All Forum Posts by: Jenifer Levini

Hi MIndy,

Just saw this. Did you find someone?

Jen

@Vince Le It's not really clear from your questions why you want to form an s-corp. Are you trying to shelter your 5-figure income?

Are you thinking that if the income went to an s-corp then you wouldnt have to pay taxes on it? Is there some reason you believe that this income to the s-corp wouldnt be taxable? It sounds like ordinary income, not capital gains. And moving it around between yourself and an entity could actually trigger multiple taxable events, instead of just one when the income was received. Be sure to talk to an accountant before you try these ideas.

I'm there. I love this event.

@Ash Hussain there is a REI meetup monthly in Rohnert park. Check out Meetup to find it.

Hi @Jason Kaye, Welcome to making your live appearance on BP. Once you do it, it becomes a lifestyle. 

I am a real estate lawyer working with many investors in the Bay Area. Although it seems like real estate is ridiculously expensive around here. I am continuously impressed with the creative ways my clients are finding property, and the deals they are putting together. When you stop looking at MLS properties and hit the streets, with a lot of creativity, there is stuff out there. My clients are using tax auctions, knocking on doors, talking to everyone on the street, buying lists, even using craigslist, and more. When there is not a realtor involved, there are no real estate commissions, the prices are lower. I help with all the paperwork to make sure its all done legally.

I have one client who is finding  one below-market deal per week in one of the most expensive areas.

See you at the meetups.

Hi Naji,

There are a number of steps you will need to take to separate yourself from your LLC:

Your LLC's bank accounts, Operating Agreement, rewrite leases with tenants, book keeping, transfer of all bills/utilities out of your name...

Just imagine that your LLC is another person who is now the owner of the property. The tenants pay the mortgage to the LLC, and the LLC pays you a distribution. Each step is now two steps to keep the book keeping clean.

Hi @BeBe Cheng, I am a lawyer who can help you with this title issue. I dont really understand your role in this transaction. Are you searching the title records for a property that is for sale?

If you want help with this transaction, please feel free to PM me. I'm nearby.

Hi @Jonathan Roveto, does Georgia have Series LLCs? If it does it should be really cheap to set up each one in it's own LLC, and you wont have to worry about this issue.

Hi Mark,

Yes, you have to provide your LLC's Operating Agreement to purchase real estate everywhere.

Here is why. LLCs can have many members who do not have authority to purchase real estate. Just imagine what would happen if a bank lent to someone who did not have the authority to borrow money, and a title company closed a deal with someone who did not have authority to purchase real estate. The LLC could refuse to pay the bank loan and refuse to give back the real estate that was mistakenly transferred to them. It would turn into a major snaffu (that's the technical legal term).

If someone let you close a deal without looking at the Management and Membership articles of your LLC's Operating Agreement in the past, they should be fired.

Knowing that you have to show the Operating Agreement to institutions whenever you do actions like take out loans, should guide you about the types of information that go in your OA. Dont put anything in there that would dissuade a bank from lending to the LLC...

These are some of the reasons that people hire lawyers, who get to know the people and LLC's purpose, and help with each step of the way, to create their LLC, rather than do it themselves or online. Good luck!!

Hi @Ash Gupta, I am a local real estate attorney working with investors, and I am an investor too. I put together all sorts of contracts for sale & purchase of real property. I'd be happy to talk with you and construct this contract so that youre protected. 

Please PM me so I can provide my contact info.

Thanks@Ori Skloot for the endorsement!!