All Forum Posts by: Darshan Patel

Thank you everyone for your advice, i posted bit earlier but i guess it didn't get posted (used app).  I talked with my CPA, he was able to straighten everything out for me.  Trying to understand on my own was challenge as it required me to understand bit more then i knew, and my llc and situation was bit more complex then i originally thought.

Thanks again

I was trying to wrap my head around what my tax basis would be for a property. Because i refinanced it from my LLC (multimember to my name), and sold it in few months, what would be the property original cost basis?

Would it be the actual cost of property when LLC purchased it or the new loan amount when it was refinanced?

Also once it refinanced into my name, does the time reset for it to be considered long term capital gain/loss?  

Purchased property for 60,000 (6-2017), HML loan was for 78,000 with about 50k in closing cost(including down payment).

When it was refinanced, the new loan amount was about 145,500  with about 57k cash out.  At this point its in my name, and sold it for 178k (with 7k seller concession) (10-2018). 

Thanks again

Darsh

Forgot to mention, this involves property in nj.

I was taking with a lawyer about getting documents made for rent to own property. He pointed out something that was a concern for me. My original impression of rent to own was that it’s the same as regular rental, but with a buy date and additional funds being given as option fee. What he mentioned was that if I attempt to evict on a rent to own contract, it’s a different process and would take much longer. He mentioned if it’s regular rental, about 2 months for eviction in nj, give more take some factors; while rent to own could be up to 6 months or more. Did anyone aware of this risk, if so how do you mitigate the risk?

Looking for any recommendations or referrals for carpet contractors. I had one go to person, but haven’t heard from him for bit. Area I’m looking for is in Woodbury, nj 08096

Thanks John

I'll give her a ring

Thanks Jason No that’s just the showings, I get about 2-4 showings each week. I got cabinets coming, along with a professional photographer. Hoping to get this done by Monday, along with an adjusted price. Would u suggestion I mention the recent appraisal? Or about the new price in the descriptions? I plan to have them redo the description as well. Thanks again for the help Jason

Thanks Matthew, I’m thinking of giving it a good thorough clean. Plumber said to leave it, it’s fine, unless u really want to replace it. Offered to change where it shoots out, but don’t know how to make it less invasive yet. He’ll get back to me, maybe he’ll come up with something.

Looking for some advice or tips on my current property that’s listed. It’s been about 45 days with 18 showings but no offers. My listing agent is not too familiar with oaklyn area. So I though to reach out to other agents and investors to get their advice. So far I planned to drop price again along with adding in home warranty and buyer agent bonus. And based on feedback from open houses, I’m adding in additional pantry cabinets, for more storage. Any advice to help sell quicker or if this is typical for oaklyn area please let me know. https://www.redfin.com/NJ/Oaklyn/19-W-Haddon-Ave-08107/home/36263608

Thanks Jeremy It does have pvc pipes taking water out, It maybe the sump pit. I called plumber to take look at it closely. Hoping I can get solution figured out soon.