All Forum Posts by: Susan O.
Susan O. has started 69 posts and replied 547 times.
Post: Rent Recovery Service
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @Mary Young:
So glad to find this!
I have called many collection agencies, seven, and they do not service landlords?!! One company told me they get 10-15 calls a day from landlord. So I am very surprised there are not a lot of companies would collect for landlords.
Also thinking of using Rent Recovery Services. On another post there is a Yelp review on this company and was not great. Anyone out there has success with Rent Recovery Services or other agencies?
I came across several collection companies mentioned on www.multifamilyinsiders.com and will need to check out if they work with individual landlord -
Landlord Doctor
Rent Recovery Service
Hunter & Warfield - www.huntwar.com
Vista Financial Solutions
Federated collection bureau in Atlanta
Rent collect global
So which of those have you used? Any recommendations of them? Were you able to collect any debt or does it show on the tenant's credit score?
Post: Quitclaiming one person off joint tenancy- family
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @Brian Larson:
@Susan O. - You should speak to a qualified tax expert. I have heard of folks doing what you are suggesting but I am unsure how to do so and the avoid gift tax.
I actually don't mind gifting the entire thing to him because its a family member. I only had him on there so i could help him qualify for a loan. I just want to take myself off of the deed.
Post: Forebearance Meet Kevin says its protected by Cares
- Fresno, CA
- Posts 552
- Votes 181
With defereal you can build up a large cash position especially if you didn't have major reserves. i don't see much negative to this as it's covered and protected by Cares act
https://www.youtube.com/watch?v=VhJEoOqENWQ
See meet kevin on youtube. he's a real estate expert whos on BP.com too and been on podcast a lot.
Post: how will forbearance affect my future investment now
- Fresno, CA
- Posts 552
- Votes 181
https://www.youtube.com/watch?v=VhJEoOqENWQ
Meet kevin on youtube. He is a real estate expert said how if you don't pay for 12 months the bank will most probably tack payments to the END of the loan. Also that the Cares act really protects the mortgagee so it is in some peoples interst to take it. I would do so and take the reserves to use for rainy day as this could get much much worse.
Post: Loan Forbearance impact on Credit or ability to Refinance?
- Fresno, CA
- Posts 552
- Votes 181
Seems that MEET KEVIN was on similar page. He thinks the opportunity for forbearance is actually good as you can eventually defer this into back of loan. So this would essentially be like getting extra time on your loan
Meet kevins youtube
https://www.youtube.com/watch?v=VhJEoOqENWQ
0 Interest Mortgage
Post: 2/5 year Cap gains exemption-Moving from one unit to next-Triplex
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @Michael Plaks:
I do not believe that there is a black-n-white answer to each of the questions you asked. So let's tackle one at a time.
1. Depreciation recapture. You cannot escape it on any of the units, no matter what. The only way to not pay depreciation recapture is to defer capital gains, since depreciation recapture is a part of capital gains.
2. Capital gain. You can defer capital gains via either a 1031 exchange or Opportunity Zone funds. 1031 exchange is not worth it unless your capital gains are high enough, which we do not know. A triplex in Fresno over 5 years might have enough capital gains to make it worthwhile. Beware that combining personal residence exclusion with 1031 is highly complicated, especially in your case.
3. California. You need to take into consideration CA state taxation that does not always follow the Federal rules. For example, CA does not recognize Opportunity Zones as a capital gains deferral mechanism.
4. Full exclusion. Your Unit A was your residence first and a rental later. This, if considered separately from other units, qualifies for the full capital gain exclusion, except for depreciation recapture.
5. Prorated (partial) exclusion. Your Unit B was a rental first and your residence later. This, if considered separately from other units, only qualifies for a partial exclusion, based on number of months. For example, it it was a rental for 30 months and then your residence for 25 months, you can only exclude 25/55 of your capital gains. OK I DIDN"T KNOW THIS
6. Mixed-use triplex. Normally, it would be considered as two properties: 1/3 personal and 2/3 rental, possibly adjusted for the common areas. Upon sale, you can exclude 33% of the gain and owe taxes on the 67%.
