All Forum Posts by: Shivam Patel

I have some questions regarding 1031 exchange in New Jersey. I have 3 fully occupied properties that rent for $9200/month. Two are single family and one is a duplex. The cashflow is great, however, I am having issues trying to transfer the properties into LLCs. Should I sell the properties, take the hit, and then buy a new property under a business loan or am I allowed to 1031 while changing ownership to an LLC?

The end goal is to have a larger multifamily in an LLC name. I do have liability umbrella insurance, but I want to set up a better business structure for long term growth the correct way. I do have 2.5% interest on one of the properties which will be sad to see go.

@Vincent Paventa

Hey Vince! I used to live up by boonton before! I have rental property up there. If you know any realtors let me know! I want to list it.

I currently am in south jersey! Trying to build a portfolio more centralized here. Would love to connect!

My tenants called the PSEG electric gas company to fix the furnace. They thought the fix would be covered under worry-free contract. And when the guy came down from the attic he mentioned it would be $300 for replacing the ignitor. The tenant couldn't afford it at the time so he said to replace the old one back. At this time he went back up and sparks must have flew and something smoked up and he ran downstairs and turned off the fuse box. He called the fire department, police, and a whole situation went down. They think it's an electric fire and cut the main power to the duplex affecting my residential unit as well. Now I learn of this and I find out we are to vacate the building and cannot live there. The PSEG company requires fixes before reconnecting power and township inspection with permit. I relocated my tenants at a hotel and seems to be $400/day. I am waiting on insurance help and My contractor and licensed electrician think there's no issue with the electric and think this PSEG guy did something. But they are the same people that gave the violation. Myself, my fiance, are currently living with my brother and shedding money everyday until I go broke. I need a path forward. Anyone have any advice or help?

Let me know if you do find a solution for this. I am also interested on how to implement this strategy.

What are some good training resources for property management?

Would love to connect! i recently started my own management company as well!

 Hey Amanda,

I know with chase bank account, they can set it up where you can login to the app and link your buissness accounts so you can see everything in the same place. I purchase all of my repair materials from home depot because it allows you to export everything as CSV or to quickbooks online directly from the home depot website. This saves a lot of time and effort for tracking reciepts. I use Tenantcloud for a lot of propertymanagement (its free) to kind of track the invoices and etc. I'm still learning to optimize everything even further, where its very hands off, but this is where it currently stands. Please do share your methods as well! I would love to know how other people are doing it.

Has anyone looked at the recent bills that have been pushed through the government related to ban of propane gas related residential appliances and HVAC system. How is everyone preparing to tackle this if this passes? It definitely throws a wrench into the investment strategies. I don't know how expensive it would be for replacing all the systems in place either. Would love to discuss this with everyone to develop a group strategy.

@Basit Siddiqi

Why do you say this?

@Jason Marino

Wow this was really helpful! Thanks for the insight. Do trust tax returns look like similar to LLC with S Corp election?