All Forum Posts by: Tony C.

Investors, I’m in the processes of purchasing an apartment building and during my diligence period, I've turned up over half of the tenants do not have occupancy permits on file with the local agency. The previous PM/Owner did not apply for occupancy permits for more than 20 tenants with current leases.

How can I remedy this? Not sure of how to request compensation as I'm not looking to walk away from the deal.

I'm looking for information to convert a two small 8 families that I have to senior housing.  Anyone aware of the process or where to start?  currently the buildings do not have any specific tenant mix.  How can I convert but stay in compliance with housing laws?

Wow.  some very useful advice!  The numbers work, but my primary concern was the relationship between 1 bedrooms and turnover.  thanks for all of the good information --

I have an opportunity to buy a 20 unit apartment in the St. Louis area.  My primary concern is that its all small 460 square feet 1 bedroom units.  Looking for the forums thoughts concerning small one bedroom units.  The apartment currently has 14 of the 20 units occupied.  although this is a foreclosure it appears that the vacancy was high the 2 previous years as well.  Thoughts?

Hi,

I'm looking for a CPA in the St. Louis area. Not really looking for the Big Box firms at this time.. I've been there and since I'm a small investor, I just did not receive the support I needed and I was passed on from person to person and couldn't get on-going support.

Really looking to establish a long term relationship as I continue to grow.

Thanks,

Steve,

thanks for the comments and the reference to the IRS documentation to clear up this matter for me!

Most real estate strategies suggest that I hold one to several properties in an LLC. Therefore, it sounds as if this also goes hand in hand with creating a new partnership return for every LLC unless they are single member LLCs. I could see this as being very cumbersome. Any suggestions on how others handle this?

Also, what if I hold financing in my personal name on some of these properties and I have simply moved them to the LLC for additional libiliaty protection where as I have to move them in and out of the LLC when I refinance? any thoughts?

I know some of these questions are outside of tax... but any thoughts? anyone?

We (husband and wife filing jointly) are looking for a CPA. While interviewing CPAs to file our 2012 taxes we are trying to determine if we should file a partnership return or listed all of our properties on our schedule E.

Currently we have titled our 16 properties in 4 LLCs and we have a 5th LLC where we manage our properties. One CPA is telling us that we need to file a partnership return for all LLCs and the other CPA is telling us that we can place all properties on our Schedule E and use Schedule C for our property management activities

We like the Schedule E and C approach because it's cheaper.

What approach is correct? Or is both approaches okay?