All Forum Posts by: Jason Mak

@Albert 

@Albert Delacruz

Hi Albert, as Joel Owens mentioned, its best to go to the individual tenants website to look for their real estate contact or to rely on an experienced real estate broker (I'd suggest the latter if you are inexperienced).  You can meet a lot of the people through ICSC as well.

Anyone ever bought or owned an apartment with a non conforming unit?  Wondering how mail is received and if there are full utilities hooked up. 

Guessing that the postmaster needs to see a deed or something like that to add an address.  

@Joe Bourguignon

Hi Joe - yes, it'll work.  The seller financing would be treated as debt.  Hope that helps

Hi BP

Just thought I'd post this out there and see if any BP community members can recommend mid-size merchant bank or equity brokers.  I'm a developer with ground up projects in the $20m-$40m range as well as multifamily acquisitions. 

Jason

I switched from Quickbooks to Appfolio.  I'm very happy with the switch so far.

A tenant recently moved out and left our unit in a complete mess.  In the move out statement, we charged for all the cleaning and damages however recently discovered additional damages that we didn't charge for in original moveout statement.

Was wondering if I could go back and charge the tenant for the additional damages that we discovered after the move out statement was sent or even pursue the damages in court as the damages are quite extensive!

@Ashish Acharya @Dave Toelkes

Thank you both for your input...it's very helpful and gives me more to think about

@Dave Foster

Thanks for your input dave.  It's very helpful.  

@Dave Foster

Hi David - Thank you for taking the time to write a response to my question.

Would you mind expanding your explanation on your first sentance "you are not going to get capital gains out of that project - it's inventory and will be taxed that way".....I am under the impression that my condo sales would be taxed as short term capital gains.  Can you explain your phrasing "it's inventory" and if it benefits me?

I spoke to some other folks and they recommended that I hold onto the condos for 1 year so the sales would qualify for Long term capital gains and/or 1031 exchange

**Posted this in the 1031 section already, but this might be a better place to put this topic**

Wanted to check in with BP and see if anyone had any experience with selling new construction condos and any advice how on to be tax efficient.

I'm currently constructing a 37 unit condo project and plan to sell the condos individually at retail price. As I understand, most developers who do this have to pay short term capital gains on proceeds and doing a 1031 exchange is challenging, unless I purchase 37 individual properties. 

Alternatively, instead of selling the condos, we could perhaps "lease to own" the property for 12 months in order to reclassify the condos as a long term capital gain which would result in being a taxed a lower capital gain %.

Was wondering if anyone had any experience with this and any advice.

Thanks

Jason