All Forum Posts by: Account Closed

I know its an old thread but I came across this site.  Free Legal documents:

http://www.docracy.com/

 I am doing 2 things for leases:

1) LegalZoom has attorney created leases that I can download.  I know these are not specific to my requirement.  But I am taking those and having a review with the attorney through legal zoom to customize to my needs.

2) My PM will be sending me leases that his attorney has created.  I am going to take those and again run them through legal zoom attorney.

I am curious, what exactly does the representation cover?  And what does it really mean to represent?

The quotes I have got are around 300$ per hour.  It does not appear to be a 10 hour job.  Reviewing of purchase contract is mostly 2-3 hour job.  I am not sure what is covered in the representation, may be the attorney could do more work?

I am in middle of something similar and got great help from legalzoom.  You can subscribe for business advantage pro for 31$ a month and get unlimited access to any lawyer and accountants.  I have spoken to 3 already and have great feedback.   

They also review any legal document up to 10 pages included in the price.  11-25 pages is 39$.  I will be reviewing my purchase contract on 28 unit apartment complex with them as well as get leasing agreement finalized. 

So what is the best option? Is Florida LLC a better bet?

I am in middle of closing on an apartment complex deal in Florida. I live in CA. From all my research and expert advice, forming an LLC in California appears to be the best option.

My question really is what needs to be done in the state of Florida if the LLC is out of state (Registered in CA). From what I read it appears to be Business Tax Receipts (Business license), County Business License and then something needs to be registered at the state level. Not sure exactly what but the SBA website says "File the business on sunbiz.org"

But all this information is very unclear as to what exactly needs to be done in terms of registering the CA LLC (registering to operate a business) in Florida.

What have folks done who have LLC in other state than Florida but the property is in Florida?

On the flip side if I create an LLC in Florida, I will have to pay 138$ or so per year tax + 800$ California Tax as against if registered in CA then just 800$ a year.

Rents are not increased in the past 2- 3 years.  They could go up by about 25-50 a pop, might need some upgrading.  Without upgrading total rent can be increased by 500 -700$ per month more.

That would change the CoC to 10 - 12%. Still in due diligence phase, dont have the lease end dates.

I have literally called 50 odd banks to get turned down.  At the point I literally have only one option, wells fargo.

Any recommendations on some other form of financing?  The positive is that the rents were not increased in 3 years (verified) there is slight upside there. 

Thanks.  These are real numbers.  I will have to negotiate on mgt i guess.  Wells Fargo has this rate.  Most of the commercial rates are like that and I can't get financing from smaller banks as I am out of state.  Also the rates went up since the election.