All Forum Posts by: Derek Bleam

Thank you for the response. So when it comes to the LLC's I have 2 LLC's that this company created for me, as you know, one in WY & one in PA. The LLC in PA, where I reside, is owned by the LLC in WY as a sole member. And the LLC in WY is owned by me as a sole member and this LLC in WY has a registered agent in the state of WY. But, at this moment, neither of the LLC's hold deeds to any of my properties; both of the properties I own now are in my name, as well as the one I'm going to be buying in a few weeks. But In creating the LLC's I did want to then transfer them into the LLC and I watched videos that had said creating the Wyoming LLC added protection and anonymity for your assets, which I've come to find out is not the case, and transferring them into the LLC will be costly, so it seems that creating them in the first place was the wrong thing to do. So now to add to that, I'm not sure how the taxes are going to work by having the LLC's in 2 different states, I'm ultimately nervous now about consequences from tax implications and not filing taxes properly come time to do so.

As this is already done, what would be my best avenue of approach to handle things properly? Is dissolving the LLC a possibility? Or should i consult with a CPA and Lawyer who both specialize in real estate taxation and real estate law, respectively? To add further context, one of the big reasons I even did the LLC was to start a business account and build business credit to further fund my rental properties and possibly get into larger apartment complexes in the future.

Full transparency, I felt ashamed to admit this before, because I didn't do my research and jumped into something, but recently I was listening to Pace Morby YouTube videos about LLC's and they suggested before you do anything in real estate to protect your assets with LLC's, I already had property so I thought I needed to act on it and set up and LLC. So I used the company he suggested in his videos: Prime Corporate Services; I paid them and they set me up with 2 separate LLC's; one in WY for anonymity and one in PA where I reside, but besides that I know nothing of what I'm dealing with and from what I've seen on these threads is that I screwed myself and just made my life more difficult.

So I'm kind of wondering the same thing as him, I have a couple of rentals now and I wanted to protect myself by putting them in LLC's. So recently I was listening to Pace Morby's YouTube videos on LLC's. In the videos it said to use the business service he promotes: Prime corporate services, so I called them and they recommended that I set up two LLC's one in Wyoming for anonymity and the other one in the state I reside in: Pennsylvania, so that's what I did. So beyond that I don't know what I'm doing or how to structure it properly, or what the tax implications are going to be… I didn't do my due diligence and research, so I'm thinking I kind of made a bad decision by jumping into it…

I don't really have a setup. I'm in the process of buying my 3rd property, which will be my primary residence for my family and I, it will be our permanent home for a lil while. So then I'll have two rentals: 1 in Coopersburg, Pa and the other one in Quakertown, Pa. But my finances are getting hard to keep track of sometimes, I really wanted to get setup with a business account so it will be easier to keep track of expenses, mortgage payments, rental income, HELOC payments, everything gets handled through my personal account, at the moment. It gets really confusing at times, so I'm just kind of trying to figure out what would make my life easier, and I wanted to be more organized. I have two kids under 1.5 years old, work 50-60 hours a week, and I'm in the military part time, so it's ultimately a lot to keep track of and I want to set myself up for success and not screw myself in the long run.

Hi everyone, I live in Pa, and I was wondering about starting up an LLC. So I've read I have to start an LLC in Pa because it's where I reside, but I could create an LLC in a state, let's use Wyoming for instance, that would be the owning entity of the LLC that I would create/own in PA to protect my privacy and my personal assets in case of a law suit. Does anyone in Pa have any experience with this specific structure or can give me information on the best route to take. Would I have to transfer ownership of my rentals to these LLC's? Would both LLC's be filing tax returns? How would I set up business bank accounts? Does any have a good accountant that has experience with real estate LLC's? How can I get business bank accounts, business credit?
it’s a lot, but any information on this topic would be great, thank you. 

I’m fairly new to real estate, but not that new(I’ve had a tenant for a couple of years), but I have few questions regarding this post that I’m a little ashamed to ask, because it seems like I’ve been doing things wrong with my rental property/tenant I have now and I want to get better and change my habits so I can use the best practices and do things the right way, anyway: I live in PA, I don’t know if laws are different from state to state, but when it comes to smoke detectors and CO we should be replacing those in our rentals every 10 years? As well as doing annual inspections on HVAC systems, make sure detectors are working properly, air filters are changed and just to make sure the tenant is taking care of the property? 

I’m still fairly new, but not that new to rentals(a few years having a tenant) and I have a couple questions that I’m ashamed to ask because it seems like I’ve been doing bad practices and I should fix them before I continue, but anyways: I live in Pa, so with regards to smoke detectors and CO detectors they have to be replaced every 10 years? And as landlords, we should be doing annual inspections of the working systems within our property ie HVAC checks, filter replacements, smoke detector batteries…etc? 

Hi, everyone. I'm basically new to bigger pockets, and also fairly new to real estate. I currently own 2 properties, and in the process of looking for my 3rd, which will be my primary home for my family and I. But I had thoughts about buying in the pocono area to then eventually turn it into an STR, then buy a nicer more permanent Single family home that's paid for by my rental properties. I'm sure there's people on this forum that have experience with buying in the pocono area or surrounding areas, and would love their insight or knowledge of what they think the best way to go about this is. Thank you.