All Forum Posts by: Garrett M.

Hello Bonnie! Yes, I see your point! The home is in a part of Philly called the Art Museum area. I will reach out to Jamie. Thank you

Hello friends! Is MTR a good strategy in Center City / Art Museum?  (4 Bed 2.5 bath, 2400 sq ft. street parking only)  What percentage over standard rentals can one expect and is it worth the extra management?
Looking for market specific consultant and potential MTR property manager. 

Thanks in advance!

I need to learn more about asset protection in regards to real estate in PA. I have a small portfolio of single family rentals and I'm moving toward an asset protection plan. I am also in the process of doing estate planning.

I have read that in Pennsylvania, spouses who share ownership of property under "tenants by the entireties" language have asset protection from creditors and that it is a rare state specific protection.

Here’s an article that goes into it:

https://lynchlaw-group.com/married-business-owners-have-asset-protection-option-under-pa-law/

The article states:

Where property is held by spouses as part of a tenancy by the entireties, the two do not own separate interests in the property; their interests are jointly held. Pennsylvania law provides that an individual’s creditors cannot pursue assets that are jointly owned by that individual and his/her spouse as tenants by the entireties. In other words, property held in this way is generally not available to the creditors of only one of the two spouses.

There are limited exceptions to this rule. The Pennsylvania courts have determined that in order for a creditor to have access to property that is held by the entireties, there must be some action performed by both spouses, i.e., a joint action of sorts. This is true because the very notion of the tenancy is founded upon the principle of unity that exists in the marital relationship. Ultimately, a tenancy by the entireties can be terminated: (1) upon the death of one co-tenant spouse; (2) divorce; (3) a joint conveyance; or (4) through an express or implied agreement.

I'd like to hear from any knowledgeable folks about how this type of protection differs from asset protection provided by taking title in my LLC. I understand that there may be limited protection provided by a single member LLC vs a partnership LLC. But LLC partnerships have higher costs for tax filing and higher rate financing options with worse terms 5 and 7 year balloons.

Ideally, I'd like to take the "tenants by the entireties" route if it affords sufficient protection. Anyone have experience in this area? Thanks in advance.

I am closing soon on an investment property using conventional financing and 25% down.

My question is:

Is it ok if, at closing, I wire funds from another of my personal checking accounts that was not reviewed as part of my current underwriting?

The money would be coming from a separate personal account which would contain recently transferred rental income ( Meaning NOT seasoned for 2 months) from my pass through LLC business account.

This would keep my “Seasoned” money in my account for the next purchase which I aim to start in the next few weeks. Anyone done this before? Any advice against it?

Thanks in advance!!

@Brad Burpee

Is rental demand still strong there? Anything going for the town to draw people? Thanks

@Joel Quinnette

Pottstown looks great compared to Philly house prices! Curious about this market too!

@Matt M.

People told me that Pottstown is coming up and that rental demand is high. What do you think about it? Thanks

@Michael Baum Thanks for all the Awesome detail there. Very generous of you with the pictures and specifics. Much appreciated by all I’m sure.

Don't feed the troll. Let's keep this conversation about data and business. Not interested in your politics.

@David Bokman Did you, or the others you mentioned who are leaving decide to leave because of anything to do with the Philadelphia market?