All Forum Posts by: Beverly Buella

I literally just came across this a couple of wks ago so thx for posting @Chris Corbin!  Just an idea I had with my seller, and wanted to run it by you all. Similar to the owner in Chris' situation, the person I'm talking to wants to sell because he's tired of managing the property. I suggested a 1031 exchange and in reading the language of what they can actually purchase, it says the asset must be similar, not exact.  So I suggested the owner buy vacant land in an area that's appreciating- the purchase is still real estate, so it's similar right? So lower taxes, no tenants to manage and he avoids capital gains- right? Or am I missing something? 

Thx for the reply, I appreciate it. We are not looking to make the most amount we can per item (because there's so much) and are not looking to spend time putting individual items up for sale. Ideally, 1 person would come in and make us an offer, but we'd probably get a better price if we sold them to individuals who specialize collecting in the different areas. We're in contact with some potential buyers/antique collectors and auction houses. We have an antiques consultant that will advise us on the best way to proceed, given our timeline.  I'm hoping to hear from someone who's gone through the process to get some tips and get an idea of how they made out in the end. 

Hi there,

My husband and I recently purchased a property with a ton of stuff that I thought was trash, but is actually valuable.  Think Hoarders meets Antiques Roadshow.  Has anyone gone through this process? We are in the process of sorting through everything so that an appraiser can come, then we can hopefully sell everything off at a discount to an antique dealer or auction house. If you've gone through this, what's been your experience? How long did it take you to sell off your items? Did you get 1 appraiser or several? For example, I don't know if 1 appraiser can give an accurate value on Colonial period art, French antiques, Asian art, etc.  If you're located in the Philadelphia area, please feel free to reply or Inbox me. Thank you!

Following this post. I'm located in Lower Merion and do business in Philadelphia and surrounding areas.  I'm looking to change my accountant for the upcoming year. For those that have a "good" real estate investor friendly accountant, can you share what your accountant does that makes them stand out from others you've used in the past or why you've remained loyal to them?  Honestly, I have minimal problems with my current accountant, but I can say that I'm pretty sure that he doesn't have too many real estate investor clients, based on conversations we've exchanged on how certain transactions should be taxed.   Curious to know whether your CPA advises you on the best way to proceed with a transaction from a tax perspective, or if you have someone else in your power team that you use to do that for you.

Good morning,

This is for anyone who has built a new construction home in the Main Line area of the Philadelphia suburbs.

Lot is .16/acre, located in Bala Cynwyd.

What number would you use to determine the cost per square foot?  The high end finishes are not necessary for me, since I intend on living in the property.  I've heard $150/square foot and am curious to know whether that # is realistic or if it's much higher. I'd like some sort of baseline to work with when getting estimates from builders.

Thanks so much-

Bev

I was just at the Summit and it was an awesome event.  I'm based in Philly and would normally be down to make the drive up, but got lots going on this weekend starting bright and early tomorrow.  Good luck and hope it's a success.

Thx for that info @j.martin! Just curious- any developers attending who specialize in dedicating a portion of their properties to rent out to non-profit orgs or community use? I'd love to connect!  i.e. I know a local developer who uses his multi-unit buildings to house veterans that are transitioning back to a civilian society, with a portion of the rent subsidized by the government. And another local developer who's had a significant impact on the vibe of a neighborhood because over the years because of his focus on being a part of projects that have an immediate and tangible impact on a community.  Just looking to connect with developers who have intentionally changed the dynamics of a community through their development- not through new residential construction development but by putting thought behind curating the tenants to fill the needs of a neighborhood. Thx!

What's attendance like for East Coast folks?  I'll be coming from Philly so it'll be nice to connect with people from the East Coast. But it won't keep me from coming, that's for sure!  Looking forward to it.

@Harshil Kakadia Thanks for your feedback.  To clarify, as of now, you don't own the property, the bank does and you will be buying it in a week with the occupant, correct?

Have you tried talking with family members to have them reason with her?  Is she the previous owner or is she a tenant? Did she inherit the property?  What I did was find out all that information and then I asked a few real estate attorneys whether my occupant had a strong case to stay in the property (prior to buying it) and everyone said no. Which is why I didn't expect to be in a scenario that would take 2 1/2 years to get her out. In the end, they were correct, but I don't know if I'd buy it if I didn't know all those answers.

Just as an update, it took about 2 1/2 years to get the occupant out.  I ended up selling it AS-IS after it was vacant and my buyer was able to make a nice profit.  Lots that I learned and I'd probably do it again. However, I did not intend on it taking that long- I thought it would take around 1 year.  I'm not gonna lie, it was definitely stressful, but it helped that I did my due diligence before buying it.