Any experience with Prime Corporate Services?

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Any experience with Prime Corporate Services?

ZZ Song
New to Real Estate · Member since 2023 · 20 posts · 8 votes

Hello,

I am trying to get my LLC started and many people (including Pace Morby) have recommended PCS. But there are also a lot of reviews online calling this place a scam. Anyone here who have worked with them before? The only open position they have on their website is a sales position and it seems that for a company of their scale and caliber, they would also be hiring for other positions as well. Any feedback is greatly appreciated!

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Chris SeveneyBusiness Member
Moderator
Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y

@Adriana Cortez

$6k is insane

I can send you a free video on how to do this in 15 minutes AND 99.99% of people do not need a holding company. You are not pepsi, apple or alphabet….

7e investments53 Reviews
WebsiteView Page
5Reply
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  • Jarrett Hickman
    Real Estate Investor · Goodyear, AZ · Member since 2015 · 1 post · 0 votes
    3y

    I’d like to know too.  Have you found out anything about them?

    0Reply
  • Jesse ThomasPro Member
    Member since 2023 · 5 posts · 7 votes
    2y

    IANAL, but just had a call with them and signed up for a holding company registration, and an LLC for a LTR in South FL that I have been running under my STR property LLC, registered in another state (which I don't think was giving me the intended protections for the FL property). All fees seemed right in line with industry standard, ($9.95/mo, per entity + one-time registration fees).

    Appears to be legit! I'll definitely update you all if the experience turns sour, but I don't see that happening...

    3Reply
    • John Jasko
      Member since 2022 · 29 posts · 19 votes
      4mo
      Quote from @Jesse Thomas:

      IANAL, but just had a call with them and signed up for a holding company registration, and an LLC for a LTR in South FL that I have been running under my STR property LLC, registered in another state (which I don't think was giving me the intended protections for the FL property). All fees seemed right in line with industry standard, ($9.95/mo, per entity + one-time registration fees).

      Appears to be legit! I'll definitely update you all if the experience turns sour, but I don't see that happening...


       How has your experience been with PCS recently?

      0Reply
  • Joe DerobertisPro Member
    Altadena, CA · Member since 2014 · 70 posts · 42 votes
    2y

    @Jesse Thomas Would love to know how this is going!

    3Reply
  • Tamara Ritter
    Tampa FL · Member since 2015 · 2 posts · 0 votes
    2y

    Jesse, I was thinking about doing the same.  How is it working out for you?  Would you mind sharing the cost?

    0Reply
  • Adriana Cortez
    Member since 2022 · 6 posts · 6 votes
    2y

    Hi Everyone, I just found out about Prime Corporate Services (PCS) and had a phone call with them recently where they give their presentation. Everything they offer is exactly what I have been needing help with in my business. I'm looking to get their "package" which includes a Holding company, LLC Subsidiary​, Corporate Financial Program and an Estate Plan. The price is $6,213 (that includes everything mentioned.) This is also tax deductible. This is not "cheap" but I also think it might be worth it. Trying to do my due diligence and research reviews on them before making this expense. But most of the positive reviews I see only mention the initial presentation (which reviews always comment on how great and informative they were). And the only "client" reviews I've seen mention that their customer service is non responsive and difficult to get a hold of once you're purchased their services. Is anyone here a PCS client that could give their experience? PLEASE. MUCH APPRECIATED



    3Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y

    @Adriana Cortez

    $6k is insane

    I can send you a free video on how to do this in 15 minutes AND 99.99% of people do not need a holding company. You are not pepsi, apple or alphabet….

    7e investments53 Reviews
    WebsiteView Page
    5Reply
    • Loveless Brandon
      Member since 2024 · 3 posts · 0 votes
      1y
      Quote from @Chris Seveney:

      @Adriana Cortez

      $6k is insane

      I can send you a free video on how to do this in 15 minutes AND 99.99% of people do not need a holding company. You are not pepsi, apple or alphabet….


       I'll take that free video, Chris, if you're offering! 

      I've got a phone consultation with them in less than 2 days. Thanks!

      0Reply
    • Cody M Byre
      New to Real Estate · WA · Member since 2021 · 10 posts · 4 votes
      1y
      Quote from @Chris Seveney:

      @Adriana Cortez

      $6k is insane

      I can send you a free video on how to do this in 15 minutes AND 99.99% of people do not need a holding company. You are not pepsi, apple or alphabet….


       I would also like the video please. Thanks!

