All Forum Posts by: Yoshi Uem

I am considering to invest rental property in Iowa City. I have some idea of areas and property specs but I want to learn more local information from local brokers who can help me to search and close. Possibly if you can give me a list of property management companies, I would appreciate it.

Thanks,

Yes, I looked at this page as well. I think it would be best that I will have a certified letter from 3rd party, but ultimately if syndicator or investment manager oked it with full disclosure, it is not going to be illegal from investor's stand point. 

Thank you Carl, for the case you had. It is very helpful. I'll contact a CPA also but make total sense to me.  

 Carl, thanks for your post, but do you have any reference to support? 

Best,

Matt, It's depreciated a half of the property (building) and get a regular 27.5 percentage of write off. So I think it is considered as rental property (= non primary). 

Hello!

I am trying to calculate my net worth to see if I am qualified as accredited investor.

Question is,

I own a duplex and live in one side and rent the other side. When calculating net worth for accredited investor status, is both units (entire building) is counted as the primary residence, OR only unit that I live in is counted as the primary residence?

I think (hope) that only unit that you live in is counted as primary residence. Because, for example, if I own 50 units apartment and live in one of unit, I don't think that the entire 50 units apartment is counted as the primary resident.

Does anyone know about this?

Thanks!

Hi Jamie, 
Yes, it is solo ownership LLC. Does it matter if solo (only me) or partnered (my wife and I) ownership LLC? Currently only myself in LLC.

Thanks,

Hi Linda, 

Thanks for your reply. Yes, she works for real estate business a way more than retails. This got me curious how she can prove the hours exactly that she works 750 hrs? She can obtain her hours from retails. But for real estate, Is she supposed to log time and work in case of being audited?  

Thanks,

Yoshi

Hi! 

I have W2 income and my wife works on and off at retails. We have 3 rentals that both names are in title. Those 3 properties are under my own LLC, and my wife is NOT in LLC or she does not have her own LLC either. As I have a demanding full time job, my wife helps and spends quite a bit time (more than 750 hrs a year) for rental properties and real estate business in general.

Is she qualified as Real estate professional? If not, is there any way that she can become one if we change the structure? 

What I am not so sure is that both names are in title but loans are only under my name. Does it matter? And also she is not a part of my LLC at this moment.

My understanding is that she doesn't need to be real estate agent or broker, but she has to own at least one rental property, and works more than 750hr a year for the real estate business.

Thanks for your time!

Yoshi

Hello, 

I live in one unit of duplex and rent the other for more than 2 years of last 5 years. Now I am thinking of selling it. Can anyone verify the tax treatment as of today that a gain from owner occupant unit is applicable for Sec 121 exclusion, and a gain from rental unit is applicable for 1031 exchange?

If so, is the gain simply divided to 50:50 between 2 units? My duplex units are almost identical.

Also, after sold, my understanding is that, I can purchase only non owner occupant property via 1031 exchange, but I can purchase either owner or non owner occupant property via Sec 121 exclusion. Is that right?

Thanks for your time!

Yoshi