Investor · Delray Beach, FL · Member since 2025 · 3 posts · 3 votes
I'm looking into creating LLC for my real estate investments and also 1099 project management and sales work I do. I've heard of using Prime Corporate Services through Pace Morby's content but have seen mixed reviews and have noticed the very salesy push after one consultation call. Does anyone recommend using them or another agent for forming LLC in FL?
Rental Property Investor · San Francisco Bay Area · Member since 2022 · 1k+ posts · 1k+ votes
1y
I got on a call with them 2 years ago. They explained to me that I would want to do a Wyoming, Nevada or Delaware Trust over a holding company over each LLC. Ideally one LLC per property but with an investor with a large portfolio this seems like logistical nightmare. The reason for that type of Trust is anonymity and I'd have a registered agent so no one could track my properties down to me.
At that time in 2023, they told me it was $300 to $400 per LLC and annual renewal fees and renewal fees for each state (mine are CA and Indiana), ranging from $20 to $60. One time set up fee of $30 per LLC and a monthly fee of $9.95 for each LLC.
There are different types of LLCs. If you buy a property with a conventional loan you can't close in an LLC, you'll need to close under your personal name then change it over under an LLC. You'll need to call the mortgage lender and ask if this is ok. They can technically "call the note due" but it seems like most times they don't. My 2 lenders said yes LLC is fine as long as I email them and let them know I'm doing this (paper trail).
I wouldn't choose any organization that does a lot of advertising (Anderson Advisors is one, also talked to them, very expensive). After doing all this, I don't have any LLCs. Neither do at least half of my CA investor friends and CA property is worth millions. I bought lots of umbrella insurance (extra liability) beyond the liability insurance on each property.
If you do a search on BP, there are pros and cons about LLCs. I fall into the camp of not being pro LLC. I'm a W2 employee and don't have any businesses so my situation is different from yours.
I think talking to a local attorney might be less than all these fees these asset protection companies charge if you want to create LLCs. Good luck!
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
1y
@Blake Peremel the fact they are associate with Pace Morby would make me skeptical. I don't know who to use but I would be skeptical of any company that promotes via gurus or social media.
You have to rely on that company 100%. You can get sued and lose, simply because they did not inform you.