All Forum Posts by: Eddie Ziv

Each state has it's one laws, rules and tax brackets for either doing business locally or as foreign entity.
I can only tell you what I did. I live in California as well and own properties in Texas and Alabama.
I have a Wyoming LLC for properties in Texas and Alabama LLC for the properties in Alabama.
The main reason for establishing an entity is for asset protection (Not for tax benefit as some people may believe) Some lawyers suggest to establishing two entities - One foreign and the other one local which would be owned by the foreign, so no one can reach you personally. It is up to you and the level of protection you feel you need, whether or not you want to take that rout.

I'm curious.
According to Cyberhomes.com, the house is 2/1 with 777 sq/ft. This is really tiny and may effect your flipping ability.
The site also claims that the house was sold in February of this year for $26,380. Are you aware of that?
Looks like someone is trying to flip you...
BTW, assess value is meaningless in many markets. I'm not familiar with this particular one, but I would accept half of what the county consider as "market value" where my properties are in Birmingham, AL.

You cannot blame people for trying :wink:
I have a rule when it comes to my rental units here in California. - NO smoker and no pets.
However, I recently backed off and let a renter with a cat to go in. Of course I piled up addendums up to the wazoo... but he won... :oops:

I do also take Section 8. There are pros and cons.
Pros: Money on time and in full amount - You don't have to worry whether or not you'll see the rent next month, or whether your tenant would be employed. Your rent is courtesy of Uncle Sam
Every Section 8 is subject to inspection. After the inspection you or your PM will be handed a list of things that are needed fixing. It could be few $ but it can be much more than that. It is also depends on who is the inspector and what kind of relationship he/ she has with your PM.

Everything else is as said before. People are people and there are great Section 8 tenants and there some pain in the butt...

Politics, Politics, Politics!!!
I usually never say never but in this case, this is as close to never as I can say it.
If doing away with mortgage interest ever going to be on the chopping block, it would be one decision that would effect the middle class the most. That's why politically, it would not fly. Also, that would create another huge wave of foreclosures. If I owe $400K or more on my house (Easy here in Southern California) it means that in the end of the year I'm now left with about $27,000 less in my pocket. Now, assuming that I no longer have any equity in my house but I still can make the payment, that cut would simply push me over the cliff.

There are many more programs that can be safely put on the chopping block before this one, mainly the one that affect the poor and the powerless who usually don't vote...

The canary is starts flipping its wings... It is not dead yet and there is some time but...

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7857595/RBS-tells-clients-to-prepare-for-monster-money-printing-by-the-Federal-Reserve.html

That is true Charles, but the same rule applies to those wide angle photos. I think that in the end, if you do all that, you are aiming for client's disappointment.
How many time have you seen photos of living rooms that look as big as an indoor stadium only to find out that they actually as small as a bed room?
When I advertise for rental, I do it too, but I always add a disclaimer saying that spaces may look bigger than they are due to the photography. I also explain that the purpose for it is to include more detail in the picture.

Exactly. They also did it with one of the pictures showing Downtown LA in the background. Again, this picture was taken from a hill north west to the house pointing south east. From that angle, downtown would be much further to the east and behind the hill and could not be seen from that angle. (See 2nd picture from the top)
http://guests.themls.com/view_photo.cfm?mlsnum=09-415251#

I'm no legal expert by any mean, but it seems to me that this is out right deception. Not only I would demand from the seller to make sure the sunset occurs exactly where it is in the photo, but I will also demand to physically remove all the properties located above the subject property that were not in the photo ... :mrgreen: