All Forum Posts by: Jeff Moore

@Sam Yin

Thanks for the feed back.  Yes I find everything off market.  I have flipped a ton of houses and small rentals.  This is largest one so far.  I am very good at identifying and stabilizing properties.  It is just scary to give up this amount of very stable income.  All tenants pay rent online or thru pay near me, all repair requests go directly to handyman who schedules repairs.  I have made it really easy to run.  So if I am going to continue moving forward I am just deciding wether to keep this and pull money out and build on it or just buy a larger complex that is distressed

@Heath Thomas Jr

Rents are not coming down anytime soon.  Do you feel that commercial property values will drop as interest rate goes up causing a squeeze on profits due to paying more interest 

Actually it is 4.25% for next 4 years than can vary on 15 year term.  If I sold though I could have a decent chuck of change depending on PP of new property to repair/evict and not collect rent right away on some of the units like I did with this one

Hi Everyone,

I have a 16 unit apartment complex that I currently owe $490,000 on. I cash flow after all expenses plus 10% Capex, 5% repair and 5% vacancy about $70,000/year. I have an offer to purchase for $1,300,000. I am wondering if I should sell and 1031 now or just hold onto and cash out for new purchase. My current interest rate is 4.5%. I almost feel like I should sell and find another underperforming complex and fix that up like I did this one. Any thoughts or questions would be greatly appreciated.

Jeff Moore

Hi BP,

I need an experienced CPA that knows Opportunity Zone, Neighborhood Revitalization tax credit, New market tax credit etc... I own a 16 unit apartment complex in areas listed above in NJ. I have an opportunity to add at least 6 more units to this property replacing a building that burnt down prior to me purchasing the property. I know there are grants, low intrest loans, tax breaks, strategies that I can use just need some direction. I also own 6 acres I could build commercial building in same zones. I am also a flipper and I profitted about 120k this year already flipping that I could use in opportunity zone. Currently I am using an accountant that helped me set up a dedicated partnership for opportunity zone purposes. He has been good for me but I need a CPA that really knows how to really use these special zones

Thanks in advance

Jeff

Hi BP,

I need an experienced CPA that knows Opportunity Zone, Neighborhood Revitalization tax credit, New market tax credit etc...  I own a 16 unit apartment complex in areas listed above in NJ.  I have an opportunity to add at least 6 more units to this property replacing a building that burnt down prior to me purchasing the property.  I know there are grants, low intrest loans, tax breaks, strategies that I can use just need some direction.  I also own 6 acres I could build commercial building in same zones.  I am also a flipper and I profitted about 120k this year already flipping that I could use in opportunity zone.   Currently I am using an accountant that helped me set up a dedicated partnership for opportunity zone purposes.  He has been good for me but I need a CPA that really knows how to really use these special zones

Thanks in advance

Jeff

yes he completed in time frame he quoted.  They work for themselves typically so call around if he is too far out on schedule to find someone who can do it sooner

You will need 3 contractors/professionals for this

1.  Surveyor

2.  Engineer to design the plan and submit to the county for their approval

3.  Septic installation company

Time frames for the survey vary widely.  I would call 3-4 tomorrow and see who can do it quickest but at least 2 week turnaround.  Also tell them you only need survey for septic.  some have different rates depending on purpose of survey

Hi Lea I used Bob Monsoon for survey in Burlington county.  Yes it will hold you up a little.  Engineer can't design septic without a survey.  They will also need to know where the well is so if well head is below ground you will need to find it or call a well company to locate it.  I would contact the engineer you are using asap bc they can come dig test pit while they are waiting for survey

Hi all I am having a pricey Fuji septic system installed and can't find a lawyer that knows how to do a deed restriction for it. Anyone have experience with this?? I am in NJ if that matters