7. Switching units. In your case, it would be 3 properties. Unit A qualifies for the full exclusion. Unit B qualifies for a prorated exclusion (or not - see #8 below). Unit C is fully taxed. I'm not sure if there's a more creative and beneficial way to interpret it for tax purposes. Maybe one of my colleagues can suggest one.
8. Aggregating sales of 2 units for exclusion. If they were truly 3 separate properties, you would not be able to claim ANY exclusion, even prorated, on Unit B due to the "one sale every 2 years" restriction. There're some exceptions to this rule, but I cannot see how you can qualify for such an exception, short of something extraordinary like having been a victim of a crime while in Unit A.
However, in your case, this is one physical property, so maybe you can treat both Unit A and B as a single sale for the exclusion purposes and apply full exclusion to Unit A and also partial exclusion to Unit B. Maybe. I cannot say yes or no without researching this issue.
PS. If you switched units for tax purposes, you deserve A for creativity and F for tax planning, because it should've been researched beforehand.
Yes I purposely switched units for tax purposes and I figured it would make sense for owner occ exclusion. I figured it's done often as many people here do house hacking. I lived in one unit while fixing up the other.
This isn't in fresno it's in a beach city i need to change that. I bought it for 1m and believe it's worth about $1.35+m now based on comps
This is one property, one parcel.
So I figured 2/5 years in one unit and apx 2/5 in another property would allow me to claim occupancy. It just seemed logical. I question it now but figure either way it's not a big deal because I had to live in one unit while I fixed up the other.
I just wanted to know if I could divide it up with both cap gains exclusion AND the 1031 exchange.
I've spent $170 remodeling the property. It has about 350k built up equity now
Post: BREAKING: HUD to suspend all Evictions & Foreclosures thru April
- Fresno, CA
- Posts 552
- Votes 181
The new laws will impact the housing and rental industry for decades
https://www.naahq.org/news-publications/lasting-impacts-covid-19-residents-and-operators
National Apartment Association
Post: Apartment Association
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @Paul Graves:
Thats the same question i am hoping to find the answer to.
Did you ever move forward with the California Apartment Association membership?
it definitely is they have hotline you can call in for personal stuff and all their forms they give you would cost about $250 each if you got the forms from a lawyer
Post: Unfair madness! Landlords getting hosed.
- Fresno, CA
- Posts 552
- Votes 181
Originally posted by @Fernan Nava:
Ladies and Gentlemen this is raw and undiluted politics. The party in control of this state can and is doing anything it wants, that will cement their power for eternity. This is the mentality of let no crisis go to waste. Wake up fellow residents and fight these suckers in their own turf, the political arena. I know you are not one but for the sake of our kids and generations to come, you are gonna have to wear that hat as well,
Agreed they're basically using the "let no crisis go to waste" to shove anything that destroys investments. It's headed downward but it's actually a national thing. They say where california politics go so does the national politics but decades later. So CA should be the first place to stand up, educate yourself and do what you can
This is the National Apartment Association
https://www.naahq.org/
also a non profit- that advocates for landlords, prop investors etc. It's about investing into housing to improve community
https://www.naahq.org/advocacy/naapac
Politicians playing hot potato with who's going to hold the bill and it looks like nationally it's handed to commercial investors the most followed by multifamily and housing
Post: Unfair madness! Landlords getting hosed.
- Fresno, CA
- Posts 552
- Votes 181
A lot of renters are hosing landlords and theyre also just starting up tenant unions whle they take advantage of small landlords
This is from Time magazine too
https://time.com/5846383/coronavirus-small-landlords how devistating the eviction moratorium is on small landlords and how theres very little help for small biz landlord
You can organize join your landlord or apartment association locally to prevent this and also network with like minded people. Please help spread word
https://www.facebook.com/CAAnet/
AB 1436 Allows Tenants to Live Rent Free for Years
Tell the State Legislature to vote NO
Oppose AB 1436 Now
San Francisco Assembly Member David Chiu just unveiled AB 1436, a proposal to force landlords to defer rents for 15 months after a state or local state of emergency is lifted - which can translate to years of unpaid rent - if a tenant is unable - or unwilling - to pay rent due to COVID-19.
CAA is committed to finding common sense so