All Forum Posts by: Ethan A.

Quote from @Stuart Udis:

...How do you expect to obtain title insurance or a loan unless you provide org docs identifying your role in the LLC?...

Just to clarify, are you saying that I should be able to obtain title insurance and a loan with the organizational docs, or are you saying that I should not expect to obtain title insurance or a loan because the PA LLC is held by a WY LLC? I am new to this and your answer is ambiguous. 

Hi all! I recently got a property in Pennsylvania under contract which is what you might call a “light flip”. I am going to close all cash (about $129,000), spend maybe $10,000 on renovations and then do a cash out refinance. My ability to do a cash out refinance in about 12 months and not have to sell the property is very important to me so the following item troubles me.

Six months ago I created a Wyoming LLC which is –like all Wyoming LLCs- organized anonymously. I am about to create a local Pennsylvania LLC to actually hold the property. I want my Wyoming LLC to own the Pennsylvania LLC but I am flexible about this if it is going to create trouble down the road with lenders.

I have to figure out if loan officers will consider it a problem that my Wyoming LLC is organized anonymously and they therefore cannot verify with the Wyoming Secretary of State what is the name of the organizer, as a lender could with a Pennsylvania LLC by calling the Pennsylvania Secretary of State.

I still have the option to create the LLC using myself as the named organizer rather than my Wyoming LLC, but I would prefer the Wyoming LLC for asset protection and privacy benefits.

Any input or anecdotal advice from you all is appreciated. Do those of you who set up LLCs for real estate acquisition regularly name another company as the organizer? Do those of you who are loan officers need to call the Secretary of State to verify who created an LLC before you lend, or do you accept the documentation within the corporate binder of the LLC as evidence of who currently owns the LLC?

I don't close until July 18 so I do have a week or two here to figure out what I want to do.

Hi all! I am in the Scranton/Wilkes-Barre area and I am a new landlord, having purchased my first rental property about two and a half years ago.

I have a tenant who lives in my very nice three bedroom unit whose lease provides a pet authorization for “one dog, one cat and one rabbit.” This tenant is currently month-to-month and has lived in the unit for 18 months.

I was in the unit six days ago and they had nine litter boxes. When I subsequently asked the tenant over the phone how many cats she had she said four, which is likely half the number she actually has, but is still a lease violation.

At this point I feel like it’s pointless to even ask if the cats are neutered (and therefore less likely to spray urine on walls) because clearly she is willing to lie to me and her attitude seems to be that she makes the rules not me or the lease.

My broker told her to just give her 30 days notice and get rid of her. My general contractor told me to charge her a $400/month pet fee for four months –which would allow me to save up $1,600 to cover damages- and then give her 30 days notice in May when it will be warmer and faster to fill a unit.

She agreed to pay a $400/month pet fee on top of the $1,150 rent. Part of me thinks this is the lower conflict route but part of me thinks the cats will do way more in damages than the $1,600 I would get in pet fees over four months.

Opinions and advice are welcome.

Hi all! I am in the Scranton/Wilkes-Barre area and I am