All Forum Posts by: Chris K.

My two cents: the biggest mistake I've seen over the years working with ultra-high-net-worth families is that they stay involved in daily decisions. Take the Sacklers. Granted, that’s a very complicated situation. But it certainly didn't help that family members made key operational decisions including getting involved in the aggressive marketing of OxyContin. 

The reality is that the more actively involved you are in investments or businesses, the greater your risk of personal liability. To use an absurd example, imagine owning shares in a public corporation. No one will try to hold you liable if the corporation does something dumb (unless you hold enough shares to control decisions and actually took part in the dumb decision). In contrast, if you own your business or investments and sign everything yourself, making those decisions directly exposes you to liability.

This is not to say there is no benefit to owning real estate using LLCs. But it is also not a magic solution to personal liability. 

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information. 

@Sylvia Castellanos

If privacy is paramount, you could use a trust. But it sort of defeats the purpose if you sign the documents as a trustee. This means you'll need a trustee willing to sign documents for you. Some financial institutions provide this service, but typically only with large assets. They often charge fees based on asset size.

You could hire an attorney as trustee. But most charge hourly, and many decline due to liability beyond standard malpractice.

"Nominee agent" services also exist but carry risks. Many people dealt with scams. And things quickly get messy if you pick someone unqualified.

Bottom line: this level of privacy is costly and difficult, especially if you're actively managing investments or businesses. Wealthy individuals achieve it by remaining passive. They let qualified professionals handle daily operations, including document signing. Think of a family business where the family can afford to hire a proper CEO and CFO. Or think of folks who open bank accounts in Switzerland or establish irrevocable trusts in offshore jurisdictions like the Cook Islands. They essentially pay a significant fee to preserve their privacy. 

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.

I used to live in Luzerne/Lackawanna County and still do a good amount of work there. I'd classify the entire area as a classic 9 to 10 cap market. You won't get much natural appreciation. But many investors have found success there.

Note: The City of Scranton is probably the most difficult regarding local regulations. But it also tends to generate the highest rents among all municipalities in both counties.

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.

It looks like they're finally doing a county-wide reassessment. They've talked about this for years. Looks like they're now pulling the trigger.

https://www.wnep.com/article/news/local/lackawanna-county/la...

https://www.thetimes-tribune.com/2025/03/28/as-lackawanna-co...

The most important point to keep in mind is that higher assessments don't necessarily mean higher taxes. Many counties, like Lackawanna, have ridiculously low assessments because Pennsylvania's constitution includes the "Uniformity Clause." 

Over the years, this meant that counties couldn't easily reassess the value of real estate. So they instead decided to apply a flat multiplier. You pay taxes based on that. 

This reassessment aims to capture the fair market value of each property, removing the need for multipliers.

Another item to keep in mind is that Pennsylvania law prevents municipalities from using reassessments to raise total tax revenue. Individual property taxes might change. But overall revenue collected by the municipality must stay essentially neutral.

So, to your particular situation, I don't know if you will end up paying more taxes or not. You may want to talk to a lawyer to review them. But just because the total value is higher doesn't mean you will pay more taxes. 

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.

I also haven't seen the BP lease, so I can't comment.

I haven't reviewed the PAR lease recently, but it's generally fine. A few points:

1. PAR designed the lease to be balanced. Some landlords prefer a more "pro-landlord" form.

2. The PAR lease is meant to be used with other PAR forms. Make sure to get those forms and confirm their versions match. I've seen people mix up PAR forms all the time. 

3. The PAR lease covers many scenarios. That flexibility can make it less user-friendly since you have to fill out a lot of information. Again, I've seen people try to use the PAR forms and then forgot to fill out certain sections. 

4. One advantage is the lease was approved by the PA Attorney General as meeting "Plain English" requirements. That's a plus.

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information. 

@Bate Ilondior

I would reach out to @Ronald Rohde. He's my recommendation for TX deals. :)  

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.

@Bate Ilondior

In what area are looking to invest in? That might help people get you referrals.

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.

@Brandon Morgan

Shoot me a DM. I have been out of the area for a while, but I know a lot of investors there. Happy to put you in touch. 

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.

@Brittney Yang

For the actual legal document, get an attorney. But you have a few different options. As @Benjamin Aaker mentioned, a personal loan might be a better option. You could form an LLC and have the operating agreement that allows your boss to require you to purchase his membership interest (or allow you to purchase his) in a given time frame. But might be overkill for this deal size.

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.

@John Lasher

I don't know your exact situation. But in my opinion, the biggest issue I see with folks jumping into their first "big" multifamily deal is the quality of the pro forma. Assuming you want to aim for syndication, you sort of need to learn how to develop a pro forma that ties the return to an IRR/XIRR.

I cannot say I ever did a mentoring/coaching program. But it might make sense to work with folks who can offer more focused guidance on filling the knowledge gap you have.

If you shoot me a DM, I can also ask around for more of 1:1 coaching opportunities. 

Disclaimer: While I’m a licensed attorney, 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 for legal advice. Always consult with your attorney before you rely on the above information.