Real Estate Agent · Chicago, IL · Member since 2013 · 25 posts · 6 votes
Hey everyone!
My friend James Tassone and I are in the process of purchasing a rental property in Pittsburgh. Since we plan to continue to buy several properties in Pittsburgh we are looking into setting up an entity such as an LLC to limit or liability and create an operating agreement since we will be partnering on these deals. Now we are in the stages of finding an attorney for advise on how to set up this entity so that we can open a business checking account for the property. If anyone has any suggestions or recommendations for lawyers in the Pittsburgh area that may be able to help out with this it would be much appreciated.
@Matt Engle we used Phil Scolieri to set up our LLC and he has been the title company that closes all our deals. Have had great experiences with him and his team. Let me know if you have any questions!
I have also been told that Brad Dornish is the guy to get in touch with. I have a phone call set up with him tomorrow to discuss our needs and will devise a plan after that call.
May I ask how you are getting the financing for the property? Are you getting a traditional loan? I ask because I thought it's tough to get a bank loan on properties that are going through an LLC, which basically leaves creative financing the only other option (unless of course you are paying cash). I'm just trying to get a sense of how people get properties with an LLC to determine if setting one up for myself would be the best thing to do.