All Forum Posts by: Laxman Molugu

Thanks Ashish, I have taken this Refi cashout year ago, can I now invest in another property and claim the interest going forward?

I bought a property with all cash at closing, after few months, later after finding the tenant I went for a cash-out refi, and took 90% of my investment (as it appreciated value little bit). Can I show this new mortgage interest as expense? (property closed on LLC)

Daniel, I made those comments on frustration with bad service with my CPA, but basically I am looking for a better CPA. My tax situation not much changed for last 3/4 years I thought I could do myself by comparing last year's tax filings instead of using the same tax filer or I need a CPA with advice on any tax strategies etc.

Thanks,

Eamonn, I know you are sarcastic :-) but I don't have a good CPA who can advise me rather than just file taxes. Any recommendations for CPA in NJ with real estate experience?. 

I am curious to see if anyone tried self Filing taxes for 1065 for Rental Property LLCs? My CPA is ripping me for several years without much help. Any suggestions, please?

Laxman

Hi RE Gurus,

I am looking for a Refi of a couple of my small commercial properties in NJ, I am trying to pull cash out for the next investment. I found out that the local banks offer the best deals, but its a time taking process to call each and everyone and most of them they don't do for commercial properties. Is there any Portal that has the latest available rates so that I can call a few banks in NJ? 

Or if you know anyone who can do the commercial mortgages in NJ? Both properties valuations around 450K - 500K of each. And also I will be needing a loan for my future investment around 2-4 MM.

Thanks,

Laxman 

Hello RE gurus,

I have a small strip mall with 3 stores with 4000 sft on 2.5 Acre land with 25 parking spots, I am planning to add more stores (4 more stores with 6000 sqft ), I had discussed with the town mayor and he is in full support on this project as their town planner thinks the lot is underutilized. Also, we did some analysis on the market, looks like there is a good demand for the location.

I am looking for some help, where to start from here? what kind of structure recommended for better pricing(wood/masonry/metal), any recommendation for Architects/Engineer for the planning for getting township approvals. And the most important what is the price range for sqft?

Location is Sussex County, Northern NJ

Thanks,

Laxman

I am again back to re-consider after talking to prospect tenant, looks like they are really serious and interested. Instead of dropping the idea, I would like to clear my open questions so I have these open questions now:

1. Will it have any impact on current mortgage and any issues for the further expansion loan

2. Will this a pro or con for other tenants (like any increase of crime etc?)

3. How this will impact the value and future growth of the property prices for resale?

4. I have a unique situation, with my main profession( day time job), I am planning to work on DoD federal sector - probably with some security clearance. Will this have any impact on my job? (I guess I can make my wife as the single owner for the strip mall/property if that helps).

Yvonne, you seem very knowledgeable can you help me clear these questions?

Any input from our community

Highly appreciated for any help and input from our community. We need to take a decision very quickly.

Thanks,

Laxman

Yvonne and Lynnette, Thank you for your valuable input, I have almost 3-acre land with corner lot I am planning to add more stores so I don't want to see any issues at this time or should not be a problem for future tenants. This prospect tenant is financially strong with prior experience in this business they also checked with township before approaching us. But I have seen some videos about police raiding the store in states like CA etc. 

Yes, the fact is that it's Federally illegal so what will happen to my mortgage and my expansion plan?. I guess at this time I am going to skip this tenant and see what do they say.

Thanks

Laxman 

Hi, I have a small strip mall in northern NJ, trying to lease a vacant store. There is someone interested who want to open a Marijuana Despenser.

I am wondering any concerns for Leasing to Marijuana Dispenser (in NJ). Also, I have other tenants running restaurants, not sure if they like Marijuana despenser as their neighbor.

Hope someone has advice.

Thanks,

Laxman