Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board

Go Back   Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board


Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board

Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board (http://www.paceadvantage.com/forum/index.php)
-   Off Topic - General (http://www.paceadvantage.com/forum/forumdisplay.php?f=5)
-   -   A question-non political. (http://www.paceadvantage.com/forum/showthread.php?t=166506)

mostpost 09-01-2021 01:13 PM

A question-non political.
 
I have lived in the same apartment for the past 36 years and have no intention of leaving. It’s a 57 unit three story building in a quiet neighborhood bordered on the north and west by forest preserves. The building is well maintained and management is quick to respond to problems or requests. Rent is reasonable.

My neighbors are friendly and quiet. We are a diverse group, including whites, blacks, Hispanics, Indians, both American and Asian. We’ve had Jews and Muslims living here without incident. People as old as 103 and as young as new born.

Anyway, that is just to give you an idea of the setup here. My Question is about something else. During my residence here we have several times received correspondence from the landlord asking to change how we make out our rent checks.what we place on the payee line. This has happened even though there has never been a change in ownership. The same family has owned the property since I lived here; in fact, since it was built in the 1960s, and I have always mailed my rent to the same address in Chicago.

So, does anyone know what the reason for these changes might be. Is it a tax thing or something to do with depreciation? Personally I have no idea.

Inner Dirt 09-01-2021 01:51 PM

You don't give any hint as to what it changed to so you will get nothing but wild guesses. Since the same family has owned the rental property since the 60's I would assume there might be a few family members getting up in the years and thinking about what they want done with the property when they pass on. It could be as simple as the property has been placed in a trust to avoid paying inheritance tax while passing the property on to surviving members that still want to use it as an income property and not sell it.


Changes could also be made due to becoming an LLC, incorporating or just flat out taking on other business interests. Calling the business Jones Family Apartments would sound odd if they just bought a couple food trucks to diversify their business interests.

boxcar 09-01-2021 02:24 PM

Quote:

Originally Posted by mostpost (Post 2751196)
I have lived in the same apartment for the past 36 years and have no intention of leaving. It’s a 57 unit three story building in a quiet neighborhood bordered on the north and west by forest preserves. The building is well maintained and management is quick to respond to problems or requests. Rent is reasonable.

My neighbors are friendly and quiet. We are a diverse group, including whites, blacks, Hispanics, Indians, both American and Asian. We’ve had Jews and Muslims living here without incident. People as old as 103 and as young as new born.

Anyway, that is just to give you an idea of the setup here. My Question is about something else. During my residence here we have several times received correspondence from the landlord asking to change how we make out our rent checks.what we place on the payee line. This has happened even though there has never been a change in ownership. The same family has owned the property since I lived here; in fact, since it was built in the 1960s, and I have always mailed my rent to the same address in Chicago.

So, does anyone know what the reason for these changes might be. Is it a tax thing or something to do with depreciation? Personally I have no idea.

Here's a novel idea: Why not ask them? I would think somewhere there would actually know. :rolleyes:

jay68802 09-01-2021 02:35 PM

The ownership might be with the same family. However, they might have many different Corporations, or have changed property managers. Nothing to worry about. We have had our tennents change who they make their payments to twice.

tucker6 09-01-2021 04:01 PM

When they ask you to make the check out to Genco Pura Olive Oil Company, start being afraid. Until then, relax.

thaskalos 09-01-2021 04:07 PM

Are you making the rent checks out to a person...or to a management company? If the recipient is a person...could it be that he/she has passed on?

mostpost 09-01-2021 05:26 PM

I should have been more specific, but was concerned about revealing personal information. Others more than mine.

Let’s try this using aliases or such. Right now and for the past four or five months I have been making the checks out to Hummingbird Properties Ltd. Prior to that, for three, four, maybe five years the payee was Forest View Apts. That was preceded by John Smith Marital Trust. (John Smith was the man who built the building, but he died before I moved in and his wife was in charge. Sometime about ten years ago, she stepped aside and her daughter took over. )

Before “John Smith Marital Trust,” there were a few other changes but I don’t remember what they were.

There is no management company. We have an on-site building manager, but he reports directly to the family.

I did ask our building manager about this, but he either didn’t know or doesn’t want to say. He’s very good at property management but this may be above his pay grade….and mine.

mostpost 09-01-2021 05:28 PM

Quote:

Originally Posted by tucker6 (Post 2751267)
When they ask you to make the check out to Genco Pura Olive Oil Company, start being afraid. Until then, relax.

I had to look that up.
Maybe that’s why my lease renewal always says, “Here’s an offer you can’t refuse,”

lex 09-01-2021 05:41 PM

I can't imagine but if it didn't match what was on my lease I'd make sure to keep a copy of the letters. I'm trying to think of legal reasons they might need to open new bank accounts or change the business name. The only thing I could think of would be they've passed it down in the family but I wouldn't expect that to happen often

The apartment manager in my complex went to jail for stealing $80k which she started doing 15 years after she started working here. She was opening unauthorized accounts among other things and did it for 5 years. I'm not positive but she might only have gotten caught because the business sold or was being sold. So it's a possibility that something not right is happening.

tbwinner 09-01-2021 07:23 PM

This does strike me as a bit strange, but likely the answer had been said. Family changes, death, maybe even divorce etc. I imagine the property is worth quite a bit, so they are doing everything they can to protect it??

You can search on the Secretary of State site business search to get SOME info if the former LLC or Inc was dissolved or whatever. Might give you some insight.

jay68802 09-01-2021 07:43 PM

So the property goes from family owned. Then to a family trust. The trust then starts a company Forest View Apts, then the same trust starts Hummingbird Ltd. Or a couple of trustees started Hummingbird and bought the property from the trust.

AndyC 09-01-2021 07:59 PM

Quote:

Originally Posted by jay68802 (Post 2751320)
So the property goes from family owned. Then to a family trust. The trust then starts a company Forest View Apts, then the same trust starts Hummingbird Ltd. Or a couple of trustees started Hummingbird and bought the property from the trust.


It was more like owned by John Smith until his death at which point it was transferred to the John Smith Marital Trust. A marital trust would allow for the transfer of assets to a surviving spouse without being subject to estate tax. The subsequent name changes could be due to the death of Mrs Smith at which time the apartments would be transferred to the residual beneficiaries of the marital trust.

davew 09-01-2021 08:55 PM

Do you get a receipt when you send a check?

You can do a property search on your county's website and see what the property is valued at for property taxes and last time of transfer. Even though you say it is in the same family, it has changed ownership.

chrisl 09-01-2021 09:31 PM

With real estate at the top right now, especially multi-family. Very good possibility it sold.

JustRalph 09-01-2021 11:13 PM

Probably doing transfers.

It can be very lucrative. 1031 exchanges between family members is very common etc

https://www.millionacres.com/taxes/d...-how-it-works/


All times are GMT -4. The time now is 10:01 AM.

Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Copyright 1999 - 2023 -- PaceAdvantage.Com -- All Rights Reserved

» Advertisement
» Current Polls
Wh deserves to be the favorite? (last 4 figures)
Powered by vBadvanced CMPS v3.2.3

All times are GMT -4. The time now is 10:01 AM.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2024, vBulletin Solutions, Inc.
Copyright 1999 - 2023 -- PaceAdvantage.Com -- All Rights Reserved
We are a participant in the Amazon Services LLC Associates Program, an affiliate advertising program
designed to provide a means for us to earn fees by linking to Amazon.com and affiliated sites.