All Forum Posts by: Les Jean-Pierre

Good stuff and I appreciate the information. So, there is a wrinkle I forgot to add. I inherited the property with my sister. We have not figured out how we will divide the property. If I buy her out relatively soon, then she would get hit with the tax on depreciation recapture I presume.

Another question is if I improve the property, I know that the costs of the improvements are deductible but can they offset W2 income(I am thinking no but want to check).

Thanks!

Noted. THanks

THanks for the link. 

Hey Ned, the property should throw off a lot of cash so I would offset the income with the accelerated depreciation over a few years. But, I might get enough depreciation without doing a cost segregation. Good point.

Hi, I just inherited a property. I will do a cost segregation. But, I will also put some money into it to fix it up. Should I do the cost seg first? Or does it matter? I am aware of 100% Bonus Depreciation. Thanks!

They are very hard to convert. You need a Certificate of Non Harassment from current and past tenants. Then I think you have to convert the C of O. Google some articles but a tough road ahead.

Would be interested to hear of a good one too. I defeated my old insurance company on a claim and they dropped me.  

They ended up losing a property worth around 1.5 million for back taxes of 25k. Sold at auction for 1 million. They are trying to fight it but won't win.

Hello All, So, I located where an owner lives. They will lose a property for almost nothing at a foreclosure auction soon. Sent some letters, then went to the house. No one is there. Later found out that one of the owners had a stroke. No clue as to what is up with the other. I think my take away is instead of running around like a madman is to send out letters to what I think will be a good list, beef up my website and hold some meetups. My family has some good will in the area. Thanks for your input.

Welcome aboard. I used to do Section 8 in NYC but then it just didn't make sense. I would say it makes sense if what they are paying is close to market. Some of the headaches are inspections(where one person says something needs to be fixed and the next is like the issue is ok), dealing with the office. Do you or are you planning on investing in California? Might not make sense.