All Forum Posts by: Ivan Shao

@Philip Ma

Hello Philip ! Do you have any recommended CPA in bay area whom familiar with apply gain to become Qualified Opportunity Fund for next year Opportunity Zone investment?

Thanks

Originally posted by @Stefan Tsvetkov:

@Mia Shlomit Does the intended condo conversion aim to eliminate rent control for the building or another purpose? If the former, note per Union City Rent Stabilization ordinance (https://ecode360.com/15397000 is a slightly outdated version), "the terms of this chapter apply to individual dwelling units within a building, including condominium or cooperative units in the process of being converted, or having been converted". I do not believe converting to condos would decontrol the building.

I own a 4-unit multifamily in Union City and am considering condo converting it at some point in the future, though I do not think rent decontrol would be among the potential benefits of the conversion. Best call the town's rent control office and make a general inquiry to confirm. 

@Stefan Tsvetkov If condo conversation can't decontrol the rent control building, what other purpose or benefits to convert?  I went into the same thought today as I also have a four families at Union City then I found this post.

Good morning BP nation! I am looking to replace a smart thermostat on a 4 families building; currently, a 250,000 BTU furnace supply heat to entire building radiators. I would like to look a smart device in order achieve below golas. 1. Able to schedule heat distribution 2. Able to view and adjust temp on smart phone 3. Would be to provide track record showing temperature past 3-6 months Thank you in advance!

Thomas S. Thanks Thomas! We are reading the local regulations, tenant law and Rent Control ordinance. Hopefully, we can find a legal way to get them out or level the market rent.

Good morning BP nation!

I recently acquired a 4 families property in Union City NJ.  According to the town,. There is no rent roll registered yet.  We inherited all tenants . 2 of them are M2M tenants and paying about 250-300/ mo per unit below market rate.

Q1.  Since 4 families or above is rent controlled in Union City NJ,  can I still raise the rent closer to market level.  

Q2. Since their lease expired 5 & 9 years ago(2 separate unit), can I file application with UC township to catch up previous rent increase ( average 2%-3% CPI Consumer Price Index increase)?

Q3.  We handed them Notice to Quit and gave 60 days ample time for them to move out.  One of the tenant insist they have legal right stay there as M2M tenant ( still enjoy paying $300/mo below market rate) because it is legal 4 families and landlord can't ask them move out even owner occupied or landlord family move in as reason to ask them move out.

Please BP nation help us on the situation to deal with the problematic tenant.  Also we are look for Landlord & Tenant attorney whom practice and familiar Hudson County.

Thank you very much in advance!

@Patrice Penda Thanks !

Hello BP nation! I am approaching at multi families deal. I am trying to finding a hml in north jersey local or out state whom can help me landing $600k combine my own capital. I am the first time using hml ; please give me advice and pm me if you would interest discussing detail about the money lending. Thank you!

Thanks for your all above info!

Hello BP nation ! If we would receive K1 income from own business, would it be considered passive income? If so , can we use the suspended real estate passive loss (Suppose tax return over 150k) to deduct K1 income ? I would like to learn how to release the suspended passive loss from REI to use it as reduction (besides become real estate professional). Thank you!

Frank Chin appreciated your shared story. I would like to get connect with you. Wonder if you use WeChat? I was directed to Zoning Department by town. And consulting with a local attorney specialized in zoning. I am waiting for his finding.