All Forum Posts by: Soumya Brijesh

@James Mcsweeney That's pretty cool. I should be reading the lease end to end. i have the old leases and have hired a lawyer to formulate a new one. 

@Jimmy Chao yes I will be managing it myself. the building is an hour away from where i am. 

@Mason Hickman @Steve Morris thank you !!

Hello All, 

I am closing on an 8plex in 3 days. I am going to self manage this property. So my first stint in Property management. The 8plex is 100% occupied. I would love to hear your thoughts on what should I be doing during the first week. 

Here is what I have as a plan. 

1. Introduction--how will I do this? Put a notice on the doors or in-person meet?
2. Get new leases Signed by all tenants
3. Inspect all units for current conditions
4. Setup RentRedi Or Buildium as property management software and rent collections
5. Transfer Waste management to my name
6. setup bank account for rent collection

@Bill Exeter @Mark H. Porter thank you  and appreciate the quick responses

Hello All, 

I came across Opportunity Zone topic while chatting with someone and wanted your thoughts on it. 

Here is my situation, I am selling a (Multifamily) property in Ohio to bring my next investment(Multifamily again) close to where I live. My area is considered as an "Opportunity Zone". My gain from my current sale is in the range of $150k. I was initially thinking of doing a 1031 Exchange as a popular strategy to save on taxes. 

But then the topic of Opportunity Zone came up. I am told this may be a better option since I plan to hold my next investment for at least 10 years.  Let me know what you guys think and might be a better strategy for long term wealth?

All I got from talk was after 10 years opportunity zone don't have any taxes on the sale. 

@Mark H. Porter thanks for the response. No the LLC didn't file taxes. I filed it on my personal return

Hey Guys, Question :- I have a property in Ohio under a Sole Member LLC that I am selling and doing a 1031 on another property in Texas. Can I setup a similar Sole Member LLC in Texas(with a different name) and buy the new property ?

@Erik Orozco what date and time ? Are you setting this up?

Does anyone have a referral for a 1031 intermediary service? I am selling my duplex and went under contract this weekend.

@Boone Tyson Congratulations! Looks like a good job on the rehab. How much did you spend on the rehab?