All Forum Posts by: Eddie Ziv

Originally posted by Financexaminer:

Dan, you have some Enron accounting going on here.....you said your equity would be higher if you acquired a property at a discount or below market. That can not happen by definition, that thinking comes from TV gurus who lie.
The value of your property is what you paid for it, regarless of what your preceive the value to be. Bill

Thank you!!! Finally someone who calls spade a spade!
Often people here use the term "Way below market value" or"XX% bellow market value" - Bunch of bull...
The latest property I bought was for $7,500 (No, there are no missing zeros here...you are reading it right) The property originally was listed for $19,500. I negotiated it down to that price. Did I buy a property at about 40% of the value? NO. I bought it for what it worth and I was the only one who was willing to pay that amount. If there were any higher offers, they would have been, most likey taken.

The market have spoken! I was the market!!

BTW, same goes for AVR (After Rehab Value) No one can really tell what a given property could sell after it was renovated. It simply impossible! They may be able to give a "ball park" based on comps in the area, but the definition of rehab is shady to begin with. Is it Paint, carpet and some few new appliances to sooth the eye? Or does it include , new Roof, Plumbing, Electrical system upgrade, and central HVAC?

Originally posted by Eddie Ziv:

Josh, regardless of whether it's a live event or a prerecorded one, each paying subscriber would get a secured link accessible only with a password, where he or she can post questions. The instructor would then post answes at the same site. All the questions and the answers will be available to all who signed and paid for the course.

Originally posted by MikeOH:

Mike, That a possibility, however, I assume that the contexet
of those question would be within the scope of the lecture. I also think that will give the subscriber a sense of exclusivity. That said, again, it is up to Josh whether it should be exclusive or not.

Originally posted by Financexaminer:

Hi Eddie, my opiniojn came from all of the requests I get about very elementry aspects of forming LLCs, where they have the Articles of Organization and a blank form Operating Agreement, but don't know how to fill them out. There is nothing wrong with getting forms from legalzoom.com, but I don't think Robert, O.J.'s old attorney, sits down with folks and devises a tailor made Operating Agreement for them.

Bill, Since you started your sentence with the words, "My opinion" then I'd leave at that since everyone is entitle to his/her own opinion.
With regard to O.J.'s old attorney's company, I don't know if you ever seen an operation agreement that was done by Legalzoom, but I can tell you that it is not a blank page, in a matter of, mine has ten articles.

Here is my point. If the organization has a complex structure, multiple unrelated members, and assets that have substantial value, there is no doubt that an attorney should form that entity and it better be a good attorney. However, if you form an entity either as a sole proprietary or with your wife and you only have several SFRs or even couple of MFRs, I think that a run-of-a-mill entity is sufficient.

Originally posted by Financexaminer:

Most people, from what I have seen on here, have started their LLCs from documents that they swiped from someone else, off the internet or copied from some other source. I would say that few have actually gone to a good attorney and had documents as well as a good business plan drwan up for their business.

Bill. Although I agree with most of what you've said here, this particular observation, I'm not sure wher you get it from. I don't know if everyone here goes to a lawyer and pay thousands of dollar to process of forming an entity, but I personally don't really see the reason. There are services like Legalzoom.com who would do just that for the fraction of what attorney would cost. I don't see what's wrong with that.

Originally posted by Joshua Dorkin:

If it isn't a live event, I don't see how that is going to work?

Josh, regardless of whether it's a live event or a prerecorded one, each paying subscriber would get a secured link accessible only with a password, where he or she can post questions. The instructor would then post answes at the same site. All the questions and the answers will be available to all who signed and paid for the course.

Mitch, I'm curious. Why do you have to form a CA entity? Couldn't you form a Wyoming or Nevada entity and transfer the property to that entity? If you are concern about privacy, those state provide the best protection.

Josh,
The Q & A could be on a secure side of BP where only attendees can submit the questions. The would be posted as well as the answers by the expert.

Don't give the landlord a notice. Give him an ultimatum. If you move, he /she will have to replace the carpet anyway and probably the carpet will be a minor expense compare to other things he'll need to do. Not to mention loosing a good paying renter of 18 years.
This is by enlarge, a landlord forum, so you may not get full sympathy here, but I'm a landlord and I'm telling that if you where my good, on-time rent paying tenant (And obviously you are since you're still there after 18 years) I would definitely replace that carpet. I'd like my good tenants to be happy and my bad tenants to be miserable... :wink:

Josh,
I would also like to second Steve Babiak's point. Q & A are very crucial.

Originally posted by Mitch Kronowit:

Originally posted by Eddie Ziv:

Lastly, the most important thing to make all of it worthwhile is to record the property under the LLC name.

We just did that recently and the one thing I don't like, from a privacy perspective, if that my wife and I are listed as Grantors on the recorded deed and searchable in county databases. Sure, it shows us granting the property to my LLC, but anyone with half a brain, i.e., anyone not holding public office, should be able to put 2 and 2 together and realize the grantors of the property and the member(s) of the LLC are one in the same.

Any ideas how to muddy the waters, so to speak?

Mitch, from a legal perspective it really doesn't mean anything. I bought one of my properties in TX from an LLC entity. Does that mean that, that LLC belong to me? Some people do the opposite rout to refinance. The answer is No. Legally, once the property is granted to the LLC, the only obligation the original owner has is to the note holder, i.e. the mortgage company.
BTW, once you record the property in the name of the LLC (Or any other form of entity), theoretically, the mortgage holder can call it "Due on sale" and demand to pay the loan in full. However, this is very unlikely to happen as long as you pay your mortgage on time, especially in this economic environment.