All Forum Posts by: Theodore Xenos

Jasper is great with concrete work and odd jobs live in new Tripoli message me for his number. 

How much time between securing a project and starting a find I wonder? Similar to 1031? 

Excited to hear what he has to say.

@Jessica Kirkpatrick

Consider also that capital improvement needs to occur and we can all better educate ourselves by looking at the IRS website to understand what that law requires.

Let your client know the rules apply to llcs (he can do a sole ownership) they have to elect to take advantage of the tax incentive by making capital improvement to the property.

Imagine buying a house for 120k and then realizing that inside of 10 years you have to spend 120 k or more making it better by the IRS standards.

This is not a good option to reduce tax payments on 120k.

The property in some opp zones is c or d for a reason. They are pushing dollars to the areas that need the most improvements and leaving it to private investors. Once the areas are improved you pray the neighborhood improves. You pray the rents improve you pray the taxes for everyone else get higher. You pray the schools and public services get better. And so on and so on.

This opportunity zone vehicle is being used by most capital gains coming from elsewhere and being put into weak areas of a state or city with the incentive that the taxes don't have to be paid. Unlike a 1031 which would be an eventual payment of the taxes.

@Angelo Pozzuto

I'm in the same boat. I am looking for opportunity zone funds to invest/ sell property too.

@Mark Creason

Does he need investors ? Or is he using a share platform?

So I have three lots all located in Opportunity zone I want to make better use of them. Is there anyone in accounting that can clarify for me. 1) do I receive capital gains deferal if I purchase the lots now and build houses. 2) do I let my accountant know that I own lots in o zones that need to be mentioned in it's paperwork so that I can achieve certain status during my filing 3) would I need to do these things only during the sale of these three large lots in the Bronx?

They usually do better by seasoned landlords. They also can't exactly give the property with a higher value after 6 months. I'm assuming your current loan with repairs is already more than the total value not the ARV. If its being rented you might be able to show that as income. Your credit score also matters. If you need the money for another deal then you can always try hard money and refi the next one.

I think if you are going to stay in the property for a while and rent out another room you can look into a heloc but even that requires that you've lived in the property a year in most cases. 

I would love to know where and how you got this deal. I am always looking for more property in berks county. More details always helps in solving your problem.

I'm in NY and invest in PA. Around the same area. It's difficult but always possible. If you are finding deals, I am interested in hearing them. There is insentive to finding good deals for people that are sitting on cash. And that could be a good way into wholesaling networking and analyzing deals.... 

Thanks for the heads up. I'm setting up for some auctions through xome and other sites in the next two weeks. Looking for an attorney in my area (Berks) that can also help with the closing in 30-60 days.