All Forum Posts by: Kyle Scholnick

@Jason Hirko

@Thomas S. What is confusing to me is these contractors are very well known. They have done numerous constructions in the area, I have seen their work, it is very very good and they came highly referred. 

Why would they lie about needing permits? Doesn't make sense to me. For them to get permits means more money for them since they charge to right up the plans and submit to the city. It is an extra few thousand dollars for them. So given that and the fact they are well known in the area and I would assume they want a good reputation and run a legal business, why would they tell me it is optional if it in fact wasn't? 

When remodeling a commercial office condo unit, the assumption is you need a permit for things you will do. Electrical permit, plumbing permit, building permit, mechanical permit and others if needed.

There will be no changes to the outside of the unit. Unit is owned outright.

However, upon discussion with contractors, they all state that you don't have to get permits, it is optional. If you do get them, they draw up plans, submit them to the local city hall and charge several thousands for this.

Seems to be in their best interest to make sure all their work is legal, get permits and charge a few thousand for this service. Yet they still state this is all optional and they can remodel without permits. The construction involves new floors, ceiling, putting up walls, paint, bathroom remodel.

Is this common? Are permits really optional?

If so, why would anyone get them?

I am looking for a property inspector for a commercial condo unit in northern Virginia (Fairfax, Chantilly, South Riding, Centreville, etc). I am also looking for a general contractor in the area to do construction on the unit.

Does anyone in the community have any recommendations or referrals? Thanks

@Joel Owens yes there is a condo association

there are tenants below, but not above, I am on the top floor

I am looking to purchase a commercial office condo. I would like to get an inspection to check for major issues relating to plumbing, hvac, floor, water heater, ceiling, etc. 

However, I am dubious about inspections as many inspectors seem like they don't care at all and all they do is turn the lights on and off, run the water, flush the toilet and then they want a check for $400. 

How do I find a good inspector to look at the major issues? 

Thanks

Two part question:

1. I am looking to purchase a commercial office space all cash. Is it best to buy on my own first and then form an LLC and transfer property at that time? Or is it best to form an LLC first and then buy the property through that?

2. Is it ever best to put a single commercial office space property like this in an S corp or is LLC always best?

Thank you

let's say I have rental property income of $15k per year, expenses of $4k and depreciation of $5000

I am in a 40% tax bracket 

When I write off my expenses And depreciation on my taxes, am I writing off a total of $9k (expenses plus depreciation ) or just 40% of those which is only $3600?

A turnkey provider in Detroit?

I have a better idea, take all that money you are about to invest with them and just flush it down the toilet. It will be a quick death instead of a slow and painful demise of your capital.

Anyone know any good Investor friendly real estate agents in the Northern Virginia area (Fairfax, Chantilly, South Riding, Centreville, Falls Church, etc.)?

I have tried working with a few regular agents and they were totally oblivious to anything investment related.