All Forum Posts by: Paul Chase

:-) The thing is that solutions exist.  All it takes is a little planning.

The 2nd half of my interview with Estate Planning and Elder law attorney Jeff Bellomo.  We discuss long term care costs and insurance, passing assets to heirs, asset distribution and choosing the trustee.  

My job as agent is to educate clients and then help them mitigate risks.There are a number of outside risks that could threaten an investor portfolio.  I rarely use the word "should".  I simply want people to know that these strategies exist and how they work and why they may be beneficial.

Divorce comes to mind, potentially BK. The assets in LLC are not directly at risk at least not in PA. It's the interest in the LLC that's exposed. Also, as we'll find out in Part 2 of the interview, if the investor needs to move into an assisting living facility, the LLC and the assetts can be targeted during the 5 year look back.

It's fairly well known that REI properties should be held in an LLC or a similar entity to protect your personal assets if something happen with tenants at the property. But that's not necessarily a two way street, at least not in Pennsylvania. What happens if you get sued personally? Could your REI company be at risk?

Thanks for getting back to me Scott.  The long story is that I expect to have my Broker's license in August / September.  That will allow me to legally act as a consultant instead of as salesperson (i.e. a regular agent).  My question is market research to learn more about what needs people have that their agents are not or cannot currently provide.  For example,  most salespeople can sell a property and a few companies will manage the assets, but who is managing the portfolio as a whole and recommending possible changes?   Many people work with a financial planner to manage their insurance and Wall Street assets.  Financial planners typically cannot get too deep into the real estate world for a variety of reasons.  I'm looking to provide a similar service for in PA.

In Pennsylvania, a real estate consultant is required to be a.licensed broker. A licensed salesperson, or agent, cannot operate as a onsultant. So it you were to consider hiring a REI consultant, what service, skills or knowledge would you expect?

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $113,000
Cash invested: $20,000

Helping the client start and build his RE portfolio of buy and hold properties. Connected him with asset protection experts, financing am managing the property.