The population of the city of Los Angeles was just over 100,000 in 1900. A little more than a century later, the population in the city alone is nearly four million. With this kind of growth, real estate continues to be essential to the health and vibrancy of the local economy.
Sobul, Primes & Schenkel has experience working with clients in virtually all aspects of the real estate market, from owners of multi-family residential units to hotels. Over the years, our firm has addressed a number of issues that are unique to the real estate market, including advanced financing methods, bank and other lending reporting requirements, multi-state issues, multi-generational tax planning, along with unique tax issues such as Sec. 754 basis step-ups.
As well as focusing attention on the success of the real estate firm, we also consider the best strategy for sole proprietors, partners and shareholders. They often have their own financial goals that we are able to balance with the success of the firm as a whole. And thanks to our many resources all over town we can address issues ranging from the firm’s owner compensation plan to an individual owner’s need for help leasing a vehicle or planning their estate.
A large local real estate developer that was an ongoing client of Sobul, Primes & Schenkel entered into an advanced financing arrangement involving unusual lending sources. As their accounting firm, with intimate knowledge of their financials, we were determined to develop the special reporting information necessary for the lenders to agree to the financing. The project went forward and was a great success, which is an outcome that our client was not confident of when they came to us with the challenge.