All Forum Posts by: Joe Maris

Congratulations. I have found it tough to build a team. Mostly my fault for a number of reasons (or excuses), but I've also just found it really hard to find reliable folks in the various trades. For example, finding a CPA that invests and understands tax strategies for real estate is like searching for Bigfoot. Glad you're rolling. 

Great question, Grace. David, where do you get that type of information. I would be happy to look up how local markets raise rents when a new owner takes over, and how the local laws may effect raising rents. I'm just not sure where to find that info.

That makes sense. Thanks again. I'm going to send a PM so we can connect. 

Thank you, Dave, for the detailed explanation. I appreciate the feedback. Just one question; please explain the "reinvestment target". I'll Google it, but I want to be sure I understand your comments. 

Thanks. Good tip. 

 Thanks, I'll look into it as an alternative. I'm thinking, though, that I need to reinvest the capital in another office/warehouse space. My company is the primary tenant in the commercial building. If we sell the building, we'll need to move. My portion of the proceeds will likely go toward another building for our company. I was just trying to learn if I could minimize (or avoid) taxes on the cap gains if I reinvest them. 

Is it possible for one person to do a 1031 exchange out of a 4 person LLC? LLC was formed by 4 people (25% each) to purchase a commercial property. I am buying out the other three. I can dissolve the former LLC and start a new LLC with new financing, or maybe keep the existing LLC and buyout the other three. We all stand to make a good profit (capital gains) from the sell. Can I 1031 exchange just my profit to reinvest in the same commercial property? Can you recommend someone with expertise in this type of transaction? Is there a better way to use the profit/capital gains and reduce/eliminate taxes on just my share?

Is it possible for one person to do a 1031 exchange out of a 4 person LLC? LLC was formed by 4 people (25% each) to purchase a commercial property. I am buying out the other three. I can dissolve the former LLC and start a new LLC with new financing, or maybe keep the existing LLC and buyout the other three. We all stand to make a good profit (capital gains) from the sell. Can I 1031 exchange just my profit to reinvest in the same commercial property? Can you recommend someone with expertise in this type of transaction? Is there a better way to use the profit/capital gains and reduce/eliminate taxes on just my share?

I'm inexperienced in this area, and I don't invest in Texas, so take my comments with a grain of salt. That said, I don't think I would hire a contractor that wasn't insured. You can probably buy builders risk (or other) insurance yourself. I would just be concerned about any contractor that is not insured. 

Read up on house hacking. It may be a good way to start.