Looking for RE Attorney and CPA that specialize in NY and PA

5 Replies

Hey BP members,

I'm looking for real estate attorneys and CPA's that specialize in partnerships and LLC's based out of Bronx and Westchester, NY and the Poconos region of Pa. I have several LLC's one done by an attorney, one done by a CPA(which I may keep working with). These have been formed for flipping purposes with partners who are funding the deals. After a few deals, I'm looking for the best way to structure this moving forward and would like experts preferably under one roof to help me set this up. Any recommendations?

@Ceasar Rosas

I know a few attorneys that are admitted to both the PA Bar and NY Bar. That said, almost all of them focus on one state more than the other. Note that some areas of law are easier than others to practice over multiple states. Unfortunately, I don’t think transactional real-estate/contract law is one of them. I did some real-estate work in NY for banking clients and I was shocked by how different the law and customs were between the two states.

CPAs have it a bit easier since they mainly focus on Federal Taxes (which is uniform). For State Tax issues, you might be better off working together with a local expert. For example, Assessment Appeals or PA Realty Transfer Tax issues are “tax issues” in Pennsylvania. But most people get them resolved through an attorney instead of a CPA.

As someone who owns non-US investment properties and has to deal with legal/accounting issues in another country, I can definitely sympathize with wanting to get everything done under one roof. Unfortunately, my experience has been that the options are limited without paying high fees. Incidentally, this is one of the reasons why larger businesses work with very expensive, large firms. A 2,000 lawyer firm can work with the business to work on multi-state/multi-national deals. But in exchange, you pay a very high fee.

Structure wise, it depends on what you are looking for. I'm personally not a big fan of creating any crazy structures for most real-estate matters. Notably, I'm not a big fan of creating deep vertical structures (i.e. where one LLC owns a subsidiary LLC that owns a sub-subsidiary LLC, etc.) unless you have a very good reason to do so.

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.

@Chris K.

Do you work with investors, or have any recommendations of other investor friendly attorney in the Monroe County area? 

@Ceasar Rosas

I still do some legal work for investors and others, but a lot of it depends on the scope of work. As for Monroe County, there are a lot of good attorneys in the area but my recommendations again probably depends on what kind of work you need the attorney to do. If you send me a PM, I'll be happy to discuss.

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.

Hey @Ceasar Rosas we recently used Tim Fisher of All Pocono Settlement Services to help us with the creation of our new LLC and operations agreement, along with a promissory note for our investor. Tim owns his own portfolio of rental properties and is very familiar in dealing with investors. If your interested feel free to PM me.

@Ceasar Rosas

Hey Ceasar - I am a CPA living in NY who invests in PA. Let me know if you have any specific tax questions.

Just so you are aware

PA does not follow the federal guidelines for 1031 exchanges(does't apply in your case if you are flipping but i thought i'd let you know if you were thinking of alternative exit opportunities).
Also PA does not recognize NOL's at the state level for individuals. Hopefully you don't run across any losing flips...but if you do; you should look into offsetting it with a flip with a gain so you dont lose out on that loss.

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