All Forum Posts by: Account Closed

@Lucia Rushton For myself

@Ashish AcharyaThank you for replying! I forgot to include that we are planning on doing a 1031 exchange, so that's the step-up in basis I am wondering about.

Currently invested in Houston and looking to connect with multifamily brokers in DFW area. Looking at properties with around 100 units. Thanks!

I see some posts suggesting Corporate Direct (Garrett Sutton) but their services seem to be more about the initial setup of entities. I am looking for more one on one advice on existing entities and estate planning for legacy. Thanks!

Right now I do not have any ownership in my mom's LLC (she is a multi-family investor in the US) but I will be joining her real estate business in the future. I currently own and run a separate c corp which I will exit. From my understanding, the minute I join her LLC as an owner, I would lose the step-up in basis that I would get when she dies. Is that correct, or would it be that Ilose the step up in basis on the % of my ownership and retain the step up in basis on her %? One way around this is to have her hire me as a W-2 so that she remains the only owner, but I am trying to avoid earned income. Are there other creatives strategies to organize this succession plan for legacy? I am planning to work with a tax attorney and estate planner on this, but just curious to hear thoughts from others with experience in family businesses. Thanks.

I don't know about the specifics for the Santa Barbara coastal zone, but I just met with an architect last week about building an ADU on my property in Ventura County. Apparently, the ADU process has been made easier, faster, and cheaper due to the housing crisis in CA. So that's good news, especially because I'm in a city that tends to be very strict (like SB, I imagine). I am considering a pre-fab tiny home as that speeds the process up even more and there's a lot of demand for that type of rental in my area.

Some of the ADU changes here: http://www.modative.com/adu-blog/the-12-most-critical-2020-adu-rule-changes-for-california#:~:text=Starting%20in%202020%20you%20can,are%20also%20granted%20automatic%20approval.