All Forum Posts by: Fabian Wizenfeld
Fabian Wizenfeld has started 4 posts and replied 19 times.
Hi Halle, I'll send you a PM with details
Post: Raisings private money
- Posts 19
- Votes 5
@Todd Dexheimer, @Chris Seveney, @Account Closed
Thank you guys for the input.
I'll reach out to a securities attorney.
Post: Raisings private money
- Posts 19
- Votes 5
@Chris Seveney - I'm not looking to syndicate. Just need to raise money for flips. Typical term that we have with the hard money lender is 12 months and 2 extensions of 6 months, but we've been getting in and out in 3-4 months. So for every loan that we do, the fees are adding up quickly.
We have collateral for the lender as we should do for the investors in case of an issue.
@Rick Pozos - That's the intention. We are looking to raise $1.5-2m and keep rotating the funds project to project.
Post: Raisings private money
- Posts 19
- Votes 5
Already spoke with my CPA, they recommended getting in touch with an attorney. Not sure what type of attorney it is needed for this.
Tax wise, we can 1099 each investor.
Post: Raisings private money
- Posts 19
- Votes 5
Hi, I'm looking for some help to avoid legal and taxes issues. California based.
I want to create a separate business that would be in charge of raising money to lend to my current LLC for flips. I want to keep it pretty straightforward for the investors.
We've been working with hard money lenders, but the fees add up really quick and I feel like we are leaving a lot of money on the table.
Would I do a promissory note? Does anyone have one to share?
Thanks in advance!
Post: Any advice from a California Landlord that's recently undergone an eviction?
- Posts 19
- Votes 5
Quote from @Bruce Woodruff:
Quote from @Fabian Wizenfeld:
Quote from @Bruce Woodruff:
Quote from @Fabian Wizenfeld:
Quote from @Bruce Woodruff:
Quote from @Fabian Wizenfeld:
@Shireen Y. Have you contacted an eviction attorney? If they haven't paid rent, you should be able to evict them. As long as you have 1 name you can say and ALL other occupants.
This is in the state of California.....
@Bruce Woodruff yes, it is in California.
Which means that a simple eviction will. not. work.
@Bruce Woodruff, yes. It depends where in California and what you are calling a simple eviction.
A simple eviction to me is like mentioned above in Maricopa County. $500 and 30 days. Done.
Yeah, it cost $1,195 for legal fees and it took 2-3 months.
This case was not for non-payment, but the tenant had unauthorized people living in the apartment. Luckily, we installed security cameras around the building and had proof.
Post: Any advice from a California Landlord that's recently undergone an eviction?
- Posts 19
- Votes 5
Quote from @Bruce Woodruff:
Quote from @Fabian Wizenfeld:
Quote from @Bruce Woodruff:
Quote from @Fabian Wizenfeld:
@Shireen Y. Have you contacted an eviction attorney? If they haven't paid rent, you should be able to evict them. As long as you have 1 name you can say and ALL other occupants.
This is in the state of California.....
@Bruce Woodruff yes, it is in California.
Which means that a simple eviction will. not. work.
@Bruce Woodruff, yes. It depends where in California and what you are calling a simple eviction.
Post: Any advice from a California Landlord that's recently undergone an eviction?
- Posts 19
- Votes 5
Quote from @Bruce Woodruff:
Quote from @Fabian Wizenfeld:
@Shireen Y. Have you contacted an eviction attorney? If they haven't paid rent, you should be able to evict them. As long as you have 1 name you can say and ALL other occupants.
This is in the state of California.....
@Bruce Woodruff yes, it is in California.
Post: Any advice from a California Landlord that's recently undergone an eviction?
- Posts 19
- Votes 5
@Shireen Y. Have you contacted an eviction attorney? If they haven't paid rent, you should be able to evict them. As long as you have 1 name you can say and ALL other occupants.
Inheriting tenants is very delicate. Hope you got it at a good price where you have some cushion for these situations.
Experienced something similar. Long story short - Bought a 4plex, inherited all tenants. Seller hid information, ended up having to evict all 4 during COVID. I got the last one about 3 weeks ago.
Make sure to have a good lawyer or property management that can help you with this situation
Post: Purchasing a house hack in a rent control area (Santa Ana, CA)
- Posts 19
- Votes 5
You will also need to pay relocation fees if you terminate tenancy