A Networking Forum for

Greater Pittsburgh Area Real Estate Investors
It is currently Tue Apr 24, 2018 4:06 pm

All times are UTC - 5 hours




Post new topic Reply to topic  [ 2 posts ] 
Author Message
 Post subject: LLC Set Up
PostPosted: Sun Jun 06, 2010 4:03 pm 
Offline

Joined: Sun Jun 06, 2010 3:48 pm
Posts: 1
Hello,

My name is Shane, and i am ready for a great investing career. But before i get started i want to set up a legal protection plan that is sufficient in what i want to do. I want to invest in 2 common ways, 1 being to flip, and 1 being to buy and hold (rentals). Mainly focusing on factors such as...asset protection, tax benefits, etc. My partners (Father, Mother and Brothers) will be involved as well, as one is a former contractor.

*My question: How would you reccommend setting up a LLC that will eventually hold 10-100+ Rentals, many being split amonst partners??

**My 2nd question: How would you set up an LLC for a FLIP potential properties??

I also plan on using Hard Money to start. ***Will the LLC be able to eventually obtain financing with a conventional bank, and eventually get large loans to do deals??

Thank You Much!

Shane L.


Top
 Profile  
 
 Post subject: Re: LLC Set Up
PostPosted: Mon Jun 07, 2010 3:01 pm 
Offline

Joined: Thu Mar 04, 2010 8:42 am
Posts: 10
Location: Pittsburgh, PA
Shane
Most of my clients I recommend using LLC's for Flips and LP for rentals. I suggest determining what you want to work on first and set up one entity and then add more as your need requires. I am perplexed when clients ask me to set up 4 or 5 entities all at once when they have not even put an offer on one property.

I suggest you and your partners consult on legal and tax strategies to determine what types of entities are best for your needs and goals.

Many investors use hard money at first and then either sell the properties or refinance them after a short time. Banks will refinance properties for you after the work is done, provided you have the credit rating and equity to quailify. Hard money is good at first, but be careful not to get over your head. As important as it is to find the right property, even more important is setting up an exit strategy.

Phil


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 2 posts ] 

All times are UTC - 5 hours


Who is online

Users browsing this forum: No registered users and 0 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
cron
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group