All Forum Posts by: Sean Williams

Greetings BPers,

This is a question directed more towards the accountant gurus of the crowd, or those with experience in this type of specific transaction...

I have a situation where I'll be acquiring a property via a quit-claim deed from an LLC (family member) into my personal name. The property is owned free/clear by the LLC and I will not be getting a mortgage on the property. Also, the property was bought in the LLC over 12 months ago for $95k and is now worth about $150k (fair market value).

What can I expect Uncle Sam to come knocking for....Should I expect a gift tax on my end? AND will my family member be subject to a capital gains tax since it's being sold from an LLC?

Any other surprises I may expect? Thanks!!

@Greg Hammond this is a question for the attorney, but if you only have 1 party on the HUD then what is the purpose of the HUD? Is someone purchasing the property from the seller?...why else would you be using a closing statement unless the property was being transferred/sold?

@Clay Smith Best of luck to you Clay, looks like a big undertaking but I anticipate you'll be able to knock it out of the park once again!

@Wayne Shemwell

 Try Cory Adkinson at Covenant Built 502-220-6670, they're located on Shelbyville Rd in Middletown. Tell him I sent ya!

@Steven Tawresey I second the areas Chuck mentioned above in Louisville, KY including the NuLu district to the north of Germantown. Also, certain pockets of the Highlands and Frankfort Ave areas are good as well if you'd interested in multi-family units, however they'll be harder to come by in today's market.

I'm a local broker associate in the area and work a great deal with this age class of buyers and renters so I'd be happy to direct you in the places they're looking to currently rent.

Howdy @Z Smith - welcome to the BP community. Do you know what you're looking at doing with the SFH...wholesaling, rehabs, rentals? Im an investor friendly realtor and own rentals myself. Feel free to message me if there's anything I can do to assist ya!

Building generates $2350/month rental income, with a net CAP rate of 10.25. Nice 5 unit multi-family investment property that includes 2-2BR, 2-1BR, and 1 efficiency owner's suite, (perfect for Landlord office). The exterior of the property has been recently painted, a new sewer line installed, new electrical upgrades, added landscaping, with some new appliances. The two downstairs apartments also have in unit washer/dryer hookups.

Separate electric and water heaters, gas is not separately metered and owner has been paying - however could utilize "RUBS" program.

Size: 3,615 SF
Sale Price: $179,900
Unit Price: $35,980 Per Unit
Sale Terms: Cash to Seller
CAP Rate: 10.25
$28,000 Gross Rent Income
$18,000 Net Income

1 mile from I-65 and approximately 15 minutes from Louisville International Airport. This property would be a nice addition to any investor portfolio!

Incredible renovation!!! Such a large project to take on, but it turned out amazing. One lucky buyer will love it.

@Chuck B.I also use NREIG on a few of my recent rentals. My point of contact is Kristin Stead ([email protected]), I've found email to be a quickest response time. Hope this helps!

@David KosiorekCongrats on your success! Love the idea of talking with your post office carrier, I am sure they come across potential sellers all the time!