All Forum Posts by: Crystal Ribail

Quote from @Basit Siddiqi:

Quote from @Crystal Ribail:

How would the reporting of taxes be considered? Do both parties need to be on the deed or will the cpa then create K1s for any profit or loss based on the operating agreement? Appreciate any insight. 

 Title of the property will be held in the name of the entity.
There is a partnership return where there will be K-1's given to each partner/member/investor

Thank you for the response. In my case the title is under my individual LLC. Would there be any way to change just the title and not the loan to the partnership entity without a refinance? Would this be considered a subject to situation?

How would the reporting of taxes be considered? Do both parties need to be on the deed or will the cpa then create K1s for any profit or loss based on the operating agreement? Appreciate any insight. 

Thank you for all the responses! Have a tax strategy meeting set up for this week to review my options. 

Apartment owner selling with a 600k gain want to know options to reduce tax liability. Background the apartment is a 26 unit and want to understand my options to reduce tax liability. I would like to get into notes potentially. Or is the only other option to be a passive investor to a larger deal? Ultimate goal is to be passive as possible. Appreciate any insight. 

Quote from @Russell Brazil:

Quote from @Greg R.:

$800-$1,150 + $300 for additional workshops... too rich for my blood. Would love the networking but not for that price. 

Year to date in 2022 Ive brought in $28,786 from direct business because of people I met at BPCon 2021. I project roughly double that number for what should be my yearly total. Definitely a very good ROI for me.

Very excited to attend my first BP Con. I owe so much to what I have achieved this past year because of bigger pockets community and networking. I attended best ever conference where many others from BP community also attended was well worth the price. To date I have closed on 2 apartment complexes. Many people spend way more on a weekend in Vegas or California. Truly the community is about helping others grow their network and their net worth. 

Quote from @Russell Brazil:

Quote from @Greg R.:

$800-$1,150 + $300 for additional workshops... too rich for my blood. Would love the networking but not for that price. 

Year to date in 2022 Ive brought in $28,786 from direct business because of people I met at BPCon 2021. I project roughly double that number for what should be my yearly total. Definitely a very good ROI for me.

Quote from @Alexandra Hughes Pailet:

Quote from @Crystal Ribail:

If i'm already a pro member how do we register to get the pro member price? Is there a promo code? Appreciate any assistance excited to go to my first BP CON! 

 Hey Crystal! There is an option to select the $800 Pro price when you're registering! 

 Thank you! Registered! = )

If i'm already a pro member how do we register to get the pro member price? Is there a promo code? Appreciate any assistance excited to go to my first BP CON! 

Good Evening, 

I just want to thank all of you that replied to my question and provide an update. This week I closed on the apartment complex. What I have come to realize is that in order to be successful in REI and in commercial real estate investing is problem solving skills. Truly this thread started that process for me to not turn down an opportunity and analyze the deal and solve the problem.

I was able to structure the deal with partial seller financing and bank financing. This allowed me to close with a down payment of 110K. I did create a partnership LLC. The property is currently 100% occupied. This is a value add deal as the rents are below market and opportunity for property improvement.

This also has led to a second apartment under contract. In this deal with the experience from the first I was able to structure a similar deal with seller financing and bank financing as well as seller credit and no payment on seller financing for the first 6 months. 

The overall goal is to add value to the properties as soon as possible and then refinance to take out the initial investment and pay off the seller financing. I truly appreciate the willingness to help and offer input.

Details of the 26 unit apartment complex. Sales price 1.3 mil 50k per unit value add. Property is self managed by the owner, deferred maintenance and rent increase. 

Current rents:

25 units 675

1 unit $800

Current monthly income $17,675

Property has laundry facility that averages $700 in additional income.

I had the property manager that I have included in the analysis attend the property walk through and ran apartment compare evaluating after new appliances and paint would rent for $750 per unit and the one 3 bedroom unit to $850 which would bring our income once completed to $19,600. We are working to obtain current lease information, rent roll, and T12.

The seller financing he is offering is 40% down and interest of 5%. This was not something I was wanting to do but with finding the problem he wants 40% down because his outstanding loan is a little over 400k.

In your experience if I want to put little capital towards a down payment to be able to use the capital on the repairs we are looking to make to add value would you recommend structuring the deal with a lender on obtaining a loan for 450k which may still be 20-25% down and remaining work with the seller on terms of seller financing for the remaining sales price?

I appreciate all the insight that has been offered this has helped me continue to pursue this deal as it will be my first large multifamily property.