All Forum Posts by: Shahdan Calcuttawalla

Hello

We are investors who have just completed a new construction of a SFR and the builder will be handing over the property to us next week. We want to make sure the house is insured while its listed on the MLS for sale, what type of insurance should we be getting for the house to be covered till its sold. Thanks.

Hello

I basically need help to know what fees will apply to build a 2000 sqft SFR on an empty lot in Dallas. The city shared with me the cost sheet but i need some help making sense of it. Thank You.

Advice: Recently found out that hard way that to get sewer lines and water lines can be a really big expense for a new construction, even if the lines run up to the lot. Is there any way to analyse this issue before construction begins ( or before i close on the land) ? 

Hello

I wanted some clarification on when the clock starts ticking for counting the number of days towards capital gains. I bought a burnt down home in Dallas, TexasAugust and demolished it in September. The construction is due to be complete in May. 

So now my question is can does the number of days held start from when i bought the burnt down home and essentially if i wait till August then i can claim its as Long Term Capital Gain or does it start from when the New Construction is completed and i have to wait a full year from then to claim Long Term Capital Gain benefit ( which i wont)

Your input will be much appreciated. Thank You.

Hello

Thank you guys for all the input. Im trying to get the city to give me Specifications for a Modular home that they would allow. Will keep this thread updated on the progress.

Hello 

I was looking into putting manufactured homes on lots in The Colony, Texas 75056. After making some phone calls to Manufactured Home companies i was told that most cities in Texas do not differentiate between Manufacture Homes and Mobile Homes and will need Mobile Home zoning even if i wanted to set up a manufactured home there.  So i started looking into Modular homes and was not able to get a clear answer about this too from the city or the companies that provide the home. 

I am looking to get in touch with anyone who has worked with modular/manufactured homes in around the DFW area for some advice / guidance. Hope to hear from some experts. Thanks.

Hi, we had our HVAC go out just a few days before finishing our rental. The warranty company denied our claim because they said corrosion in the coil caused leakage which isn’t covered. They didn’t mention anything about the compressor unit outside however we do know they are both 17 years old. We got a quote from our AC guy and he gave us a few options. What do u guys think? (The house is 2 bed 1 bath, planning on keeping for 5 years before demolishing). It was suggested we use a wireless thermostat bc our current one is in the master bedroom only and he said to rewire to the main living area would be costly. No easy access point to attic. Here are options including install- 1/ used good condition 3 year old Air handler never opened, 8 year old used compressor, wireless thermostat - $2400 2/ $2700 for 3 year old air handler never opened, 1 year old used compressor, wireless thermostat 3/ 3 year old air handler & wireless thermostat - $1700 4/ we supply units - he installs them for 1300 5/ everything brand new with warranty and install for $4200 Thank you.

Hello Ashish

Appreciate all the help. I also wanted to know if its okay to keep the deed under our personal names from a tax point of view. Both the properties are under our personal names as of now but by passing an internal resolution we have pledged it to the LLC. Your opinion will be appreciated. Thank You.

123 N Shore Owned by Partner A worth $105,000

123 Coffee Bedford owned by Partner B worth $55,000

ABC LLC has $1500 in the Bank, Partner B 51% Partner A 49%. In company resolution is it passed that Partner B & Partner A both assign respective properties to ABC LLC & additionally Partner B has agreed to contribute $40,000 (The $ amount can be changed as this is an internal document)

Expenses Paid By Partner B on her personal card

N Shore Rehab	$12,092.74
N Shore Insurance	$740.25
N Shore Utilities	159.66
N Shore Earnest Money	3000
Coffee Tavern Expenses	5716.76
ABC LLC	374.88
Loan/Gift to ABC LLC	1500

Option 1

Partner B transfers entire $40,000 to ABC LLC & ABC LLC reimburses her all the above expenses she incurred on her personal credit card on the company's behalf as the company does not have a credit card yet.

Option 2

Partner B transfers entire $40,000 to ABC LLC & ABC LLC pays her personal credit card directly for the amount of expenses incurred on the company's behalf as the company does not have a credit card yet.

Option 3

Partner B just transfers the difference $40,000 - $23,584 = $16,415 . We can change the internal document that she is just brining in $16,415. In this option I am afraid ABC LLC wont be able to take care of the tax advantages on the expenses.

Hello

I purchased a peace of land in Bedford, TX and am going to get in to contract to start a new construction of a Single Family Residential 4/3 . Since its my first i was hoping someone can help me with a sample contract that they have which show what the format should look like and what points should be covered. Anything i should watch out for please post here. Thanks