Self-managing - "company" requirements

Self-managing - "company" requirements

Patrick O'SheaPro Member
Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes

I self-manage a small apartment building in Pittsburgh, PA. It's a mix of LTR and MTR. I'm looking to advertise with my own website for the MTRs currently and I plan to buy move investment properties in the future. With my website, I'm looking to have it be more generally and professionally named.

My question is if I call it say, "PROPERTY PROS", do I need to be incorporated as a self-managed property management company? This is strictly for "vanity" and trying to look professional to a potential tenant. I would only see it used for a website and maybe business cards for people to contact me (vendors/tenants). Since it's all self-managed properties how official do I have to make it? I hope this makes sense, I did some googling and didn't turn anything up on this topic. Typically it's about starting a property management company, hiring employees, and managing other's investments. In my case I'm only interested in self-managing my properties.

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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
3y

Don't incorporate, just start an LLC.

It will help keep business & personal separate

See this reply in the discussion

6 Replies

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  • Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
    3y

    You don't have to incorporate, but it might be beneficial for a few reasons. First, some legal and asset protection. Second, you could start building some business credit that could be helpful in the long run. Ultimately, I'd consult both a CPA and attorney to discuss all your options and their pros/cons.

  • Real Estate Broker · Salt Lake City & Oklahoma City · Member since 2018 · 3k+ posts · 2k+ votes
    3y

    Hey @Patrick O'Shea, I want to understand your vision a bit more.

    Are you wanting to start a website that advertises mid term rentals, similar to FurnishedFinder?  If so, would these be only your properties or lots of other properties?

  • Patrick O'SheaPro Member
    OP
    Investor · Upper St Clair, PA · Member since 2013 · 96 posts · 112 votes
    3y
    Quote from @Will Fraser:

    Hey @Patrick O'Shea, I want to understand your vision a bit more.

    Are you wanting to start a website that advertises mid term rentals, similar to FurnishedFinder?  If so, would these be only your properties or lots of other properties?

     @Will Fraser this will be be only my properties. I have my MTRs on FurnishedFinder, but haven't had much luck with it. I am on Airbnb for my MTRs, too. I like the website idea as I try to attract tenants thru google searching and as I buy more buildings for MTRs and potentially posting vacancies after buying a mobile home park. I hope that helps.

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    3y

    Don't incorporate, just start an LLC.

    It will help keep business & personal separate

  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y

    If you are going to operate as a business, I think it's best to register as one.

    Talk to the Secretary of State office, explain exactly what you want to do, and they will advise you.

    The DIY Landlord Book4.7247 Reviews
  • Elise Bickel TauberBusiness Member
    Real Estate Agent · Cranberry Twp · Member since 2017 · 385 posts · 198 votes
    3y

    In Pittsburgh, if you advertise as a business, you must be registered as one with the state. If you only manage your own properties you just need to register the llc. if you start to manage for anyone else you must not only have a estate real estate license, but also a real estate brokerage license. They have been cracking down on it big time and you dont want to be on the wrong side of the real estate commission in PA.

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