All Forum Posts by: David Smith

DAVE, WELL SAID!!

Since new LLC is hard to get loans, we will have to buy in our names.

If we sell and buy in our names, when can we get both individuals into a new LLC? After one year ? Such change will be OK for 1031 ?

LLC =2 members as parternership for tax purpose?

My wife and I own a property. We plan to do 1031. My plan: we form an LLC. We sell the property to the LLC. Then LLC do the whole 1031 -- sell and buy another property, so that we can use llc to protect the replacement property.
Is it allowed from IRS rules? Thanks.

anyone comment on the potential and current prices for multifamilies in Bramhall, Stevens, Danforth Ave area?

anyone comment on the potential and current prices for multifamilies in Bramhall, Stevens, Danforth Ave area?

Also why Bergen County has WAY less development projects going on than in Hudson County?    Bergen county is stagnant.

From listings, it seems  properties now in Union city/Weehawken are increasing faster than those in Jersey City areas.  How do you feel?

For JC, anyone comment on the potential and current prices for multifamilies in Bramhall, Stevens, Danforth Ave area?

Union City is good for the reason you mentioned. Huge potential, but the UC government is conservative for development projects, unlike JC.  Rent control is bad for landlords, but it exists in NJ and you need to deal with it.  If the total income works, rent control is no problem. 

Actually, I plan to sell a 4 family in Union city with a good income and low expenses.  

Will then buy a bigger one in Jersey city or Bergen County. 

management company will do a good job?  With 10% pay?   with management company there for you, you can really go travel without worrying?   Will they take care of finding tenents, repairs, eviction, rent collection?   What is your experience?

How about starting your own management company?   What qualifications needed for such a company?

I plan to sell a 4 family in Hudson county, and 1031 to another investment multifamily/commercial mix use in Bergen/Hudson County or around.  And the property to buy will depend on how much I can sell the 4 family.  Surely the sale price will be higher than that i paid for. 

1)  Any broker you can recommend for such a deal?  Someone who knows the 1031 timing, legal and tax and financing concerns, and finding a deal to buy.  I had RE license before.  Shall i find a commercial broker instead of residential broker?

2) The 4 family is not in LLC name. Shall i change it to LLC before I sell, so as to better facilitate the 1031 and for the buying deal?

Thanks.