All Forum Posts by: Scott Krone

Nicely done - true to the character of the original design with current amenities.

@Corey Kenney  You will learn the core concepts behind what and why Than and his partners do what they do.  If it is appealing they will most likely offer you a three day class on their concepts for their program for a very small fee (in the past under $200).  If you like that, then you can assess the value of what you received and determine if you wish to continue.  If you are a newer to real estate, I recommend both as you will learn a good amount of information.

Other ones are @Ryder Meehan VIG

@Duke Giordano  much good advice above.  If the available assets to be deployed are from capital gains realized on or before 12.31.18, you have other options available to you via Qualified Opportunity Funds.  We just presented at the recent Opportunity Zone Expo, and one of the creators of the OZ tax laws, Steve Glickman, described this legislation, as the "most powerful tool in the entire tax code."   May be worth checking out.

@Kelly Putz  The best site is the IRS.  Here is a good overview summary from PWC

@Kelly Putz  - I would encourage you to read the newly release guidelines.  That being said, that is how we read it.

@Kelly Putz, @Shadonna N. - There certainly are advantages for investing in an Opportunity Zone.  A few important items to clarify.  It is not just buying the property, investing an amount in proportion to the purchase is also required.  50% of the acquisition price is required to improve the property.  

Second, the investment has to be made via an Opportunity Fund. The IRS does not want an A to A investment - meaning if Person A can not invest in a property owned by Person A. Disqualified investors similar to IRA's is the governing rule. So Person A invests in Opportunity Fund, then Opportunity Fund (B) invests in the Property owned by LLC (C). So, the transaction is A to B to C, not A to A.

Here is a blog we posted in response to when they originally came out.  It is an general overview.  That being said, updated clarifications have come out as recently as last week.  https://blog.codamg.com/what-you-need-to-know-about-opportunity-zones

@Josh Klauber well done on your success. With regard to your questions. NNN typically offer the least amount of involvement to manage on a day to day basis. Assessing the risk with respect to your goals will impact which asset class and returns you determine are acceptable. The "safest" asset classes will yield approximately 5% cash on cash.

That being said, partnering on a 1031 is a challenge, and I would encourage you to seek expert advice.  @Dave Foster is one who works within the 1031 world.  To accomplish similar goals but with additional options would be real estate that utilizes an Opportunity Fund (by definition located in an Opportunity Zone).  It offers similar tax shelter as a 1031 but allows for the structure to be different.  Opportunity Zones are in every state.  As with 1031's they offer pros and cons. 

i agree with @Alina Trigub the first step is to define your main goal - asset protection, growth, tax shelter, all the above.

@Jacob Sampson  Self storage has become more in vogue these days.  It is very demographic driven within a 5 mile radius.  So while you may feel it is the new rage, there are areas which are under served.

@Mike Lee  - @Michael S. is correct. It is the same for both a partnership and solo. The name of the LLC can be just as simple as the address of the property (123 Main, LLC). The name is not nearly as important as the LLC structure and operating agreement.

Not sure how one can say from a post whether someone will or will not make a good partner because they want to use an LLC verses having a property in their name.