Home Buying in Pennsylvania>Question Details

Heplay, Home Buyer in Pennsylvania

How can I buy a rental property as an LLC in PA?

Asked by Heplay, Pennsylvania Sun Apr 1, 2012

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Once you create an LLC, you are in essence creating a new entity. That entity can then enter into contracts, sue, be sued, open bank accounts, pay taxes, etc. You will simply draft your Agreement of Sale (aka purchase contract) with the LLC as the buyer. You will sign as a managing member, or a title you prefer.

If you need to setup an LLC in PA, there is an online class (which is cheaper than an attorney and cost less than other formation websites) that teaches you how to set one up yourself. The link is referenced in my comment.

If you are looking for funding for your LLC, I may be able to point you to a few people. Make sure to not purchase all of your property under on LLC. If you are holding too many assets in one LLC, you are exposing such assets to more risk. Setting up multiple entities may be advisable depending on your situation.
Web Reference: http://www.llcinpa.com
0 votes Thank Flag Link Mon Apr 2, 2012
Hello Heplay,

If you already have an LLC, just do the agreement of sale wth the LLC as a buyer. For financing, your local banks will finance in an LLC. I can suggest seberal lenders for you. If you need to set up the LLC I can recommend an attorney that will put that together for you.

Regards,
Alan Openshaw
Cornerstone Lending Inc
Southampton Pa 18966
215 953 0800
cell 267 992 7276
VOTED BEST IN BUCKS 2010
NMLS ID 143960
0 votes Thank Flag Link Mon Apr 2, 2012
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