      0Reply
  • Adriana Cortez
    Member since 2022 · 6 posts · 6 votes
    2y

    Hi Chris,

    I’d love to see that video please.:)  

    0Reply
  • Tim Massarelli
    Los Angeles, CA · Member since 2023 · 3 posts · 0 votes
    2y

    @chris

    Hi Chris,

     I'm in the same position as Adriana. Would love to see that video if possible. Thanks!

    0Reply
  • Sean Allen Fenn
    Member since 2024 · 20 posts · 8 votes
    2y

    We hired them for our holding company. Nothing negative to report.

    2Reply
  • Jesse ThomasPro Member
    Member since 2023 · 5 posts · 7 votes
    2y
    Quote from @Joe Derobertis:

    @Jesse Thomas Would love to know how this is going!


     Hi joe,
    The relationship with PCS is working out quite well! I've opened two additional LLC's with them since I last posted here. Highly recommend!

    2Reply
  • Jesse ThomasPro Member
    Member since 2023 · 5 posts · 7 votes
    2y
    Quote from @Tamara Ritter:

    Jesse, I was thinking about doing the same.  How is it working out for you?  Would you mind sharing the cost?


    Hi Tamara,
    It is working out very well! I have opened two more LLC's with them since I last posted here. I highly recommend them to handle all the business structuring. 

    1Reply
  • Anthony Carrancejie
    Member since 2023 · 4 posts · 7 votes
    2y

    STAY AWAY! Prime is ridiculously expensive. Once they get you on auto pay you're stuck paying for whatever bs they claim to do. They don't file for you with the state, they claim it cost extra to do that. They are also very unresponsive, you'll get a lot of upfront communication while you're signing up for things and then they disappear. If you really want an LLC with a registered agent there are much better companies to give your money. Stay away from their tax prep too its so much money every month just to basically to your own taxes. You have to compile all the info to send to them you might as well file yourself on Turbo Tax. As with PCS their tax company is highly unresponsive, I filed over a month ago with no response, until I reached out for an update and they then requested more info from me. My taxes would have been done by the end of January if it weren't for their delay.

    2Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    2y

    I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.

    0Reply
  • Sean Allen Fenn
    Member since 2024 · 20 posts · 8 votes
    2y

    For those dissatisfied with PCS, which competitor do you recommend?

    1Reply
  • Sean Allen Fenn
    Member since 2024 · 20 posts · 8 votes
    2y
    Quote from @Steve K.:

    I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.

    Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
    1Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    2y
    Quote from @Sean Allen Fenn:
    Quote from @Steve K.:

    I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.

    Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
    I just used my attorney as our registered agent, PO Box as our business address, and a separate LLC as the holding company. $50/ LLC and it literally takes less than 20 minutes for each LLC and costs less than $20/ yr. to renew each LLC. Most investors don’t even need an LLC and a holding company is extra, extra overkill though IMO. The only reason I got an LLC was to buy a commercial property because it was a requirement of the lender. Check out this recent thread on LLC’s, it’s pretty eye-opening that of all the very experienced investors on here, with centuries of investing experience combined, the consensus was that LLC’s are not needed for most investors:  https://www.biggerpockets.com/forums/926/ Of course gurus will tell you that you need one before you even have a single property, because it makes them sound smart. If said guru also has a relationship with an LLC creation company that over-charges by thousands of dollars, then it’s obvious why they tell you that you need one! 
    2Reply
  • Sean Allen Fenn
    Member since 2024 · 20 posts · 8 votes
    2y
    Quote from @Steve K.:
    Quote from @Sean Allen Fenn:
    Quote from @Steve K.:

    I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.

    Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
    I just used my attorney as our registered agent, PO Box as our business address, and a separate LLC as the holding company. $50/ LLC and it literally takes less than 20 minutes for each LLC and costs less than $20/ yr. to renew each LLC. Most investors don’t even need an LLC and a holding company is extra, extra overkill though IMO. The only reason I got an LLC was to buy a commercial property because it was a requirement of the lender. Check out this recent thread on LLC’s, it’s pretty eye-opening that of all the very experienced investors on here, with centuries of investing experience combined, the consensus was that LLC’s are not needed for most investors:  https://www.biggerpockets.com/forums/926/ Of course gurus will tell you that you need one before you even have a single property, because it makes them sound smart. If said guru also has a relationship with an LLC creation company that over-charges by thousands of dollars, then it’s obvious why they tell you that you need one! 

     It sounds like you have a great attorney!

