All Forum Posts by: Scott K.

Hey folks,

I own 4 long term rental properties in my name. 2 STR's in my name, and 1 additional one we are purchasing in an LLC.

I've read that series LLCs are awesome, but don't exist in PA yet so that's not an option. So for the meantime I'd like to form an LLC for each property separately, transfer the mortgages to those LLCs, and then manage finances properly so they hold up in the court of law.

1. Is it proper to put each property into a separate LLC?

2. How hard is it to transfer a mortgage from a personal name into an LLC with the same owners?

3. What do I have to do with my finances to stay properly within the definition of an LLC so it protects my assets?

4. Do the bank accounts have to be business accounts to qualify and protect me?

5. Any recommendations for companies that make lots of LLC bank accounts easy to manage online?

(I used to use Ally until they claimed my brother was committing fraud due to pandemic unemployment benefits, then banned him from calling them so he couldn't plead his case. Then 3 months later he submitted an official business complaint, and all of a sudden 2 days later they released all his funds because they were scared that he accused them of discrimination. During this time they held up $40,000 of my personal funds that happened to be in a joint account with him. I will NEVER use Ally again. Horrible offshore customer service. Automated-banning, fraud detection, and general BS.)

6. If I get sued personally, are my properties protected within the LLC? Or does it only work in reverse - AKA if someone sues my properties, my personal assets are safe.

Lots of questions I know, but thank you! Hopefully this can help other owners navigate LLC protection...

 Hmm it looks like it just taps into whatever cell network is nearby. Honestly I don't think there are any good cell networks where I'm buying! Really middle of the woods unfortunately. 

But perhaps I could use it to identify which is the strongest, then buy a booster? I'll definitely check it out thanks! 

Oh cool I'll sign up for that, hopefully helps out in a year or so.

I've tried the smaller ISPs, and asked around... there's just no infrastructure is the real issue.

Funny enough Ken, I spoke with 6 different satellite companies, all giving between 10-25 mbps. One company rep SWORE it was 25 megaBYTES per second. I asked him to clarify 3 times before I gave up... Unbelievable when you know more about a company's technology than their own sales reps. 

Thanks for the replies. Has anyone actually rented a STR with a slow speed? Curious what guests think.

I think what I may do is get the 25 mbps but also get a booster and a hotspot. Give people multiple options and see if anything works. I plan to revenue $100k+ so getting unlimited/no cap is not a big deal.

I'm buying a house in rural PA for an STR. The best satelite package I can find is only 25 mbps, and my house will often has 10-14 people in it. I know this is going to make or break my review section - what is the best way, no expense spared, to make sure my guests can have great internet? Cellular service is pretty garbage - I'm looking into high powered, $1000 cell boosters (house is 4200 sqft), and figure, isn't most cellular service better than 25 mbps? Couldn't I get a high powered booster, then buy a hotspot, buy an unlimited $70/month plan for the hotspot, and perhaps get a wifi-extender if the hotspot isn't big enough to cover the house?

The only other option is verizon, which literally gives me 8. 8 mbps. Thats BITS not BYTES.

Thanks!