All Forum Posts by: Matt Devincenzo

These reasons are pushed to "the regular people" real world wealthy people I've see don't worry about it. I have a MFR developer client that must be a multiple 100s of millions in net worth(a few thousand MFR units in Socal alone), he signs personally as the president/owner for his entity(ies). It's not much of a secret what he owns.

I'm sure there's some anonimity on assets and he owns more than I know about, but he's never raised a concern with someone knowing about his projects. 

What he's asking is "will you facilitate and knowingly aid me in tax evasion"? That has a different ring to it when you say it that way doesn't it! But that's what it is and that is what the IRS would consider it as well. Does it happen regularly and no one catches it, sure. But do you want to associate with that or not, only you can decide. 

Who contracted the install? That is the customer and who pays, it doesn't matter who owns the home then or now. If they refuse to pay and you installed what was quoted in a workmanlike manner then you file a mechanics lien on the property.

There's probably more to this story...Chase is a big bank and isn't often where I'd look for small commercial refi's. You placing these properties in an LLC makes the loans commercial, and probably based on area, asset value or other criteria it isn't in their commercial loan criteria. It's not really that surprising as the big banks have historically not been where these are financed. It's been small local/regional banks and more specialized DSCR type loan providers.

No. Their agreement to pay 50-50 is between them, if you do this they are trying to have you enforce it. All roomates are responsible for the total rent unless you rent by the room for a rooming house. I would never agree to include their chosen payment percentage in the lease. 

Without hearing the conversation its often hard to gauge the objective...she could be fishing for you to pay, she could be venting, she could be complaining thinking you could do something, or she could just be making conversation...who knows!

I'm often not quick on my feet, but my response would be something along the lines of, I'm glad you were able to find a service hopefully they're successful in taking care of the issue for you. Unless she expressly states she wants to know what you're going to do, or says you're responsible then I wouldn't engage. 

As far as what your responsible for; nothing. This sounds like a SFR and if so it is typical that the tenant is responsible for these kind of items. If its something major like termites then of course it should be your responsibility but normal every day pests is theirs to address.

Convert it to an ADU as well...the State code allows any existing SF to be converted to ADUs. This should be in addition to the two you're also allowed to have.

Unless I missed something then ypu qualify for the 121 exclusion. There would be a pro-ration if you moved back in after moving but it doesn't sound like that's the case....you will owe recapture on depreciation taken, but not capital gains. 

 I think this is a fatal flaw in your logic...the American legal system does not burden you to prove you never received notice, it burdens them with proving you did. You seem to have met the standard of the statute since ypu sent notice to the last known address. You didn't know about the new address, and they have to prove you did. 

Have you gotten a consult with your own attorney to discuss the merits of the case? Like I said I'd spend more defending myself before I'd ever consider settling.

I'd spend $5K on my own attorney to defend me before I spent $2K to settle. The burden of proof is on them to demonstrate that you were wrong, and my guess is the amount they're suing for is small claims amount. I would not worry at all.