All Forum Posts by: Jason Bajaj

@Michael Helfant thanks, dropped you a PM.

Hello! I'm an out of state investor with a 3br rental property in Rockwood, MI. I was working with an agent (who is also a PM) for the last several years but had to part ways with her due to several reasons (unresponsive, lack of transparency, etc). I'm looking for a local expert that can help me evaluate the state of the property and either get it set up to sell or rent. I'd of course be open to some sort of an agreement so the individual is compensated for their time (if agent, they get to list. If PM, manage + some fee).

I'd love to hear some recommendations ASAP please - unfortunately due to the nature of my work I cannot visit for the next little bit so would like someone local to help me get things sorted so I'm not letting the property just sit there vacant.

Thanks!

@Michael Skoczylas good question - as far as the deed on the house is concerned, the Americans are not on it in any way. The deed only has the names of the two Canadians as joint tenants.

We do have a LLC with 4 members and split up all the income/expenses there (25% even split of everything amongst the 4 of us).

Thanks @Dave Foster!! Should have clarified what I meant by partners - the two Canadians on the deed are JTWROS. For the 1031 exchange, is the idea that they'll both end up being joint tenants on the new property as well?

This is super helpful by the way, thanks for your detailed response! 

We have an interesting (complicated?) partnership structure so wanted to get some opinions from the biggerpockets experts!

Partnership structure: 4 partners - 2 American, 2 Canadian
Property: SFR in Michigan, bought and rehabbed last year, currently rented out, deed has the names of the 2 Canadian partners
Goal: cash out refinance current property, buy/rehab/rent property #2

The Canadians are not eligible for a mortgage so it needs to be somehow transferred to the US partners. 

Idea: The current joint owners (2 Canadians) sell the house to the American partners. The buyers will get a mortgage on this house and continue to rent it out. The sellers (Canadians) will do a 1031 exchange to get another property and defer taxes. Not sure if it matters but the cap gains on the current property are likely around 20-30k.

The idea is definitely not fleshed out and mostly just me thinking out loud. I would love to hear some opinions both on this approach and any other alternative options (something we've thought about - Canadians quitclaim to Americans but the lawyers had mixed opinions on this approach due to confusing tax implications).

Thanks, appreciate any insight!

Please share more details at [email protected]

Please share more details at [email protected]

This is good insight! Takes a lot to admit your mistakes, thanks for sharing. Look forward to reading more details from you!

Would love to hear more on the properties you lost your money on, what went wrong from the original plan? I feel like there's not enough of those stories shared to learn from 😕

Hey, please share the numbers and add me to your list - [email protected]  Thanks!