All Forum Posts by: James Masotti

@Jason Hatfield

Thanks for the awesome information. I didn't realize that about the series LLC. I'm not too worried about expediting even though I may be making an offer before the LLC is set up since I've confirmed with the bank that transferring title to the LLC will not trigger a due on sale clause.

I'll add Dolan to my list of folks to call tomorrow. 

Thanks @Steve Vaughan and @Justice Cannie!

Thanks @Justice Cannie!

I agree paying thousands wouldn't make sense. Having them set up the initial one so that they can advise on an ideal structure given my strategy though would give me the information I need to possible move forward doing it myself in the future.

Thanks @Allison Leung I appreciate your insights!

I completely agree. I'm just trying to get a feel for thing because I was told by one attorney that someone recommended that there was an initial $295 consult fee. And then if I decided to move forward with using them there would be the actual payment for services provided.

I don't mind spending the money up front to make sure it gets done correctly, but like most investors I want to make sure I'm paying the appropriate fee to do so. 

While I know this is wildly different across states and formation types and the like but...anyone have any sort of guidelines on what an attorney should cost for setting up an LLC? I'm focused on Delaware, but I imagine anything in the Northern Maryland, South Jersey, Philadelphia areas should be comparable.

I'm only just getting started and will not let the lack of an LLC hold me back from doing so. I can always transfer property ownership later (without fear of triggering any due on sale clauses because I've already cleared it with my lender and they're willing to put in writing before I go to closing).

However I'd kind of like to have the LLC set up so that I can start my branding and marketing and know that I have the legal rights to the business name and the like. Perhaps a conversation on business name and marketing before having an LLC belongs in another post though...so we'll see where this conversation goes and maybe I'll post that up there.

Thanks in advance for any help and assistance!

Hey gang...

Looking for recommendations on Real Estate Attorney's in Northern Delaware to consult with on whether or not to set up an LLC. The Wilmington Area is preferred, just cause of proximity to where I spend most of my time and will be investing, but I could bounce over(down?) to Newark as well if needed.

Thanks for the thoughts and recommendations!

The mortgage on my primary residence was originally through TD (they have since sold it to another bank). I have all of my insurances through USAA. TruMark was recommended by a colleague of mine who has 8 properties financed with them right now. I've been shopping around a bit at the local lenders and TD and TruMark seemed to be the most flexible with competitive rates. Granted this was for 1-4 unit residential, not sure how they'd handle actual commercial buildings. They even allow you to only put 15% down if it's a 1-2 unit but you'd have to pay PMI. 20% or more and your safe. Oddly enough 3-4 units requires a minimum of 25% down.

Check out TruMark Credit Union as well. I'm closing a 30 year refi with them right now with cash out (to buy more properties of course) and they're very reasonable and allow you to carry 10 loans at a time.

South Jersey definitely has some neighborhoods outside in Camden and Gloucester counties which are more "blue collar" suburban neighborhoods where you can buy some good multifamily residences. With regards to the 2% rule though I think a lot of that will depend on how much you're willing to put down. If you're familiar with New Jersey you know that the taxes are high. While South Jersey isn't as bad as Central or North Jersey, it is still much higher than PA and Delaware, but because you're in the Philly metro market, the rent rates are not comparably higher.

Matthew Dipietro - Welcome to the forums. I too am new to BP and am planning to invest in Delaware. Best of luck and check out the Delaware thread that a bunch of us are on, as there is a meet up being planned for August.