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All Forum Posts by: Mike S.

Mike S. has started 18 posts and replied 1203 times.

Post: Is zelle scam proof for a tenant?

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936

@Kyle J.

You’re right I was thinking about Cozy. My bad.

With Zelle you should get an almost immediate email confirming the payment. With some banks you may have a hour delay before receiving it.

However, for the sender, if it is the first time that they are using it, there may be an authorization delay of a day or two to activate the service on their account.

Post: Is zelle scam proof for a tenant?

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936

You should see that the payment has been made/scheduled by the tenant on the Zelle website. However, it will only reach your account approximately 5 days after that date. If you don't see it on your page, then the screenshot from your tenant is a fake.

What I like with Zelle is that most of my tenants are scheduling the payment to be automatic, so no forgetting anymore. I really don't care if I only get the money 5 days later as long as I get it. It is better than having to send notice of late payment for the usual 'distracted' tenants.

Post: LLC - "principal office address"

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936
There is also a very recent book on the subject that is a great successor to JJ Luna's.

Extreme Privacy: What It Takes to Disappear in America by Michael Bazzell (ISBN-10: 1093757620)





Post: What is my LLC classified as by the IRS?

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936
Originally posted by @Natalie Kolodij:

See below - 2 people on an LLC create a partnership and 1065.

So if you've done that in an entity they fall to state laws- so only if the state considers them "1 person" can we disregard that 1065

I love BP, I learn new stuff everyday :-)

Post: Florida Tax Certificate / Tax Deed Questions

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936
Originally posted by @Jamie Psmith:

Also, do you know if there's a way to look up IRS liens online?

The lien will be recorded in the county where the property is located. You should locate it the same way you locate other note or lien on any property. Most of the county public records in Florida are accessible online.

Post: Florida Tax Certificate / Tax Deed Questions

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936

By the way, I was recently notified that the owner of a property I have a tax certificate on, has just filed for chapter 7 bankruptcy. I have never dealt with that situation before, and the research I have done is conflicting.

Could someone confirm or elaborate on the following for Florida:

- a chapter 7 should not extinguish the tax certificate lien on the property. In general this secure debt is not dischargeable, but even if it extraordinarily was, the lien would stay with the property, not the owner.

- as a creditor owning a tax certificate and listed in the creditor list, in a chapter 7 there is very rarely the need to file a proof of claim, and as such no attorney would need to be hired by me in this case. I should just keep on eye on the notices and wait for decision of the bankruptcy court.

- the 7 years life of the tax certificate would be extended by the duration of the chapter 7 proceeding.

- the accrual of interest will stop during the proceeding, but resume at the end.

Post: What is my LLC classified as by the IRS?

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936

@Natalie Kolodij

Would the community or not community state be important here when we are talking federal return?

I would have thought that what mattered was if they are both filing a single tax return or not. In case of a single tax return, I would have thought that for the IRS it is then a single taxpayer and the LLC would be disregarded.

Post: Florida Tax Certificate / Tax Deed Questions

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936

@Jamie Psmith

I believe the bankruptcy filing will stay the tax sale. The property will be removed from the auction and will possibly be relisted after the end of the foreclosure is closed.

Post: Tax lien properties

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936

@James Gerard

You would need to educate yourself about the tax deed in your state as it varies widely around the country.

Usually a property bought at a tax auction can not get a title insurance unless you wait a certain number of years or get a quiet title action to extinguish any possible future claim.

Until your buyer can get a title warranty you won’t be able to sell the property.

Post: Set-up an LLC per state, or can use one LLC for both?

Mike S.Posted
  • Investor
  • Broward County, FL
  • Posts 1,220
  • Votes 936

@Wendy Brockman

If you want to buy real estate properties, it is usually better to have the LLC in the same state than the property as your LLC need to be recognized in the state to act in court (like for an eviction).

You can use one LLC that would be foreign registered in the other state but if you are paying two state filing fees why not using two LLC for the same price and gain the added protection instead.

There are some ways to go around the local LLC requirement like using a local land trust or local property management corporation but they may not solve all the problems.