All Forum Posts by: Frederick Kirk Wendel

Yes @Kristina Heimstaedt For the tax part, I was thinking of bigger update. month or two.

However you bring up the time-line of the security deposit return is great. I can see how acting within this window can keep the 'in service' flag waving on short turnarounds.  The market here is a week or two depending on time of year I am finding. But a day to fill is not uncommon.

@Wayne Brooks Thanks. "rent ready" is the term I kind of missed. It would still be rent ready,(last tenant was renting it!) I just want to face lift the hypothetical unit.

Is there a cut off? just asked this in a thread about an over/under $2500 rule. still going to look that one up.

Over/under $2500 rule? now I need to look up another term? hehe.

Is this a cut-off for CapEx?

Kirk

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@James Hazelwood Welcome to BP, great place. Almost as good as your trip sounds.

Looking to confirm if I am getting this right.

If you can time your leases to end in spring.. (better weather for Tenants and Contractors) and you need to rehab a bit before renting/leasing out the unit, you still need to advertise the unit for rent and proses applicants to keep the unit 'in service'?

This keeps the work expense in 'operational' (and thus can Wright off this year)

Or, If the unit is not in service then the work will be added to the deprecation on the prop?

Might be to broad a question. Serenly there are matters of degree here.

'Full' and 'same' name used in every record is what I have been advised to do.

Contracts, Trusts, taxes, listings, Birthday cards every thing uses the same name.

DBA is a tool and should not be casualy tossed out there with out thought. Ask your advisor about the strategic uses.

kirk

Still think it would be better to open a new LLC in the state of the property.

It could be owned by your current Nj LLC. member managed and passthrough for taxes.

NOT Advice. just points to discuss with your team.

Welcome to BP!

ROFL @Christopher Charles that is like a webinar on marketing in one post!

Cut and paste. Thanks

still giggling

Kirk

cool my first follow thread.

I had not thought of your approach. really interested in the comments you get here.

I have run the numbers on two props here in Wyoming. zip 82520. I have found that in both cases the owner is selling as a "commercial property" but they do not know how to run any numbers. At least not the way I am learning them here.

One is two 4 plexes (each have a street address units A-D) Taking a Friend/contractor/possibly a future partner to see it on the 19th Oct. For solid bid on any needed rehab.

The other is a converted church duplex site (owner has mortgage on this) and a triplex built later on the next lot. (owner has another mortgage on this too) Not good numbers but the owner is willing to look at what I might make work. As long as he gets out from under the loans.

So my point is here, locals built residential, zoned residential, but selling as a commercial prop. with out knowing how to.

That is how this newbie sees it anyway.

Hope you get some input on this Thread !

Best of luck.

Kirk