All Forum Posts by: Gregory Wilson

In our area, it is rare to find a gas station where the real estate is owned by the operator. They are always leased here even for the corporate stations where they have a convenience store, a Popeyes or the like and a car wash.

When we do a shell, cost segregation is the best approach.

But I would urge planners to consider that the Sec 263 regs they rely upon for the justification for not expensing remodeling costs is actually an exclusion section which prohibits deductions under pspecified circumstances that being that the amount was: "
paid out for new buildings or for permanent improvements or betterments made to increase the value of any property or estate."

Sadly, it is not always about price. It is about supply and demand.  Price is a consequence not a predicate. There is no faster way to lose your pile than thinking price is a predicate for a sale. The OP in this thread needs to create a demand for her property. 

Quote from @Jacklyn Robins:

@Gregory Wilson can you be more clear about what you mean about a loss? Also, that’s not an image of my building. Can you suggest a way to update that image?

I am sorry, but it looks like you paid $390,000 for a building that might be worth $250,000. And, when you see your next tax bill, your heart will stop. I am truly sorry.  You now know you should have come up here and walked around at 10pm and sat on the corner for a few minutes to really know what you were buying. All real estate is local. Your local agent did not do you any favors unless he described the property as Jordan correctly did above.

You are right that your building is not shown and is only nearby. I think Google is pretty sensitive to remove the images of people and you could start by requesting that Google remove the photo since it is likely that it depicts your tenants (whether it actually does or doesn't) and see if they will do it.

I had not looked but I now see the bigger problem and that is that your Zillow listing shows the same thing. They will not change a street view which they choose from the address. I'd cancel and relist without the street address or use a slightly different address. But I would not continue the Zillow et al. listing with that photo. See what happens when you make a new listing for 3650 Reading Road.

Jackie: Sorry for your loss. thank you for posting because others will learn from your mistake. The Google Maps image from that address search looks like this:

This is not what you want to see when you are looking for an apartment whether it is NY or Cincinnati. 

Not problem. You have a friend, He will rent it in its present condition as soon as you make it available to him for $90 per month.  You have two days to place the property in service.

I don't understand why anyone would want to buy into a tenants in common situation with a co-tenant.  I am open to learning something new.

Quote from @Trevor H.:

Hi All,

I just closed on a SFR in Cincinnati (Hamilton County) and our property taxes will increase significantly. We anticipate we'll pay approximately 2.25% of the purchase price. It's my understanding that the previous auditor only had the position for eight months, jacked everyone's taxes up, and then resigned and passed away. Now, people are fighting back to appeal the raises.

At this point, I'm planning on contacting the county and the auditor, but before I do this, I wanted to find out if anyone on here has had a similar experience in Cincinnati and if they've found any success in appealing property taxes.

With gratitude,

Trevor

Sorry I missed your post earlier.

Petitions for revaluation are filed only between 1/1 and 3/31 each year. By law, the most recent purchase price is the default value and it is impossible to overcome unless the property was destroyed after the recent purchase. That is why we conceal the purchase price whenever possible. Not easy to do with bank financing. Ask me off public to explain.

But, the point is, you are going to pay based on the purchase price.

I can tell you a lot more but don't expect it to help.

And if I need help with my debits and credits or my Turbo Tax input forms I'm sure to call a CPA.