All Forum Posts by: Josef G.

I am thinking of creating a property management company (LLC A) in Pennsylvania to manage couple of properties I already own under my personal name and a LLC (LLC B). I've read that in Pennsylvania, one does not need a license to manage one's own property but not sure if this is true or no. Therefore, I have couple questions for forming a property management company:

1. do you need a license to manage your own properties in PA?
2. would there be any conflicts for for giving out the property management to LLC A since I would be an owner/member of both LLC A, LLC B, and my other properties?
3. are there any other licenses need for a property management company? I've researched and could not find anything
4. if decided in the future on managing other people's properties, how would getting a licensed broker be incorporate into the existing LLC A?

Any advise would be greatly appreciated. Thank you

I'm looking for a good CPA in NYC area to help me perform tax returns and with ongoing tax planning. I've got a partnership LLC along with typical W2 income, real estate, and interest income.

I would appreciate any recommendations available.

By the way, I live in NYC and the LLC and property is in Philly, so preferably someone that knows the state/city law in PA would be great.

Thanks!

Josef

Joey, 

If the math works out for the multifamily property, it would always make sense financially to go with multi. However, it depends if you are talking about 2,3 or 4 unit multifamily property. If it 3 or 4 units and assuming it's owner occupied, you can live there for free where tenants would hopefully cover all the operating expenses. 

If you and your finance wants to start a family, have your own privacy, and etc...it would be nice to have a single family property.

Since you are leaning towards buying a single family, ask yourself if your second property (multifamily) going to be an investment property or owner occupied? This would better help with your decision making. 

Good Luck!

My partner and I are planning to purchase a 4-unit rental property in Philadelphia with both our names on the title, deed, and mortgage. Philly requires all owners to have a rental license and the form requires “business income and receipt tax number” (BIRT). To that we have the following questions:

• 1.We are planning to form a LLC. Is it possible to use LLC as a business entity to apply for the BIRT?
• 2.Is it possible to have the rental license under our name while the tax number be in the LLCs?
• 3.We may also plan to operate the rental property through the LLC. Using the LLC for collecting rent and paying expenses. Any thoughts? We are not looking for any asset protection or liability from the LLC since title/deed/mortgage/insurance would be under our name

Any thoughts, ideas, or responses would be greatly appreciated. I’ve looked through the forum and did not find any complete answer. Mainly advised to consult with a lawyer or CPA. I know that’s necessary but we hope this forum can help us instead of going to the professionals right away.

Thank you