All Forum Posts by: Neera Melwani

So how should one pursue this? I've been told you can have the "additional insured" as the LLC. It seems like it's something people do on the regular, and the lender doesn't usually trigger the due on sale clause.

Has anyone come across any issues with insurance being enforceable if they transfer over a property from a personal name to LLC with a loan on it? I'm aware of the risks and implications of the due on sale clause, but looking for some feedback on the insurance side of it. Thanks.

Does anyone have a property insurance company they would recommend that covers commercial properties in the Valley? Looking to shop my policy around. Thanks!

Hi Everyone! In 2022, I was taking SL depreciation for my rental properties (1 apartment building and 4 4-plexes). I did a cost segregation study in order to take advantage of bonus depreciation and I have  a couple questions.

1. Does the form 3115 need to be filled out and approved PRIOR to making the change? 

2. Is the change ever not approved?

3. Do I need to amend prior returns, or can I take the catchup all in 2023?

4. Has anyone ever done this themself using TurboTax? I've used CPAs in the past, and prefer to do the accounting myself.

Thank you!

Hi there. This is great information. Is there every any issue with having the form 3115 approved? Does the change need to be approved prior to filing taxes?

Also, in order to take the bonus depreciation, do I need to amend prior year return, or can I take the adjustment in the current year?

That is extremely helpful and answers a lot of my questions. I assume then if my tax status is married filing jointly, we are considered one tax payer. Therefore, it wouldn't matter if a property is held by both of us personally, one of us personally, or by an LLC with both our names, as long as the properties stay on our married filing joint tax returns we will have no legal entity issue with a 1031.

Hi BP Community! I hold a number of 4-plexes in my personal name and am considering selling them to purchase a larger multi-family property. The larger property will be required to be held in an LLC. If I am the only member in the LLC, would that qualify for a 1031, or will I run into legal entity issues?

@Brett D. Thank you for sharing your experience. I was considering investing with them a few months ago, and decided not to based on them charging the 4% commission. Now, a few months later, I was going to revisit them and came across your post (thankfully). I also noticed they are no longer listed on the RWN website as a partner in the investment side.

Thank you all for the feedback! This is really helpful.

Hi BP! Wanted to get some ideas on how to find smaller apartment buildings for sale either in the Houston or Austin market. I'm looking to make the transition from smaller multifamily units to bigger multifamily / small apartment buildings. I've looked on Loopnet & Crexi, but it feels like what's there is a bit stale. I'm not an agent or broker but do 95% of my own due diligence. Any suggestions or ideas are welcome!

Thanks!