Thursday, October 18, 2018
DIVERSE REAL ESTATE: Buying a property as a 1031 exchange to avoid payi...
DIVERSE REAL ESTATE: Buying a property as a 1031 exchange to avoid payi...: October 2018 Buyer beware! SO YOU HAVE OWNED PROPERTIES AND BOUGHT PROPERTIES FOR DECADES. You know everything right? If you are buying a...
Buying a property as a 1031 exchange to avoid paying taxes is good,except if you are buying an 'AS IS' property
October 2018 Buyer beware!
SO YOU HAVE OWNED PROPERTIES AND BOUGHT PROPERTIES FOR DECADES. You know everything right?
If you are buying a Property with the condition 'AS IS' in the contract you better think 10x's about it. And if your attorney lets you sign the contract will he pay your future fines, penalties, and loss of income?
A simple example for illustration purposes. Let's say you buy a 16 family unit building. Lets say it was built in the 1970's. So you go inspect it, check out the income, expenses, and you offer a price and the owner excepts it but accepts it 'AS IS' condition.
If you sign that contract doing a 1031 exchange and close on it, you are walking a tightrope each day thereafter. Reason being,
when the property was built it stated on the plans, two Doctor offices in the basement. Okay. But now there is four apartments in the basement. Now what?
Is it possible that you the buyer are not aware of this?
Is it possible your attorney who represents you doesn't bring this up?
Is it possible from the Title report that you read it and discard what it says?
All you need is one tenant who gets pissed off at you and he calls the buildings department. Next an inspector arrives to view the building and discovers the apartments are illegal from the original plans and approvals.
Results- All tenants paying the rent has to be put in an escrow account until illegal apartments are removed, building reinspected, and the time frame is at least a year minimum.
Don't believe this ask your attorney.
'AS IS' can be the most costly problem you ever faced in your life.
BEWARE!
JIM TURANO/BROKER-DIVERSE REAL ESTATE WITH 40 YEARS OF EXPERIENCE
CELL 1-347-837-9206
SO YOU HAVE OWNED PROPERTIES AND BOUGHT PROPERTIES FOR DECADES. You know everything right?
If you are buying a Property with the condition 'AS IS' in the contract you better think 10x's about it. And if your attorney lets you sign the contract will he pay your future fines, penalties, and loss of income?
A simple example for illustration purposes. Let's say you buy a 16 family unit building. Lets say it was built in the 1970's. So you go inspect it, check out the income, expenses, and you offer a price and the owner excepts it but accepts it 'AS IS' condition.
If you sign that contract doing a 1031 exchange and close on it, you are walking a tightrope each day thereafter. Reason being,
when the property was built it stated on the plans, two Doctor offices in the basement. Okay. But now there is four apartments in the basement. Now what?
Is it possible that you the buyer are not aware of this?
Is it possible your attorney who represents you doesn't bring this up?
Is it possible from the Title report that you read it and discard what it says?
All you need is one tenant who gets pissed off at you and he calls the buildings department. Next an inspector arrives to view the building and discovers the apartments are illegal from the original plans and approvals.
Results- All tenants paying the rent has to be put in an escrow account until illegal apartments are removed, building reinspected, and the time frame is at least a year minimum.
Don't believe this ask your attorney.
'AS IS' can be the most costly problem you ever faced in your life.
BEWARE!
JIM TURANO/BROKER-DIVERSE REAL ESTATE WITH 40 YEARS OF EXPERIENCE
Monday, October 8, 2018
DIVERSE REAL ESTATE: 1031 EXCHANGE PROPERTY -A BRICK SEMI-DETACHED WITH...
DIVERSE REAL ESTATE: 1031 EXCHANGE PROPERTY -A BRICK SEMI-DETACHED WITH...: Or just read informative article by experienced Broker of 40 years-JIM TURANO* OCT. 9, 2018 Investing with Real Estate Properties t...
1031 EXCHANGE PROPERTY -A BRICK SEMI-DETACHED WITH 15 UNITS, ALL SINGLE BUSINESS WORKING TENANTS, MIDDLE VILLAGE,NY11379
just read informative article by experienced Broker of 40 years-JIM TURANO* OCT. 9, 2018
Investing
with Real Estate Properties that give you a minimum of a 7% Cap rate of
return and in addition a greater growth of appreciation each and every
year. Many today are taking advantage of doing what is called a 1031
Exchange so they avoid paying taxes. Sellers buy a building higher in
value than the property they just sold to avoid paying taxes.
A guide to selecting the right property with less headaches, higher income, much higher yearly appreciation, and dealing with single business working people only. This is the ultimate selection or pick anyone could make.
Tenants with high paying jobs, high credit scores, and renting apartments on their own being single, with no pets, no children, no bicycles, no carriages, less noise in the building that you could hear a pin drop.
