All Forum Posts by: Jeff Betschart

if I'm looking at putting a single rental in Colorado into an LLC do I need an operating agreement?

Point of Contact. 

Can anyone recommend a good POC to set up an LLC in Colorado?

Does it make more sense to set up the LLC in the state you live in or the state the rental resides in?

I was estimating around 40k, but hoping I was missing something in my favor. Thanks for the info. I think this makes it pretty clear that I need to do the 1031 exchange.

Thanks @Jon Holdman & @Logan Allec

I have talked the 1031 exchange process but I wanted to understand what tax implications would be if I didn’t go 1031 so I would have a little more time to look into different options before I move it back into Real Estate.

I am getting ready to sell a rental property and wanted to talk to someone to understand exactly what I will have to pay capital gains on and what is the approximate percentage that those gains would be. 

I also need to understand how the depreciation recapture works and what they might look like. 

Round numbers to make it easy: 

Original purchase price 300k 

Sales Price 500k

Equity today 250k

Depreciated for 6 years

@Damian Robinson Were you able to find anything out on them and what did you end up doing?

did you end up working with them? 

If so how did it go and can you give me some details?

Thanks, @Daniel Hyman I have already talked to Dave Foster and he has more than educated me. You are correct he is a fantastic reference. 

@Lauren Speidel I would appreciate any reference you forward my way for financing. 

What you are saying makes sense. I was just wanting to know if it was possible to have some extra cash prior to closing that way I could use it to pay for miscellaneous expenses that might come up during closing or if I needed extra funds to tide things over before the exchange went through.