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About jayentee

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    The Legal Eagle
  1. jayentee


    Craig, LLC's are generally easier from a managemenr perspective, especially if you plan on having multiple members. Additionally, S Corp's may be subject to certain restriction (they may of may not be applicable in your case). If you have or have heard of any reason as to why an S Corp would be more favorable, I would certainly be interested in hearing it. Also, if you ever excercise the option, the LLC would have the option to purchase and presumably take title. I believe it is preferable to hold real estate in an LLC as opposed to an S Corp. Sincerely,
  2. jayentee


    Craig, Let me be sure I understand you correctly. Your NY LLC obtained an option to purchase out of state property (the "Forum State) and now you want to assign the option to another person / entity and have your NY LLC receive a profit / fee. I dont see why this would be a problem. It is an issue that must be determine under the laws of the forum state. Absent some leglistaure that I am not familiar with this is probably ok (Remember though... i am only licensed in Florida and have no idea what state you are referring to) The only caveat, is that some states have tax withwholding laws which come into effect when an out of state LLC or other entity does busines and profits in its state. The purpose of the withholding laws are so that the forum state can prohibit the out of state entity from profiting and not paying the forum states taxes ( IE income taxes). The way it often works is that the entity or individual that is making payment to the out of state LLC is obligated to withhold a certain portion of the profits. This is similar to the way FIPTA withholding works. I hope that helps.
  3. As to your question about RICO indictments, my firm has one of the best criminal departments in the country. Check out www.ferrellworldwide.com As far as my practice... I have done a multitude of residential and commerical closings, however much of what I am doing now involves setting up real estate joint ventures. I also work with some mezzanine and hard money lenders. We assist them in making loans and getting their security interests perfected. As far as my RE investing... I am still young (28) and I made my first REI about 2.5 years ago. I bought a condo in South Beach. I just sold it and walked away with enough cash to really start investing. My goal is to be full time REI within 2 - 3 years. I would like to eventually get into commercial deals but my focus now is on finding a 2-4 unit residential buy and hold unit. Just want to set up some cash flow.
  4. I just want to say hello to everyone. I am the new moderator on this forum. As you may guess from my screenname, I am a miami real estate attorney. I am also a real estate investor. I am very interested in creative business techniques. I welcome your questions and comments and hope I can help. I also look forward to learing from all of you. Jaret
  5. It is generally a good idea to hold property in an LLC. They way to move the property into the LLC would be for the individual to sign a deed granting the property from the individual to the LLC. As to the tax issue, it depends. Some states will require you to pay documentary stamp taxes on the transfer. In Florida, if you transfer to an LLC, generally the doc stamps owed are based on the amount of any outstanding mortgage (assuming that the previous individual is the sole member of the LLC). If you own the property free and clear and then tranfer to an LLC, it is a different story and you MAY not have to pay doc stamps. You need to check the laws in your jurisdiction.
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