    0Reply
  • Steve K.
    Realtor · Boulder, CO · Member since 2016 · 3k+ posts · 5k+ votes
    2y
    Quote from @Sean Allen Fenn:
    Quote from @Steve K.:
    Quote from @Sean Allen Fenn:
    Quote from @Steve K.:

    I set up LLC's on the secretary of state website for $50 and it takes about 10 minutes. If you want a registered agent, there are services offering that starting at $40. I didn't see a need for a holding company but if someone wants one, you can just use another LLC as the holding company. No need to pay big bucks for this.

    Ours is a holding company with a registered agent. For that and time saved setting that up ourselves, PCS was worth the cost for us.
    I just used my attorney as our registered agent, PO Box as our business address, and a separate LLC as the holding company. $50/ LLC and it literally takes less than 20 minutes for each LLC and costs less than $20/ yr. to renew each LLC. Most investors don’t even need an LLC and a holding company is extra, extra overkill though IMO. The only reason I got an LLC was to buy a commercial property because it was a requirement of the lender. Check out this recent thread on LLC’s, it’s pretty eye-opening that of all the very experienced investors on here, with centuries of investing experience combined, the consensus was that LLC’s are not needed for most investors:  https://www.biggerpockets.com/forums/926/ Of course gurus will tell you that you need one before you even have a single property, because it makes them sound smart. If said guru also has a relationship with an LLC creation company that over-charges by thousands of dollars, then it’s obvious why they tell you that you need one! 

     It sounds like you have a great attorney!

    They’re good but it’s not exceptional for an attorney to be the registered agent, I think that’s how most people structure it. There are also companies that will do it for $100-300 flat fee or $30-50/yr. I would never pay a lot for any of this, it’s not even really necessary at all for 99% of investors with just a few properties IMO. 
    0Reply
  • Josselyn Jorge
    Member since 2024 · 24 posts · 7 votes
    2y

    Hi Chris, can you send me the video please? Thank you

    0Reply
  • Jerry Prawiharjo
    Member since 2022 · 9 posts · 2 votes
    2y

    Hi Chris, +1 , could you send it to me?

    0Reply
  • Ivie Lynch
    Member since 2021 · 1 post · 0 votes
    2y
    Quote from @Sean Allen Fenn:

    For those dissatisfied with PCS, which competitor do you recommend?


    None to be recommended.They are all alike.Have to get refunded for my fees and it has been more than a year and still have to taggle for them to re-issue me another check.They are very sloppy. Your LLC needs more than 4 pages operating agreement.They are recommended by many but not with me.

    0Reply
  • Sean Allen Fenn
    Member since 2024 · 20 posts · 8 votes
    2y

    They’re all alike?

    0Reply
  • Rich Ruelas
    Investor · Fullerton, CA · Member since 2018 · 5 posts · 1 vote
    2y
    Quote from @Sean Allen Fenn:

    We hired them for our holding company. Nothing negative to report.


    Same here. I worked with Malekai and he has been great!
    1Reply
  • Matthew Hull
    New to Real Estate · Member since 2024 · 43 posts · 22 votes
    2y

    Guys - I was just quoted $5000 for the Trust package (Trust, Will, Living Will, and Power of Attorney), plus $1660 per LLC, which includes one holding company in WY and however many other LLC's you want to start. They provide significant discounts for Bigger Pockets members. The totals come down to $3000 and $550 respectively.

    Red flags yet?

    1st, I’ve had the Trust package quoted by a local attorney for $1700 in the past. That’s half the cost of Prime’s reduced rate.

    2nd, like everyone is saying, the cost of setting up and LLC is less than $100… closer to $50… if you just do it yourself through the state (not complicated).

    3rd, if you want someone to help you draft your operating agreement, hire a local real estate attorney and it will be significantly cheaper than $1660… probably cheaper than $550.

    4th, if you want someone to do your taxes and help you get your max deductions - talk to a CPA who specializes in real estate and they can review your operating agreement to see if you’re setting yourself up properly, and they can do your regular taxes… and be cheaper than Prime. 

    5th, a separate CPA can work with you regularly to review your investments and strategies to determine good tax strategies as you look to execute any deals. 

    6th - don’t lock yourself into a crazy subscription model before you start making money!!! And then don’t do it after. Pay yourself regularly. Pay others when they’ve provided value to you.

    7th - Prime is not smarter than your local folks who you can have real relationships with. They might be smart, but they aren’t the only smart people. You don’t need them. 


    3Reply
  • John PetrequinPro Member
    Investor · Member since 2018 · 8 posts · 11 votes
    1y

    Horrible company. I had to redo everything they did on my taxes.  My accountant was lazy, not well informed and provided bad advice.

    1Reply
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