Ceilings on first floor, 8' ceilings on second. 

Walk up attic, unfinished basement

Low Taxes, only $5,908!

Flipping financials

Estimated ARV: $410,000

Asking Price:$290,000

Estimated Repair: 60,000

Call Chris Today! (201)-952-8241