Advantages compared to many building that are for sale. This building is not 80 years old, with old sewer pipes, old plumbing, old electrical wiring, no lead paint potential, and was built in the late 1970’s. A large Residential of 7,060 Sq Ft. with 15 Apartments-OFF ELIOT AVENUE, and current INCOME of $261,000 DOLLARS.
There are 11 Large one bedroom and 4 studio apartments/ all tenants must have over 700 credit score and pay two months security with over 40x’s income of the rents. Location 85 street off Eliot Avenue in Middle Village, NY 11379. Steps to the trains on Woodhaven and Queens blvd.
Worth paying 13.4 times Income today to receive over 7% Cap, a terrific location, no headaches, less water bills, and with escalating rents and higher appreciation yearly. It pays to buy the best. And it is worth it to pay just a little extra on something special like this.
A guide to selecting the right property with less headaches, higher income, much higher yearly appreciation, and dealing with single business working people only. This is the ultimate selection or pick anyone could make.
Tenants with high paying jobs, high credit scores, and renting apartments on their own being single, with no pets, no children, no bicycles, no carriages, less noise in the building that you could hear a pin drop.
Advantages compared to many building that are for sale. This building is not 80 years old, with old sewer pipes, old plumbing, old electrical wiring, no lead paint potential, and was built in the late 1970’s. A large Residential of 7,060 Sq Ft. with 15 Apartments-OFF ELIOT AVENUE, and current INCOME of $261,000 DOLLARS.
There are 11 Large one bedroom and 4 studio apartments/ all tenants must have over 700 credit score and pay two months security with over 40x’s income of the rents. Location 85 street off Eliot Avenue in Middle Village, NY 11379. Steps to the trains on Woodhaven and Queens blvd.
Worth paying 13.4 times Income today to receive over 7% Cap, a terrific location, no headaches, less water bills, and with escalating rents and higher appreciation yearly. It pays to buy the best. And it is worth it to pay just a little extra on something special like this.
15 UNIT BRICK BUILDING OFF ELIOT AVENUE IN MIDDLE VILLAGE,NY 11379
THIS IS THE INVESTMENT DEAL OF THE YEAR
GREAT 1031 EXCHANGE PROPERTY
JIM TURANO 1-347-837-9206 DIVERSE REAL ESTATE
Wednesday, October 3, 2018
AUTO BODY SHOP/DETAILING/INSURANCE for sale in Middle Village, NY 11379
MIDDLE VILLAGE,NY 11379 Note-to save the sellers and buyer money, I am
not taking the 10% commission from the sale of the business. Also
instead of taking two month's rent as a rental fee, I am only taking one
month's rent from new buyer.
OWNER RETIRING AFTER 40 YEARS IN BUSINESS - GREAT OPPORTUNITY!
*Location can not be disclosed unless potential new buyers signs a disclosure
statement that I can e-mail you.* TEXT YOUR E-MAIL TO 1-347-837-9206
AUTO BODY SHOP/DETAILING/INSURANCE for sale in Middle Village, NY 11379
Square ft. 4,000 Business established 40 years ago. MODERN CONDITION WITH TWO BAY DOORS.
Asking Price $179,000 Lease-New 10+10 years
RENT $7,500 includes Taxes. Therefore in the coming years ahead, should taxes go up $500 dollars for the year, new tenant pays the 100% one time difference for the year.
This great shop also does insurance work, private pay and dealer work. The business has a super reputation its great spray booth, mixing room which is equipped with frame machine, lifts, and a lot of various updated collision equipment.
Office /Furniture and equipment come with the purchase of the business.
JIM TURANO/BROKER-DIVERSE REAL ESTATE 1-347-837-9206 TEXT YOUR E-MAIL
*FOR NON DISCLOSURE STATEMENT TO BE SIGNED FIRST* ********************
OWNER RETIRING AFTER 40 YEARS IN BUSINESS - GREAT OPPORTUNITY!
*Location can not be disclosed unless potential new buyers signs a disclosure
statement that I can e-mail you.* TEXT YOUR E-MAIL TO 1-347-837-9206
AUTO BODY SHOP/DETAILING/INSURANCE for sale in Middle Village, NY 11379
Square ft. 4,000 Business established 40 years ago. MODERN CONDITION WITH TWO BAY DOORS.
Asking Price $179,000 Lease-New 10+10 years
RENT $7,500 includes Taxes. Therefore in the coming years ahead, should taxes go up $500 dollars for the year, new tenant pays the 100% one time difference for the year.
This great shop also does insurance work, private pay and dealer work. The business has a super reputation its great spray booth, mixing room which is equipped with frame machine, lifts, and a lot of various updated collision equipment.
Office /Furniture and equipment come with the purchase of the business.
JIM TURANO/BROKER-DIVERSE REAL ESTATE 1-347-837-9206 TEXT YOUR E-MAIL
*FOR NON DISCLOSURE STATEMENT TO BE SIGNED FIRST* ********************
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