All Forum Posts by: Dante Williams

Originally posted by @Brandon Hall:

@David Beard your CPA/real estate attorney is getting confused with selling a business vs rental real estate. It seems like Turbo Tax is as well.

When you sell rental real estate, Sec 1250 property, the entire depreciation recapture is due in the year of the same regardless of whether or not the installment method is used. This is supported by Sec 453(i)(1) and Pub 537 (see Depreciation Recapture Income paragraph).

When you sell a business (inventory, equipment, accounts receivable/payables, intangibles, buildings), you play by different rules.

Three paragraphs above the example you cited, we have this paragraph:

"Sale of a Business

The installment sale of an entire business for one overall price under a single contract is not the sale of a single asset."

Because I don't have time to go into further detail (tax season!), read this NOLO post (written by a tax attorney).

Also keep in mind - just because someone is a tax attorney doesn't mean they didn't stumble through their education and research. What do you call a med student that graduated with all C's? A doctor :) 

Your response sparked and idea. I'm by no means a tax pro but, could depreciation recapture be deferred if the property was held in an LLC and a controlling interest in the LLC was purchased? This would make it an installment sale of a business correct? I'm interested in your response.

Robert, If you are using list source for absentee I believe they have a way to filter new absentee leads that you haven't pulled yet. I've only mailed absentee once. The other lists that I mail are pulled manually so I had a guy on Upwork create a spread that compares my previous 5 lists and outputs only addresses that I haven't mailed yet. He only charged $50

Try Erica Cuneen or Mary Beyond Properties

Have you tried the Community Investment Corporation Chicago? Their website has tons of free info including forms and a property management manual that is Chicago specific. Here is the link: http://www.cicchicago.com/documents-training/supplemental-forms/

I've recently begone a new strategy of making offers on $1,000,000 property in hot areas. I found myself way less confident when negotiating with sellers and hit roadblocks with overcoming objectives. The owners tend to not be in distress so it's rough getting that low ball offer accepted. Has anyone had this issue before? If so how did you push through? What are your thoughts feedback welcomed!

Hey BP; how's it going? Each month I manually pull data for a mailing list. I'm trying to ensure that the list that I pulled 5/1/16 doesn't contain any addresses from previous lists.

Lorren Lacey my name is Dante. I've been wholesaling in chicago for a number of years and I frequently wholesale in in the Bronzeville neighborhood. Feel free to inbox me.

Just a follow up. I got one property under contract. Buyers are interested but have not received a solid commitment yet. Thanks for the advice guys.

thanks for the feed guys. Jesse, I appreciate the advice you're not busting my bubble at all. My strategy is always to elicit as much info as possible before deciding to make a trip to view the property. The info I've been able to get so far is number of units and bed count. One of the properties is a 24 unit and they are evicting all 24 tenants very poor management. My attempt to get questions about operating expenses have been a little challenging

Good morning all. I'm new to multi family investing. I've been a real estate wholesaler for 5 years and have wholesaled 2-3 units however this is my first attempt at commercial apartment buildings; I have 4 viewings scheduled tomorrow. I plan to either wholesale the properties for cash or negotiate seller financing and wholesale the properties. My question is I've been having  a tough time getting financial details about the properties before going to view. The owners bulk at the idea of discussing the financials before I view the property. Is it typical for commercial property owners to discuss the financials after viewing and receiving a letter of intent?