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All Forum Posts by: Jenifer Levini

Jenifer Levini has started 24 posts and replied 317 times.

Post: San Pedro Public Market Redevelopment

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hi All,
Ive been shopping in San Pedro for the last year. Looks like there was a jump up in prices when the Ports O'Call construction actually started. (Its really road construction near there.) As a native Angelina, I can tell you that the city of LA has tried to fix up this area a number of times. It's always been the up-and-coming place that never seems to actually get up and come. Several rounds of speculation have seen investors lose money. Last I heard the neighbors were protesting the latest improvements because they didnt want to lose the "character" through gentrification.
I dont know what to make of the place. The prices have jumped recently making the rent control situation more cash negative. But when your next door neighbors are Palos Verdes and the now-trendy Long Beach, appreciation seems inevitable. Agree?

Post: Legalized marijuana and the effect on the market

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

You all might be interested in this real estate website which specializes in listing cannabis properties across the country. There are probably others too.
https://www.420property.com/

Post: Referral for investment minded RE lawyer please!!

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

@Ann Bellamy Out of curiosity, what are the terms for a 10 minute loan?

Post: CPA with REI needed in Santa Cruz California area

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hi @Albert Bui, I am a transactional real estate and business lawyer. I work with the investors here on BP who are in California, among others. And I am a real estate investor dreaming of the day when I have created so much passive income that I dont have to work this hourly job. Although I love my work so much that I'd probably still do it. 

My experience with CPAs is that they understand real estate investing by the books. However, those who are real estate investors themselves have a deeper level of understanding the transactions and give better advice on the risks/taxes.

Post: Legalized marijuana and the effect on the market

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hi @Bryan Cork

Here's what has been happening in California real estate. The market has been boom-bust-boom again. Initially, few counties were allowing cannabis businesses. Those that were experienced booms where, for example, real estate that was worth maybe $100,000, such as a polluted automotive junk yard, went on  sale for over $2 million because it was zoned "Industrial" allowing use of volatile solvents for manufacturing (one type of cannabis distillation).  Then as more and more counties saw the masses of  $$ flowing, they allowed cannabis businesses. Then prices dropped as all sorts of middle-of-nowhere places have allowed these businesses into their industrial areas. Investors started noticing and thinking "why should I pay $2 million in one nowhere place when I can buy in a slightly farther nowhere and save $1 million." Now, there are hundreds of growers looking for investors and investors are sitting on their money watching the prices drop. It's all a very interesting study in supply and demand. California is a huge state. There is a lot of real estate. I've been a part of some of these deal and the psychology of everyone involved is fascinating. 
Once the property is developed, and becomes a business with demonstrable cash flow, the value goes up again. But people dont trust one another because the P&L's are unverified because its all cash and the taxes are sketchy. So rather than just buying/selling, people form partnerships (LLCs) which solves some problems and creates other problems. It's an interesting time to be a lawyer, for sure.

Jen

Post: FSBO deal without using realtors

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hi @Ryan V., I am an attorney in California who writes FSBO contracts all day. I strongly agree with everyone here who recommends that you get your own attorney. At least hire a local real estate attorney to read over the contract and interpret it for you. A few hours work could save you a whole lot down the road when you find out that you promised to never sue even if everything goes wrong, or you promised some unreasonable amount of liquidated damages, or you promised that you would take responsibility if the place burned down before the sale was finalized, or a whole lot of other things that are comfortably tucked into that contract.

Remember, there is no such thing as standard or boilerplate language in a real estate contract. There are different version of language that favors either the buyer or seller.

There is no reason to hire a realtor, because their greatest assets are their ability to market and access the MLS. That's not what you need in this circumstance. You need legal expertise to make sure you are protected during the transaction.

Be smart.

Jen

Post: CPA with REI needed in Santa Cruz California area

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hello my beautiful BPers! Its time for me to change CPAs. My old one is a real estate investor himself so he completely understands my thinking about real estate investments, and understands small c-corps, thus my legal practice, as well. But he is nearing retirement and so its time for me to begin the hunt for a replacement. All suggestions greatly appreciated.

My clients often ask me for CPA referrals, so there is a great possibility that working with me (and doing a good job) will bring in multiple referrals, too.

Thanks in advance for your help.

Jen

Post: RE Attorney Needed- Re-Zoning in Springfield Township (MontCo) PA

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hi @Kyle Lorenz, I recommend using Yelp to find lawyers. There is no better insight into a lawyer than what people say who have had contact and been clients of her/him.

Good luck!

Jen

Post: Referral for investment minded RE lawyer please!!

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hi Anthony,

Just want to give you ahead's up on the double closing and legality question. I am a real estate lawyer in CA and work with REI who do these all the time. The important distinction is that the 1st buyer (probably you) comes to the closing with all the money for the first purchase (closing). He/She closes and then immediately resells, 2nd closing (you sell to your buyers). The 2nd closing cannot happen before the 1st closing because there is nothing to sell before you actually own/close. The reason it would be illegal is, if you tried to do the 2nd closing first, then you are selling something you don't own, which is fraud.

When you find a lawyer who works with REI, she'll talk you through the steps. It all makes sense when you go through it slowly, step by step. The contracts and escrow instructions are very important. A question you should ask your new lawyer is whether she is familiar with writing these contracts. Once you have good contracts you can use them over and over again. So, please invest the thousands of dollars to get good contracts written at the beginning. They will save your butt when things go sideways.

Good luck with your lawyer search and real estate investing career!

Jen

Post: Suspicious of REO property $100k below market value

Jenifer LeviniPosted
  • Attorney
  • Santa Cruz, CA
  • Posts 345
  • Votes 357

Hi @David Stuart, What did you do?

If you havent done anything, I'd suggest getting an agent to walk through with you. 

If the amount of work doesnt frighten you off, get it under contract with  long inspection period. Instead of getting a typical home inspector, get a good general contractor to do the inspections and get real estimates of the costs to repair. If they come in below the $100K, you may have found a good deal.

You also have to ask yourself if youre willing to go through the months of managing a general contractor, and sub contractors, to get this fixed up the way your parents will want it.

After you get all the details, you can make a decision. Its intimidating to try to guess looking at it from a distance.