All Forum Posts by: Brian Camp

@Matt Lord - I have been researching the same thing and reading PA forum. Seems the state will even try to collect the transfer tax if you move the property to a trust. Hope you discover a solution that I have not.

I wish I had seen this thread earlier. I was signed up for auto-renewal and for a PA LLC it went from $169 to $399. I will be looking for another RA next year.

Hi @AK Fowler - I read this thread a couple weeks ago and said I would get back to it, so sorry it has taken so long. 

I also have a kid that will be starting Pitt so I am also starting to look around as well. From what I am being told the kids like to live in South Oakland but there seem to be some very rough houses in that area.

What have you found?

Thanks, Brian

One other thing to consider if you plan to scale up, is whether or not you want all those mortgages for properties in your name on our credit report to need to justify every time you need to do any personal or business borrowing. If I could turn back the clock I would own everything in my LLC, and will eventually have to pay the PA transfer tax again because I will be refinancing them into my LLC (or transfer when paid off).

I have student rentals in the Western PA area. I use Allstate for everything in my name and State Farm for everything in my LLC. My Allstate Agent tried to refer me to some company out of Ohio I forgot, but don't waste time with them. Also Erie is an option if State Farm gets funny (e.g. my State Farm agent did his own inspection of the property and had things he wanted me to fix). I also got the impression that State Farm agents have some leeway on whether they wanted to add student rentals to their insurance portfolio so picking the right agent seems important. I needed to close but will likely look for a company that is more comfortable with LLCs and students than State Farm.

Thanks all for your help and input! 

One last FYI to close out the thread. It seems that as of right now State Farm will insure in the name of an LLC in PA but not Student Rentals.

@Percy N. - Thanks! They will write the policy in the name of the LLC?

I just found out my current insurance company Allstate will not insure a rental property in rental property for an LLC. They are recommending American Modern Insurance.

I am wondering what others with LLCs in PA are using and content with.

First let me say the most I have ever bought in one year is 5, and that was before the crash when financing was different. I think you should break it in to two parts: (1) Finding deals and (2) Financing them. If you can find enough deals in your target markets, and get creative about financing it can be done. I was also warned to be caution and really did get in a bit over my head, but as I look back I do wish I had bought almost everything that was on my prospecting list.