All Forum Posts by: Christopher Smith

Wouldn't you be able to depreciate your 315k cost basis over 27.5 years as soon as you place it into service (make it available for rent)?

What was their original purpose for holding the property in a trust? Avoid probate?

Do you know how the LLC files it's state tax returns?

You're dealing with an attorney who you are worried might "steal the money", very interesting relationship

Yes

If you're willing to do a little research of your own, you don't need an attorney. Clerks are famous for telling you that you do because they don't want to have to hand hold you through the process, and they can't legally do your job for you. 

So you don't need an attorney to do your own legal work, just a little initiative to figure out how to do it yourself. I fully probated two large estates without an attorney so I'm sure you can manage to get a title change done without too much effort.

I thought that leased real estate was specifically excluded from qualifying? Property management activities might qualify and tenants can use any benefits that they receive to pay you the landlord. But for you receiving benefits directly in your capacity as a landlord I'm not sure you qualify.

@Christopher Smith On the tax front, if you're resident in CA whatever you pay to SC you should normally get full credit for on your CA return so it will cost you nothing more.

@Craig Dieterich

Fully remodeled duplex, all major systems new, high paying tenants already in place, nothing to do for years, acquired sight unseen and over appraised at 35k.

Hope it's all true, but honestly something doesn't sound quite square. I can't imagine someone selling if that were the case, even someone who was totally desperate it would seem would hang on.

I invest at long distance myself and have acquired properties I've still never seen in person, but I've always gone for very high quality properties in very high quality neighborhoods and always have had my top shelf PM inspect before buying. Plus I turn away 20 for everyone I buy.

But who knows it takes all kinds and maybe it will work out as anticipated. Mine have done very well, good cash flow good appreciation.

Is he from Illinois then?