All Forum Posts by: Mike Miller

Was looking for someone that has established an LLC in California for real estate purposes, as the laws are different for other states. I am flipping a property with an investor and we will be setting up an LLC for it.

I know you have to pay a $800 LLC fee per year and file a "Statements of Information" within 90 days.

But as far as the stuff in the following screenshot, would you recommend I pay & utilize LegalZoom for any of them, or is it just sales stuff from legal zoom that I could do pretty easily myself?

 (IE, they prompted me to open an American Express Card, Chase Checkings account, 30 day trial of access to 1000 legal forms, a website & domain, etc...). So I know some of it is just garbage. 

*Sorry, Funds, not Fund

A buyer wants proof of funds on a cash deal, this is an off market deal. I would like to stay anonymous beyond my first name with him. I was planning to buy the house under an LLC anyways and have never setup an LLC before. But my main question was the proof of funds.

-Can I open up a bank account under the name of the LLC and deposit the funds into that? And then provide the seller a bank statement from that account?

-Would the bank account need to be opened BEFORE the creation of the LLC, in order to include the bank account number into the LLC? Or doesnt matter the order?

Thanks

An investor I was talking to said when he would go to buy Trustee properties that had defaulted and were going to auction, he would first spend hours at the recorders office making sure the owner did not have senior loans that were unpaid, because you are responsible for all seniors loans and liens on a trustee purchase.

But how would you know whether they have a senior loan and if its paid off, where was he finding this info at the recorders office? Because the recorders office does not display the amount owed on a loan or whether its paid off, any ideas how he researched this stuff at the recorders office?

He showed me an example of his research, it showed all the loans a guy had taken out and how much each one was, which were paid off and which were not. I dont get how you get all that from the county assessors office?


Thanks

This is a California real estate question if that helps. 

Sorry, full question is:

Stefan bought Pablo's house on October 15, 2013. The sales price was $850,000. The assessed value was $500,000. 

Who would receive the property tax credit in Escrow and how much would the credit be? 

Just hypothetical here:

If I bought a house on October, 2013. The sales price was $850,000 and the assessed value was $500,000...... Who would receive the property tax credit and how much would the credit be? 

Thanks

Thanks, that helps with the multiple examples!

I am taking a real estate class in college just for the units, not pursuing real estate. There was 35 questions to this assignment, and these are the ones I need help with, any of them would be nice, dont have to answer them all!

7. Calculate how many acres are included in the lot. (1 pt)

N1/2 of the NE ¼ of the S1/2 of the SE1/4 of the NW 1/4 of Section 20, T10N, RW6, San

Bernardino Baseline and Meridian

12. A lot is 215 feet long and 109 feet wide. Approximately how many acres are in the lot? (1 pt)

3. Give an example of a voidable contract and explain who has the right to void the contract & why (up

to 2 points)

9. Give an example of a general, involuntary lien you might see on a preliminary title report.

15. Identify & explain the purpose of one (1) specific type of disclosure form required under California

law in a residential sale. You cannot use agency disclosure or HOA disclosures.

26. Miguel purchased a condo for $546,000. How much was the documentary/county transfer tax?

17. Stefan bought Pablo’s house on October 15, 2013. The sales price was $850,000. The assessed value was $500,000. (Up to 3 points – you must show your math calculations for full credit)

Who received the property tax credit in escrow?

How much was the credit?

18. Describe one material fact about your own home that you would have to disclose to a buyer if you were selling – if you’re renting, pretend you own the place. 

Thanks!

Thats about it, just needing some possible examples/explanations  on this from professionals.

An example of a general, involuntary lien you might see on a preliminary title report

Thanks