All Forum Posts by: Kenneth Burke

I'm a relatively new investor with three SFR's, looking to buy #4. I've been advised by my CPA to create a separate LLC for each property, along with individual business accounts for each. From what I understand the LLC's provide some protection from my other assets and there are tax benefits associated with them. The initial setup cost about $300-400 for each which I thought was reasonable because they are being filed in a different state than I live in. However each year he's preparing my tax return the filing cost for each LLC seems to be going up, from around $350 to $480 for each LLC, not including my personal taxes. Is there a more cost efficient way to manage my properties, such as perhaps one LLC to cover all properties and a large umbrella insurance for liability issues ? Any guidance would be greatly appreciated.

I'm a relatively new investor with three SFR's, looking to buy #4. I've been advised by my CPA to create a separate LLC for each property, along with individual business accounts for each. From what I understand the LLC's provide some protection from my other assets and there are tax benefits associated with them. The initial setup cost about $300-400 for each which I thought was reasonable because they are being filed in a different state than I live in. However each year he's preparing my tax return the filing cost for each LLC seems to be going up, from around $350 to $480 for each LLC, not including my personal taxes. Is there a more cost efficient way to manage my properties, such as perhaps one LLC to cover all properties and a large umbrella insurance for liability issues ? Any guidance would be greatly appreciated.

I recently refinanced the mortgage on my primary residence and combined the loans I took out to purchase my investment properties. I have three single family, long term rentals with separate LLC's and business accounts for each property. I am planning to make the mortgage payments from a combination of the business accounts and my personal account. Now that I am mixing finances, am I negating the protections provided from the LLC and opening my personal assets up to a potential lawsuit ? Does it make any difference if two of the properties and a portion of the third were purchased by taking a HELOC from my primary residence ?

Thank you for the reply. Does it make any difference if two of the properties and a portion of the third were purchased by taking a HELOC from my primary residence ?

I recently refinanced the mortgage on my primary residence and combined the loans I took out to purchase my investment properties. I have three single family, long term rentals with separate LLC's and business accounts for each property. I am planning to make the mortgage payments from a combination of the business accounts and my personal account. Now that I am mixing finances, am I negating the protections provided from the LLC and opening my personal assets up to a potential lawsuit ?

I have noticed some of the properties I have been looking at sold for as low as $1,500. I assume these are tax deed sales. I believe PA is a tax deed state. I wanted to see if anyone has any information on things to be concerned with when purchasing property at a tax deed auction. From what I've read they are cash only As Is sales.What are your options if the property turns out to be a total loss. Are there any necessary qualifications to purchase, such as realtor, lawyer, etc. Or can anyone with the money attend and purchase property. Thank you in advance for any guidance. 

My name is Ken I am a sergeant with the NYPD I live in long island, NY. I'm married with 4 children and looking to get into the real estate industry to provide for my family's future. I currently have 3 small single family residences in the Poconos, PA area. I have joined biggerpockets.com to connect with more experienced professionals and get advice on how to improve all aspects of my investments. Thank you in advance for any guidance.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $28,000

3 bedroom, 1 bath, 960 square ft

What made you interested in investing in this type of deal?

Long term investment

How did you find this deal and how did you negotiate it?

Realtor.com

How did you finance this deal?

I took a home equity loan from my primary residence

How did you add value to the deal?

I rehabbed the property with local contractors