All Forum Posts by: Rick Trivedi

Agree with most being said here. It’s one thing to setup this complicated structure but it’s another to maintain it and to end it when things have to be settled. Best would be to regular estate planning from parents to heirs. If parents have to give equity and legal structures for kids and grand kids to allow them to spend time, that’s the first red flag right there of issues to come.

If the purchase is what triggered it, counties take the recent sales around the area and are generally still 10-15% conservative to account for the room, so it may be tough to argue. Have been down the lane once. Normally the appraisal will be same as the purchase price. Have they raised it more than the purchase price? if thats the case, then you have a strong case.

@Chris Hylton there is a cap of 2% increase on annual basis I believe (please look up exact number) in California unless title ownership change of some sort. Was the appraisal as part of any event or this was regular annual appraisal? Also I believe there is an expectation clause that in the event county reduces property tax drastically temporarily they can increase it back to market. 

@David L. - Thats pretty rare that the syndicators would have paid significantly higher than individual - doesnt add up. But logically speaking, it certainly makes sense to sell it to them since typically they would upgrade units and surroundings to get better returns on their investment. 

@Nick McArthur - Our office recently got FL broker license. Happy to help answer the course and other questions over DM.

@Seth Engelbrecht - Happy to help

@Gaurav Mehta - A lot depends on how long/severe the smell is and the source of the smell. Generally

1. Airing the unit and using de-odorizer (fans, carbon etc.) helps. But if you dont get rid of the source, it will come back.

2. Remove/Replace the sources. If its in attic/crawl space, you will have bit of hard time.

3. Use paint primer once above is done

4. Also think about fumigating the property - this might be needed anyway given the age etc.

Hope it helps.

@Jane Ng - We are a broker both in CA and FL, own properties out of state and had dealt with Anderson for months (not ideal) while also talking to several other CPA firms. Ping me offline if you would like feedback. Decided to go simple route as well - there is no free lunch. Once you have a complicated structure, besides other issues (IMO) that it creates, one of my main considerations was, you are cornered and limited by who can help you for tax planning and preparation, becomes a burden overtime.

@Lioneil Guevarra - Ping me and I can pass on the contact.

@Aric Yuji Harris - Is the two year lease rent free or is with the market rent? By having another person live on the property, you are limiting your target audience only to the investors which generally means you will get bit lower than market price, since investors always look for a deal vs. the traditional home buyer. It also seems like the property is/was being rented, have you thought about just continuing to rent both stories and collect the rent instead of one large chunk of money which you then will potentially have tax implications on. Happy to help but there are a few unknowns. Would also recommend removing the address from the public forums.