All Forum Posts by: Ray Li

Sorry I might've mistaken "digital notary" for "online notary".

I thought California allows online notaries?

According to this

https://www.nationalnotary.org/knowledge-center/news/law-updates/ca-assembly-bill-2143

Thanks,
ray

Sorry not directly related to real estate, but can anyone recommend an online notary service in California?

Thanks,

Ray

Just wondering, has anyone used Bootstrap Legal's AI-drafted syndication? I know that Amy Wan is a highly reputable security attorney here on BP, but I haven't seen much about what people think regarding AI vs human attorney for legal issues.

Thanks

Thanks guys! I'll definitely look for a security lawyer. I guess everything I read about syndication only talks about 506c, so I wasn't exactly sure about 506b.

I'm considering raising funds from a group of friends and families to purchase a small multifamily property. Since I personally know all the investors, it should be a 506b I assume. In this case do I need a licensed security lawyer to help prepare the necessary documents? Or can I just get a real estate lawyer to form a LLC and prepare the membership docs?

thanks

I was looking at a multifamily property (~40 units) and the broker mentioned that I should look into water conservation program to help reduce the water usage. After a bit of googling the only thing I found was https://savedallaswater.com/multi-family-toilet-replacement-program/

Does anyone know if there's any other programs specific to multifamily that I can implement?

Thanks,

Ray

If I buy a house in January, spend 6 months rehabbing it, and then rent it out in July, do the holding costs during the first 6 months (prorated property tax, mortgage interest, insurance, utilities, etc) get deducted from rental income, or do they get added to the basis of the property?

Thanks,

Ray

Ahh never found my answers after googling a bit. Apparently rental income under LLC still gets filed under schedule E since it's not active income.

So I'm guessing I won't even need to mention the LLC at all in my tax return?

Thanks

Ahh ok, I was under the impression that I needed to file it separately and give myself a K1 even for single member LLC's.

I looked it up and noticed that personal rental income & losses get filed under schedule E while LLC income & losses get filed under schedule C. That means I still need to keep track of them separately before and after I move the properties to LLC right?

Also if I have a net loss in my schedule E and I use it to offset income in schedule C?

Thanks,

Ray