All Forum Posts by: Justin Chan
Justin Chan has started 9 posts and replied 24 times.
Please contact me if you are capable of processing a 40 yr dscr loan in the state of RI. Thank you.
Post: 1031 exchange. Any exclusion if lived in the property 1 out the last 5 years?
- Posts 24
- Votes 7
Quote from @Dave Foster:
@Justin Chan, You might be eligible for a partial tax free exclusion if you had to move out of the house for medical or job related reasons. Your accountant would be the one to decide that.
If you do qualify you will be able to take the gain allocated for that exclusion tax free. And you can 1031 exchange the rest.
Best of both worlds if you qualify. But if you don't you can still do the 1031 exchange on the entirety.
Thank you!
Post: 1031 exchange. Any exclusion if lived in the property 1 out the last 5 years?
- Posts 24
- Votes 7
In need of help from a CPA or accountant that is familiar with the state of RI. I am about to 1031 exchange an investment property for another but I did live in this property 1 out of the last 5 years. Was wondering if I can get any type of exclusion? Thank you any information will help!
Post: Single family or multi family rentals for 2024 and 2025?
- Posts 24
- Votes 7
Just want some feedback on preferences. If cashflow/roi are similar. Would you rather invest in single family rentals or multi family and why?
Post: Looking for a CPA with cost segregation experience.
- Posts 24
- Votes 7
Quote from @Sean O'Keefe:
@Justin Chan I'm not sure location matters in the case of cost seg, but they should be familiar with Rhode Island State tax laws, and Real Estate
If you don;t get any recommendations for RI-based CPA and you are open to working with CPA remotely, you might check out Biggerpockets Tax Directory of Real Estate CPAs accepting new clients.
Keep in mind, with the 10/15 filing deadline around the corner, you are searching at a busy time of the year.
Post: Looking for a CPA with cost segregation experience.
- Posts 24
- Votes 7
Quote from @Anthony Thompson:
@Justin Chan I have someone who may be able to help, he’s a CPA and an active investor in RI.
Keep in mind that there’s often a threshold for cost segregation studies to be worth it, and it may not be worth it (will cost more than benefit received) for a small multi like a 2-4 family.
But obviously that’s a conversation you can have in detail with whatever CPA you consult on this question 😊
Yes thank you! I would like to connect with the cpa if possible and just bounce off strategy ideas to see what works best.
Post: Looking for a CPA with cost segregation experience.
- Posts 24
- Votes 7
Looking for a CPA that has experience in cost segregation in the Rhode Island area. If any suggestions please let me know. Thank you!
Post: Time frame and advice on subdividing land
- Posts 24
- Votes 7
Quote from @Wayne Brooks:
@Justin Chan Most areas in FL with 1 acre lots Require 1 acre for a home site. Talk to the local Building and Planning dept., they can tell you what the minimum lot sizes are for that particular subdivision. If there is no public water/sewer service there, that is the reason as typically there is a 1 acre minimum for wells and septic.
Post: Time frame and advice on subdividing land
- Posts 24
- Votes 7
Thinking about purchasing roughly a 1 acre lot in Florida. Ideally would like to subdivide it into at least 3 or more buildable lots. Time frame is kind of a concern of mine. Was wondering if anyone has done this in the past and has any advice. Thank you!
Post: LOC or cross collateral loan on a mixed use property in RI
- Posts 24
- Votes 7
Quote from @Chris Seveney:
@Justin Chan
We work with a few that will, but if it’s cross states may increase the rate and or points. Happy to run it by them
That will be great! Let’s connect!