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

Go Back   Horse Racing Forum - PaceAdvantage.Com - Horse Racing Message Board > Off Topic > Off Topic - General


Reply
 
Thread Tools Rate Thread
Old 09-01-2021, 02:13 PM   #1
mostpost
Registered User
 
mostpost's Avatar
 
Join Date: Oct 2007
Location: North Riverside, Il.
Posts: 13,357
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.
__________________
Proud Possessor of Zero Rep Points.
mostpost is offline   Reply With Quote Reply
Old 09-01-2021, 02:51 PM   #2
Inner Dirt
Registered User
 
Join Date: Jan 2015
Location: Beaverdam Virginia
Posts: 3,980
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.

Last edited by Inner Dirt; 09-01-2021 at 02:53 PM.
Inner Dirt is offline   Reply With Quote Reply
Old 09-01-2021, 03:24 PM   #3
boxcar
Registered User
 
boxcar's Avatar
 
Join Date: Oct 2001
Posts: 43,417
Quote:
Originally Posted by mostpost View Post
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.
__________________
Consistent profits can only be made on the basis of analysis that is far from obvious to the majority. - anonymous guru
boxcar is offline   Reply With Quote Reply
Old 09-01-2021, 03:35 PM   #4
jay68802
Registered User
 
jay68802's Avatar
 
Join Date: May 2008
Location: Nebraska
Posts: 13,797
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.
jay68802 is offline   Reply With Quote Reply
Old 09-01-2021, 05:01 PM   #5
tucker6
Registered User
 
Join Date: Jun 2008
Posts: 9,308
When they ask you to make the check out to Genco Pura Olive Oil Company, start being afraid. Until then, relax.
tucker6 is online now   Reply With Quote Reply
Old 09-01-2021, 05:07 PM   #6
thaskalos
Loitering with intent
 
thaskalos's Avatar
 
Join Date: Jan 2006
Posts: 26,758
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?
__________________
"A fool and his money...were lucky to get together in the first place."
thaskalos is offline   Reply With Quote Reply
Old 09-01-2021, 06:26 PM   #7
mostpost
Registered User
 
mostpost's Avatar
 
Join Date: Oct 2007
Location: North Riverside, Il.
Posts: 13,357
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.
__________________
Proud Possessor of Zero Rep Points.
mostpost is offline   Reply With Quote Reply
Old 09-01-2021, 06:28 PM   #8
mostpost
Registered User
 
mostpost's Avatar
 
Join Date: Oct 2007
Location: North Riverside, Il.
Posts: 13,357
Quote:
Originally Posted by tucker6 View Post
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,”
__________________
Proud Possessor of Zero Rep Points.

Last edited by mostpost; 09-01-2021 at 06:31 PM.
mostpost is offline   Reply With Quote Reply
Old 09-01-2021, 06:41 PM   #9
lex
Registered User
 
Join Date: Jan 2006
Location: NY
Posts: 125
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.
lex is offline   Reply With Quote Reply
Old 09-01-2021, 08:23 PM   #10
tbwinner
Registered User
 
Join Date: May 2010
Posts: 1,578
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.
tbwinner is online now   Reply With Quote Reply
Old 09-01-2021, 08:43 PM   #11
jay68802
Registered User
 
jay68802's Avatar
 
Join Date: May 2008
Location: Nebraska
Posts: 13,797
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.
jay68802 is offline   Reply With Quote Reply
Old 09-01-2021, 08:59 PM   #12
AndyC
Registered User
 
Join Date: Dec 2011
Posts: 3,923
Quote:
Originally Posted by jay68802 View Post
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.
__________________
So many people these days are too judgemental. I can tell just by looking at them.
AndyC is online now   Reply With Quote Reply
Old 09-01-2021, 09:55 PM   #13
davew
Registered User
 
Join Date: May 2011
Posts: 17,283
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.
davew is offline   Reply With Quote Reply
Old 09-01-2021, 10:31 PM   #14
chrisl
Registered User
 
Join Date: Jan 2007
Location: Ketchikan,AK
Posts: 1,694
With real estate at the top right now, especially multi-family. Very good possibility it sold.
chrisl is online now   Reply With Quote Reply
Old 09-02-2021, 12:13 AM   #15
JustRalph
Just another Facist
 
JustRalph's Avatar
 
Join Date: Mar 2002
Location: Now in Houston
Posts: 48,214
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/
JustRalph is online now   Reply With Quote Reply
Reply




Thread Tools
Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

» Advertisement
» Current Polls
Wagering Pool with best chance to find an overlay.
Win - 36.36%
20 Votes
Place - 3.64%
2 Votes
Show - 9.09%
5 Votes
Exacta - 30.91%
17 Votes
Trifecta - 7.27%
4 Votes
Superfexta - 1.82%
1 Vote
Pick(x) - 10.91%
6 Votes
Hi 5 Pentafecta - 0%
0 Votes
Total Votes: 55
This poll is closed.
Powered by vBadvanced CMPS v3.2.3

All times are GMT -4. The time now is 02:35 PM.


Powered by vBulletin® Version 3.8.9
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
Copyright 1999 - 2021 -- 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.