All Forum Posts by: Jessica Zolotorofe

Hi @Jaime Borbon! Definitely talk to a lawyer about the entity structure. They will likely have you consult with your accountant regarding income tax, but a lawyer can draft an agreement for you to not only protect your assets and shelter you from liability, but also to make sure there is a clear understanding as to what the agreement is between the members. If your family is funding and you are doing the work, how you allocate your profits and losses, who is responsible for what (who can sign contracts to bind the company, who can sell the property without consent of others, who can sign leases, who can engage professionals, who is responsible for tax matters, who gets to decide when an offer comes in if you accept it, etc.), where the money goes when you sell or have income, i.e. do you distribute to the members (or in trust for the children) and in what percentages, do you invest it all in the next property. There is a lot to consider, and a lawyer can also help you with transfer tax issues and how to best structure your entity to achieve maximum return. Happy to chat further. Best of luck!

I am a real estate attorney and I handle transactions all over the US, from single family sales to major commercial developments, mixed-use, financing, leasing, corporate formation and project structuring, 1031 (tax deferred exchanges), etc. I got really lucky and had amazing mentors when I started out in the business, so I'm happy to pay it forward and answer any questions. If anyone is in the market for a real estate attorney, I would love the opportunity to work with you. Please feel free to contact me any time here, or at [email protected]. Wishing everyone a successful and lucrative finish to 2016!

Why is the PP so low if the NOI is $1,000,000? Is there concern with the new administration?

Great! Although if it was filed timely, you would have it already. It should only take 10 days max, but at least you know there is finally a light at the end of the tunnel! 

@Henry Li, For any litigation, you usually have to pay a retainer fee and pay as you go. You may be able to work something out with a lawyer, but with a second mortgage foreclosure  where youre not guaranteed full repayment, might be tougher to get someone  to agree to wait on payment. Always worth a shot :) Hope things work out! Best of luck!

@Wayne Brooks  I suppose state law could differ, so I can't say for sure, but to my knowledge, if the intent is to record 30 days later and all parties are im agreement as to that being the date title passes, if a deed is not recorded and is held in escrow, title has not transferred, so that would be ok. Fannie and Freddie regulations are a bit outside my wheelhouse, but even a conventional non-Fannie loan from a big institutional lender like BoA or Chase may contain that restriction for a short sale.  Getting that short sale approval letter is key though because now that you mention Frannie, I sort of recall hearing that there are additional restrictions after the 30 day window on price and/or timing... @Adnan H., especially if it's a Fannie loan, you should have your lawyer look into that to make sure.

Very good advice on your second point, Wayne!

ok, I'll check my contacts in the morning and message you if I have someone in your county. Have a great night! 

Hi Oz! Are you looking for commercial or residential?

@Wayne Brooks I have litigated many many cases where we file lis pendens. We can agree to disagree, but any time there is any claimed interest in real property, that's precisely what a LP is for. Why would someone ever need one if they already had a mortgage securing the property? That isn't even logical. There would already be recorded evidence of their interest. A lis pendens protects a litigant when there is NO mortgage. And "invalid on its face" doesn't make any sense here. That phrase means that the actual document, without knowing any of the background facts is invalid. A lis pendens cannot be invalid on its face because there is no mortgage. All it is is a recorded notice that a litigation involving a claim in the property has been filed. I don't want to argue with you, but you are simply not correct here. @Henry Li can discuss with his lawyer. We don't need to debate further.

@Henry Li It depends on the terms of your mortgage, but generally, in a standard form of mortgage, and under most states' laws, your costs and fees and the interest are rolled in and considered to be principal when determining the amount you are owed in a foreclosure situation. So your lawyer can probably give you a more definitive answer, but typically, yes.