All Forum Posts by: Raza Rizvi

Does anyone have any recommendations or other ideas to collect a judgement? I am looking for a collection agency but they all have bad reviews. I am looking in the bronx (nyc) area but open to all.

Thanks

hello, I was wondering if you explored this company? I am curious about them and was wondering.....

Thank you @Tanner Crawley for your clarification. This all really helps 

Canesha Edwards - thank you for the detailed explanation. You really seem to know your stuff. One more question.. do you know if the renovation money can also come from the opportunity fund? For example if I have $200k of funds to defer. Can I buy a property for $100K & put in another $100k from my funds to improve it? Hope my question is making sense Thanks again

Hello fellow investors, Can anyone please clarify if a single family or 2 family rental home can qualify as a business property if it is in an opportunity zone & I plan to substantially upgrade it per OZ requirements? Also if I take my capital gains from a sale of another property. Invest it in a 2 family in an OZ, let’s say purchase it for $100k and then add another $100k to renovate it. Would that qualify as a tax deferral? Next question - if so, then what happens if I sell it and put the proceeds back into the same fund. Is that possible/allowable? Not sure if I’m making sense. Sorry this is all new to me.

@Matthew Ryan  thanks for your feedback. I found this to be helpful 

https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions

If I opt out of 1031, all I need to invest in the Opportunity fund will be the gains. The initial downpayment etc. I can still cash out? Correct? Or am I missing something

@Dennis Maynard Thanks for your reply. Does my initial down payment count towards the cost of acquisition? 

Hello fellow investors. 

I had a question. I am selling an investment property and wanted to understand capital gains correctly. When I purchased the property I put down 25% downpayment of my own money + closing costs. 

Then came closing costs for the sale of the same property along with realtor commission. 

Question is will I pay capital gains on it all or just what is left after all the deductions mentioned above? 

Also wondering what to do with the money - 1031 exchange or take advantage of the new tax law with opportunity zones. 

Hello, Need the advice of this board.

My sewer backed up into my unfinished basement. I got the drain snaked and it drained the water. The issue is that some water seeped into my neighbor's finished dug out basement. I did find out that his basement was finished without permits. He is saying that he will involve his insurance company or if we could work out a deal and I can pay him five grand. What should I do? Pay or let his insurance come after mine?

Any advice would be appreciated.

Hello everyone, I have a property that I rent out in the Bronx where I am in the process of evicting a tenant

I received an order/judgement from the court for obtaining possession on 8/10/18 (outcome of filing a holdover case). I recently heard that the tenant can file for an order to show cause for an extension (even after the vacating date of 8/10/18 date). How do I find out if the tenant has done that? Wondering if anyone has experienced this or has any words of advice.

Looking forward to get some feedback. Thanks all!!