All Forum Posts by: Davit Gharibyan

Quote from @Nathan Gesner:

If each unit has a street number, I don't name the property. If each unit has a unit or apartment number, I name the property.

How does naming work? If I name, would I need to file a DBA? I see in some communities tenants pay rents by making a check payable to "ABC Apartments"; I always wondered how does that work on the management side. If the management has an account where rents go for several communities and the account is under "XYZ LLC", how does this work? Will the bank add names of apartments to the account?...

I appreciate the response.

Quote from @Johnny Ligon:

@Davit Gharibyanive never heard of such a credit. Which type of real estate do you work in? Senior housing?

 Just a regular apartment building. One of the tenants is helping with taking care of the grounds, cleaning inside the building. I give him $xxx credit towards rent.

Quote from @Simon W.:

Quote from @Will Fraser:

Quote from @Simon W.:

@Will Fraser

My favorite PM system is Yardi Voyager 7S.

I use AppFolio, Quickbooks, and Buildium.

Quickbooks is just not good for PM. 

 Right on!  

What do you enjoy about Yardi Voyager 7S?

Well I am a CFO/Controller so I focus more on the Accounting side of the platform and till this day I haven't found any other better accounting software that is better. If Yardi comes up with just an accounting platform using the 7s module, I would use it as my primary accounting software.

Customizing the account trees is something I miss when it comes to financial reporting. 

 I like it too. Once you figure it out it makes sense.

@Johnny Ligon thanks for the reply. I have spent a good amount of time and configured it. The only thing I have left to figure out the Caretaker Credit. Currently I just charge a "-" rent in the amount of the credit. Is there a better way to do it?

I have the Breeze. I have reached out to them, all they told me is to change the GL account numbers. I have done it but it's not producing the reports the way I want... I am not sure if it's Yardi limitation or I am doing something wrong. 

Hi, can someone point me to a person/company who can help me with setting up Yardi Breeze GL accounts the proper way. I have tweaked the accounts, but the issue I am having is I want the NOI to be calculated before Mortgage Payment, I want to separate the Reserve Account contribution as well, lastly I want the CapEx be calculated after NOI. When I tweak the GL accounts this way, it throws all the calculations and I end up with goofy stuff.

Anyway, I really appreciate your help.

Here's the response i've gotten from QI: 

The IRS has issued a Letter Ruling stating an individual can set up a disregarded sole member LLC to own the Replacement Property. The IRS has not specifically stated that a sole member disregarded LLC can sent up a new sole member disregarded LLC to own the Replacement Property. Most tax advisors have said this will work. However, you should consult with your tax advisor to see if they believe this will work in your case.

Let's say the selling LLC have 500k in 1031 exchange and I bring 100k personally. Can I and the selling LLC form a new LLC together that will own the replacement property? I know I am complicating stuff. I am looking into future, as eventually I'll form an investing company with different fund (LLCs) under it. That's why I don't want to continue buying properties into the original selling LLC.

Dave, I appreciate your response. Very helpful stuff. 

Great info Dave, the taxes for LLC A have been filed under my personal taxes. Based on your response it means, it's a disregarded entity. The QI told me that it has to be under the same LLC and I cannot amend the name for 1year and 1 day.

So if I go ahead and form an LLC B and the QI disagree with it, could that jeopardize the exchange?

Hello, 

Today I closed on the sale of my apartment building. It was held in LLC "A". The funds will be held by 1031 Exchange intermediary.

Do I have to buy the new property under same LLC "A" or can I form a new LLC "B" to hold the new purchase.

LLC "A" is a single member LLC.

I appreciate the response.