All Forum Posts by: Keith Meyer

I'm looking for a San Diego based mortgage broker who has experience with programs for adding additional units to single family home lots, specifically the Fannie HomeStyle Reno and Freddie ChoiceReno programs, along with FHA 203k. Strong preference for a broker who can effectively navigate the pro's/con's of each program, and the regulations as far as ability to add detached/non-detached additional units and ADU's. Seems to be some gray area in the regard so could really use the help on what has worked recently.

While I’m at it, also would be interested in some additional general contractor referrals for San Diego GC’s who are experienced and not turned off by working through the agency lender renovation draw programs. Thanks in advance for any referrals you have in mind, happy to repay the favor!

@Zigmunt Smigaj I think Walker Dunlop acquired Enodo.

When looking to rebrand a value-add apartment complex, often a property name change is involved, and even sometimes an address change is involved. What are the steps you take to effectively change the name? I've not been able to find much information in the specific markets where we're implementing this change. Here's what we've done in the past, I'd love to hear additional thoughts:

1. Change sign on property, and inform residents of change

2. Reach out to state secretary of state to see if any dba "doing business as" changes are needed. Update dba with bank in order to deposit rent checks

3. Reach out to let police and fire department know of changes so they can effectively respond to calls

4. Update Google Places/Maps with name change 

If anyone has gone through an address change, I'd be interested in hearing the steps involved with that process.

Curious if anyone else in the forums has signed up for one of these solutions in recent months and knows pricing and usage terms? I tried out Clik.AI recently and was less than impressed with the functionality I could access. I could only import RR and T12, and much of the functionality that was promoted in the video tutorials couldn't be used successfully.

My team would love to be able to use an automated underwriting tool that worked consistently and is available at an affordable price point. If you have any suggestions it would be much appreciated! 

I'm looking for some expert tax advice on this situation and willing to pay $$ for it. In essence, we've recently received loan proceeds into an S Corp which is a single-asset entity owning a large commercial property (I know, you shouldn't own rental property in an S Corp. Unfortunately an LLC was not really an option when this entity was formed in the early 90's).

We are wanting to deploy these proceeds to purchase additional investments (mostly commercial real estate). However, we are running into two issues.

1. The lender wants our current entity to remain single-asset. Additionally, we have no interest in adding additional collateral against this loan to the same entity. We would much prefer to invest from an outside entity, as would our lender.

2. We are trying hard to avoid being massively taxed on S Corp distributions, as this defeats the purpose of receiving the untaxed loan proceeds. We could potentially do a loan to ourselves out of the S Corp, however our lender has some qualms with this.

Is there another way to satisfy both our lender and the IRS? All assets are family owned so we're extremely flexible on the entity and agreement structuring.

Please reach out if you have encountered a similar situation and have a potential solution. Again we're more than happy to pay for expert tax advice. Thank you.

Does anyone know of a home share-type service where someone can own partial shares/usage of a home in multiple cities (similar to Pacaso but more for regular primary residence, not for luxury second home)?

I would think this type of model would catch on more with the mobile work-from-anywhere movement. Obviously there are ways to buy fractional shares in homes, and ways to Airbnb/STR a home you own part-time. But I was wondering if there was any service that administered the ownership and allocation/usage of the home.

Specifically I'm looking at splitting time between San Diego and Phoenix/Tucson. If something like this doesn't exist, maybe we should create it! 

I'm looking for some creative advice on how to remedy the following situation in regard to our agency loan on a commercial property:

The property contains a mixed-use zoned parcel which we were planning to exclude from the loan and the collateral pool. However, agencies require that the Borrowing Entity be a single-asset entity, meaning we can't hold this separate parcel within the same entity. Unfortunately the entity is an S Corp, so this limits our flexibility to do an internal transfer of the property and have it not be deemed a taxable sale.

We've explored the following but time is of the essence. If anyone has run into this situation and has a path-of-least-resistance solution, I'd be very grateful.

• - Create a subsidiary within the S Corp and transfer to the sub. Doesn't appear the agencies will allow this
• - Convert the S Corp to an LLC. This results in a taxable liquidation and event and also would likely take too long
• - Sell the parcel at arm's length to a third-party buyer. This again would take too long, especially with how slow title companies/appraisers/surveyors are moving these days, etc.

Great answer as always, thanks @Dave Foster!

We performed a 1031 exchange last year into a multifamily property and are doing an agency cash-out refinance this year (woohoo real estate!). The replacement property we exchanged into is made up of multiple parcels, one of which is across the street and has flexible mixed-use zoning.

We are excluding that parcel from the loan collateral, and we will likely repurpose it for non-residential use. One of the agency's requirements is that the borrowing entity be a single asset entity, so this is presenting a challenge with holding now two assets within the same entity which performed the 1031.

My question is, would transferring this separate parcel to another entity present any issues with the 1031, in terms of keeping relinquished/replacement properties in the same entity? Would this potentially cause any "boot"? I think since we already performed the exchange we should be good. Only complications I see are separating out the tax basis between the two assets, which takes a little work but is straightforward enough. Anything I'm missing?

Thanks @Mindy Jensen. It looks like you are correct based on the last IRS disqualifed persons rules listed below, since the partners in Company B would be more than 10% shareholder partners in Company A:

Disqualified Persons

• You, the account owner
• A beneficiary of the IRA
• Your spouse
• Your lineal ascendants
• Your lineal descendants and their spouses
• Plan service providers and fiduciaries (including advisors, custodians, and administrators)
• An entity (corporation, estate, partnership, etc.) in which you own at least 50% of the voting stock, directly or indirectly.
• An officer, director or a 10% or more share holder or partner.