All Forum Posts by: Tim Silvers

I'm fairly well-versed in the areas of asset protection, having been a client of many attorneys and accountants over the years and have my own way of doing business using various entities, but still need assistance and advice as circumstances change over time. I've read many of the reviews, but the majority of them are years old. .

What I've been doing:

For last several years - operating using a combination of LLCs, C-Corps, land trusts.

Control everything, own nothing - keep myself off all public records.

Keeping business income completely separate from any personal income (LLCs are all owned by C-corp).

What I need moving forward:

- Attorney & CPA experienced in R.E. investment

- Virtual (i.e. Skype) or phone consulting

- year end tax minimization strategies for existing entities

- SBA disaster loans (EIDL, PPP) advice specific to my needs

- existing multiple entity review, consulting, cleanup & re-evaluation

- document review

- corporate tax return assistance & filing

What I don't need:

Entity formation (I use my own sources)

Bookkeeping, misc. services

What I've gleaned from initial free consultations:

KKOS/MARK KOHLER:

PROS:

- past reviews seems to be altogether positive

- I would likely be working with one of their partners, not Kohler himself (he charges $600.hr)

- initial consultation fee applied to work

- hourly rate off $350 - no membership programs but they do have specials like the entity cleanup

CONS:

- separate tax/accounting firm from the legal side

- have no idea how many hours I might rack up

- no experience with KKOS to date.

ANDERSON ADVISORS:

- Anderson's Tax Advantage Program: $2995 (in addition to the Platinum membership ($2995)

- tax advisor assesses current business & tax situation

- advance tax planning & prep

- audit protection

- living trust ($2,500)

- Platinum Membership Enrollment Fee Waived + $35 a month

- Business Continuity Program

- Advanced Strategy Analyzer- Structure Implementation Workshop

- Unlimited Attorney Consultations

- Unlimited Questions with Tax Team (Tax Attorney, CPA, etc.)

- Online Retirement Coach

- Risk-Free Wealth Analysis

I had been a tax client of Anderson in prior years, but never signed up for any of their client programs.

PROS:

- I particularly like the fact they combine their legal and tax teams to figure out the right strategy customized to your situation and goals all under one roof - but that comes at a premium.

- no hourly billing

- attorneys licensed in NV where I operate

- Platinum membership provides unlimited consultations, emails from their legal team as opposed to billable hours

- in-house access with a Sr. Advisor to bring it all together

CONS:

- Reputation for upselling more unneeded programs even with Platinum membership

- if their push is in selling entities and structures and more programs, then they are not for me

- need more of an a la carte service where I can use them when I need them, whereas with KKOS or any other attorney/CPA firms, it's billable hours.

Would appreciate any and all input to help navigating toward my decision.

Actually, we have brought a claim against a seller in breach for selling the property to another buyer, but it was a Lis Pendens, and was settled in our favor. The contract is a legal binding instrument and there are consequences for bother buyers and sellers. I have zero mercy for sellers that blatantly forego a signed contract for a better deal with another buyer. When we, as the buyer, did everything in good faith, put EMD in escrow, and had/have every intention to close even if we didn't find an end buyer, the seller deserves to be penalized. They signed the contract. If we have to, we will proceed against these types of sellers and every wholesaler should.

So a note is created that allows for a larger wholesale fee. I assume the buyer is on the hook for a note which is secured against the property? If the buyer is using hard money, then the wholesaler will be in 2nd position. Can someone pls clarify? 

Has anyone brought suit against the seller for breach in the event they decide not to sell?

This would be on a case-by-case basis and depend on the amount of the wholesale fee. In most cases, probably not worth the legal costs and time unless (a) the wholesale fee justified it, and (b) there are other assets to attach, otherwise, you would be replacing one lien for another on the property.

I am considering retaining ABA and wondered if you're still with them and satisfied since your post was 2 years back. Would appreciate the feedback.

Appreciate the response and links.

Just curious - were you a former client of Anderson? I am searching through all the BP threads trying to find the best fit for me in terms of asset protection/law/CPA firm that specialize in real estate investment and have narrowed it down to Anderson or KKOS/Mark Kohler. I operate out of Nevada so have known of Anderson for many years. I had been a tax client of Anderson in prior years, but never signed up for any of their client programs. I was always hesitant about the upselling into various structures and services that are available for far less expense (e.g. I would never form an entity with them when I can do it online with a firm that charges a fraction of what they charge). But I like the idea that everything's under one roof with their Platinum package and get unlimited consultations, emails from their legal team as opposed to billable hours. I just don't know how well it would work since I already have all the entities and would just need advice, consulting, cleanup, and filing returns, that's pretty much it!

Would appreciate any updated information if you would be willing to add to your above post.

Thanks again.

Thanks for the insight. Question - what is #1 and #2?

My 2 cents on the EIDL from when it started to current:
Understandably, the entire program was crafted in a emergency and shows its deficiencies. There is no uniformity in the use of the proceeds whatsoever. The advice you get from the SBA reps to any so-called expert attorneys and accountant varies widely from day to day. They are all trying their best to interpret the language in the loan agreement, but the agreement is the most byzantine and vague agreement I have ever seen. Worst of all, you cannot waive your liability or assume any protection based on a verbal statement made by any SBA rep, and an opinion from an accountant or attorney is just that: an opinion. As such, you ask 5 different people their take and get 5 completely different answers. Misinterpretation will run rampant; what you or your advisor deemed as being "good judgment" based on such and such argument, tax or case law is all well and fine, but may not be upheld in a court if it gets that far (doubtful unless you did something blatantly wrong).

I would just take whatever you were approved for, not change ANYTHING (because you will likely never get it done), set up a separate bank account for the proceeds, not touch the funds UNLESS (a) it's for an expense that is clear cut with zero ambiguity that you can point to the agreement and see it stated in the language, and/or (b) it's an absolute necessity to use it. If you need a reconsideration to raise the amount, you can request, but what happens if you hear nothing back and your 60 days is up? I'm waiting for a reconsideration to decrease the amount after I agreed to the full amount but didn't submit the loan agreement, have spoken to 3 SBA reps, got 3 different answers, none of which sounded credible, and another 2 weeks has passed with no response. It is like a bad joke.

Until and unless such time comes that the SBA makes amendments, revisions, or best of all, forgives the entire amount (which one attorney feels strongly may happen Attorney Explains: Will EIDL Loans be Forgiven?
then I would err on the side of caution and use common sense I've outlined. I'd say take it and decide later if you need it and can justify using it on clear-cut expenses that ARE NOT SUBJECT TO INTERPRETATION BY ANYONE.  If it turns out that you don't need the funds or can't use them on supported expenses as outlined in the loan agreement, then pay it all back. Case closed.