All Forum Posts by: Erin Madden

I’m starting this thread in response to the recent bankruptcy filing of Peer Street. Several Peer Street investors seem to be on bigger pockets, so I wanted to get us all on one thread, if possible to share resources and information, make sure we comply with deadlines in the BK process, etc. 

One date we should all be aware of currently is the creditor call scheduled for August 2. I plan to be on that call and would be happy to provide a summary here.

Hello all! I own four rental units in Portland, OR (one duplex and one SFH with ADU). The SFH is currently my primary residence, and I manage all my own rentals. However, I am preparing to leave the country for an extended period of time and looking for property management while I am away. If you have recommendations for small to mid-size property management companies that you have worked with and LOVED as an investor, please send my their name. My only experience with property manager in the past was very negative, so I'm quite nervous about my options here. Feel free to reply here or send me a PM. Thanks!

I use Huffman Tax and Accounting on SE 11th in Portland. I have been very happy with her work on my rental returns for the last five years.

So helpful! Thanks @Dave Foster. Your response spurred a couple of additional questions. The ADU is a separate unit and is treated separately on our tax returns. So it sounds like we can 1031 that portion of the sale for tax deferral. Is there any published guidance on how to determine the amount of gain on that portion (e.g. square footage of that portion as percentage of total house)?

Also, it sounds like we will be stuck with capital gains on a portion of the primary residence gain as that portion does not qualify for a 1031 exchange because we currently live in it (and was a rental for half the time we've owned it). Is that correct?

Thanks again!

I have what I think is a fairly unique situation, but I'm hoping someone on the list may have experience with similar...I live in a house that I purchased in 2010. From 2010-2016, it was a rental property. It became my primary residence in 2016. In 2018, we put an Accessory Dwelling Unit in the basement that has been rented long term since January 2019. 

We are considering selling the property and trying to figure out whether a 1031 exchange is needed and if so, possible given that it is currently our primary residence (but also partially an investment property thanks to the ADU).

Regarding the fact that it was a rental for the first 6 years we owned it (and we have owned it about 12 years), I believe that about half the gain from the sale will be subject to capital gains tax. (I understand there will be depreciation recapture tax also). But what effect does the ADU (rented since 2019 while the house has been our primary residence) have on this calculation? And if we need to do a partial 1031 exchange to defer the capital gains taxes on the non-excludable portion of gain, can we do that since it is currently our primary residence? Are we limited in some way to in the amount we can exchange based on some proration of square footage (or otherwise) for the ADU vs the primary home?

I have tee'd up the basic question with my accountant, but given that she's in the middle of tax season craziness and we are considering options right now, I thought I'd post here to see if anyone might have some insight they can share. Thanks in advance for any help you can provide!

My LLC (two-member, my spouse and I) invested in DST through a 1031 exchange in 2018. We have sold the other property held by the LLC and want to wind down the LLC. Looking for Oregon attorney for consult on whether I can transfer the DST into our personal names and if so, how to do that. Any recommendations?

I own a duplex in the SODO neighborhood of Orlando, FL. I'm looking to change property managers and would love a recommendation from those who have had good experience with a manager in the area. We need someone with attention to detail and good follow through. Thanks for any leads you can provide!