All Forum Posts by: Galen Miller

I'm under contract to purchase an apartment building in Ohio. I have the option to purchase the real estate or to form an LLC, transfer the property into it and purchase the newly formed LLC that owns the real estate. The primary motivations for purchasing an LLC that owns the real estate is to avoid the potential of a significant property tax increase and to eliminate conveyance fees. My question is whether this will this cause issues with setting up the purchase price as the cost basis and depreciating the property accordingly? I've seen some stuff online that suggests I might assume the previous owners depreciation schedule (which would be bad because they've owned it a long time). I also came across a 754 election which is one process for adjusting the cost basis to the purchase price. Any advice on this issue is greatly appreciated! Thanks!

My company seeks a highly motivated individual to perform a variety of real estate tasks including property management, construction project management, contractor/vendor relations, and material acquisition. This person will be located in Wayne or Stark county Ohio or at a minimum an adjacent county.

The candidate will list vacant rentals, correspond with potential applicants, schedule and attend showings. This person will receive R&M requests and coordinate repair. This position will manage flip projects by meeting contractors, getting bids, researching and acquiring materials, etc. This position is approximately 5-10 hours per week. Pay is commensurate with experience and abilities but anticipating $25-$30 per hour.

Ideal candidate will have a passion for real estate and have started or be interested in developing their own real estate portfolio. Must be organized, disciplined, enjoy working with others and good judge of character.

My company owns and manages 40 rental units and flips 2-4 houses per year while looking to diversify into short term rentals and new markets. If interested please reply to this post or e-mail me at [email protected]

Any recommendations for a real estate accountant and tax advisor in Ohio? Thanks!