All Forum Posts by: Stanley Bronstein

Amber, feel free to reach out to me if I can be of assistance.

@Karen Rittenhouse gives good advice.  However, telling the property manager you are considering filing a lawsuit will SOMETIMES get their attention and you can negotiate from there.

@Glenda Barden It's not really a question of whether or not you can sue?  It's a question of how strong your case is, what it would cost to file and carry out the suit, whether or not you would be likely to win, how much would you likely recover and whether or not you'd be likely to collect it if you win your lawsuit?

All I can say is that when you start factoring in the costs of your time, legal fees, brain damage, etc., it's' quite often not worth the trouble. However, that's for you to decide.

@Cary Westerbeck Everything you do needs to have a reasonable basis and should be defensible. You can sell to yourself at the bottom of the market, but you shouldn't sell to yourself below market. Everything should be documented and you should have a clear paper trail showing your intent, at all steps along the way, especially if you want to 1031 later. @Dave Foster can talk more about intent, but it's an important part of doing a successful 1031 exchange.

@Neil G. While I am not licensed in California, my experience has been that there is no such thing as it always being Seller's choice. Everything is negotiable, BUT it is quite often the case that the Buyer doesn't want to kill a deal over the choice of the escrow / title company.

The Seller can argue that since they're probably paying for the title policy, they should choose the title company. The Buyer can then argue back that since they are the one ultimately getting the title insurance policy, that they should be able to choose who issues it.

I just completed a big deal a couple of weeks ago and by the time it was all said and done, I think the listing broker wishes we had used my choice of escrow agent instead of the one the Seller wanted.

BUT, the main thing is that the deal got done and everybody's happy.

@Damon Bodine Please let us know if you ever turn this into an online webinar. I've been doing quite a bit of research into Opportunity Zones and there are some interesting potential opportunities out here in Arizona.

I'm not licensed in Ohio, so you need to check with an Ohio attorney. With that said, if you have an LLC that owns an income producing property in Ohio, it's probably going to be considered to be doing business in Ohio and will probably need to be registered in that state. Even if you form it in CT, you would still probably need to register it in Ohio, which sort of defeats the purpose.

Nothing against LegalZoom, but you need to talk with an attorney and get some local advice. It will cost you a little more in the beginning, but you will learn a lot and it will hopefully get done properly, THE FIRST TIME.

@Benjamin Bollman is correct.  @Cary Westerbeck you keep separate records and don't combine anything. Everything you do for the personal residence unit should be separate. Separate contracts, separate loan, everything.

Alternatively, if you are building them with a separate company you have, you could then simply sell yourself the unit once it's complete. However, you have to take care to not sell it below market, as you could create problems there.

BUT, more than anything, talk to your CPA (and possibly an attorney) and plan it all out, IN ADVANCE. Once you plan it out, stick to the plan.

@Allen Lopez  Call the Recorder's Office and ask ...

https://www.countyoffice.org/east-baton-rouge-parish-recorder-of-deeds-baton-rouge-la-104/

@Raymond Brown After you talk with the attorney, you may want to share some of their suggestions with the BP Community. Thanks