All Forum Posts by: Jemma Jacques

I don’t qualify for many DSTs I’m finishing due to the amount I sold the house for vs my loan on it.
I might have to pull out the cash and at least I’ll have a year before I have to pay the tax man, I might just invest in stocks or a high interest account instead.

im also thinking to maybe to tax defer some through a IRA… I’m new to all this, I paid over $50k in taxes from my severance package too last week :(

Quote from @Dave Foster:

@Jemma Jacques. I appreciate you reaching out via pm on this as well. Two additional things come to mind after reading this post.

1. CA - Of course you would live in the worst state for taxation should you decide to pay the tax :( You're looking to pay 30% - 40% of your profit to the IRS. Of course, that being said, no one ever went broke paying tax on profit. But dat's a heap.

2. Loss of job. If you lived anywhere but CA it would be even more tempting to simply pay the tax and conserve cash for any extended period of unemployment. But again, if you can find a dst that can provide a decent return you'll not only keep all of your capital and tax, you'll also have cash flow that can help you weather this period. And a dst is one of the few options to you where you won't have to qualify for the debt (other than normal accreditation).

1 Vote

thanks Alex,

without my job it is really hard to get a loan. I found great properties in TN but my loan ended up becoming 8.5% so the cash flow just didn’t work anymore :(

id much prefer to by a property rather than a DST but I’m thinking it’s my only option, I only got $130k from the exchange and I had a loan for $200k on the property I sold so I need a high LTV too

Quote from @Jemma Jacques:

Quote from @Alex Olson:

@Jemma Jacques I highly recommend looking at a cash-flowing market like KC. You can spend $1mm on 10 units that pay $1,000 per month with low taxes and expenses (as an example). Happy to chat further.

1 Vote

Quote from @Alex Olson:

1 Vote

Hi there, wondering if someone can help me, I sold a property recently and put the profits into a 1031 exchange, my goal was to buy three more cash flowing properties but then last week I was let go from my job of 20 years so the interest rates have gone up so much the properties don't cash flow anymore.

I was going to take out the money and take the tax hit (Im in CA so it is so much money) I only have a few more days to decide but I was thinking about investing it into a DST instead... any thoughts on this? would this be crazy in the current environment?
Any advice appreciated

1 Vote

Quote from @Megan Templeton:

Hi there! @Jemma Jacques

Royal Legal Solutions is a great resource for what you are looking for. They are a one stop shop operating in all 50 states have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning.

Thanks,

-Megan

Eeek, I just checked them out and see some awful reviews here on BP

0 Votes

Hi there,

I need to get a strong CPA that can help me with filing in a few different states, I have 4 LLCs in TN, WI, OH, CA and since houses are new I need someone who really knows how to maximize depreciation and can help me get a real estate professional tax status as I heard this helps.

Thank you so much!!!

1 Vote

Thanks, I didn’t know about the inspections until a week or so ago and I close in the next day or so on the property. I have $5900 already invested (escrow) and I’m thinking of pulling out and loosing that money because I am worried about the upcoming lead inspection. I don’t know what to expect and worried if I fail then the house will get flagged as having lead and will have a real expensive problem on my hands :(

0 Votes

Cleveland, Ohio

Hi there,

Has anyone has a property pass/ fail the mandatory Lead inspections in Cleveland and any tips for me?
I have two properties due for inspection by Sept.

I heard having windows painting and a HEPA cleaning helps but wondering if anyone has any feedback on how easy or hard it is to pass or fail the inspection?

Thanks

2 Votes

Cleveland, Ohio

Does anyone know yet how hard this is to pass? I have several houses due for inspection By Sept this year 😬

0 Votes

All Forum Posts by: Jemma Jacques

Jemma Jacques has started 9 posts and replied 44 times.

Post: Advice on current market

Post: Advice on current market

Post: Advice on current market

Post: Advice on current market

Post: Advice on current market

Post: Need strong CPA to help file tax return

Post: Need strong CPA to help file tax return

Post: Lead paint inspections Cleveland

Post: Lead paint inspections Cleveland

Post: Has Cleveland initiated a new lead based paint certification?