All Forum Posts by: Josh Skogen

@Dave Foster Thanks for the helpful strategy. We own the property free and clear and are selling it for 177,600. Even having no mortgage, this still seems like an excellent route to take.

@Dave Foster Thanks much for your help. You're right, our contributions are reflected in our capital accounts for the LLC. We'll have to reevaluate our options. Perhaps a 1031 and then a cash out refi, or something of the sort. Thank you for all your posts on 1031s. I've learned a lot from them.

Hello. I'm part of a 4- member LLC, which owns a SFR. We are selling the property and would like to use a 1031 exchange. Now, the four of us have contributed from our own pockets towards the purchase and renovation of the house. We have this accounted for in our yearly taxes, too. Would we be able to have that money returned to us at closing without that money being taxed? Could it be considered as though our personal pocketbooks are the bank that has lended to the LLC, and we are owed the money back at closing? Or does a 1031 exchange not allow any money to go to the members of the LLC?

@Sharon Thompson. Sharon, you just had to enter into the conversation and ruin everything with legal matters. Ha. Just kidding. Thanks for bringing this to my attention. I was not aware of the regulations. I'll look closely at the link you shared.

@Tom W.  Great info and super helpful! Thanks!

Thank you, @Account Closed. I'll give craigslist a try first, and the Chicago Tank Removal sounds like a reliable plan B.

Thanks, Thomas. I'll see if there's anyone looking for oil. I hope so. It would be nice to do this without taking too much cost and time.

I just heard back from the company that inspected it and they said that there are 540 gallons of oil and water in the tank. 540 gallons!!! Since it is a mixture, they are not able to drain it, so I have to get a hold of another company to give me an estimate.

Thank you for the feedback, @John Wielgolinski, @Thomas S., @Michael Noto, @Colleen F.! 

Thomas and Michael, what safety precautions did you use to remove the oil? My concern was the same as John's. Is hazardous? Couldn't a spark from from a reciprocating saw or angle grinder cause the oil or fumes to combust, even if most of it is out of the tank?

I found a company that deals with oil tanks to inspect it, and after their report and estimate, I'll decide what to do. 

Hey, Biggerpockets community, I have a house I'm rehabbing right now and I plan on renting it when I'm done. There's a room off the basement with a large steel tank that held oil for heating the house. I need to get rid of it. I know there's oil in it, but I don't know how much. What's the best and safest way to get it removed?