🖊 SETTING UP AN LLC ?

Listing of the week
📍6 SABRINA LANE, OSSINING, NY 10562

💰 listed at $549,800 
🏡 Built in 1998, 4 bed / 3 bath property sitting on .28 acres.
💧Utilities & features: municipal water, municipal sewer, natural gas

SETTING UP AN LLC?
💂‍♀️PROTECT YOUR INVESTMENT

I recently set up an llc in the state of new york, here is a quick run down of what it takes to set up an llc:
go to ny.gov/forming-limited-liability-company-new-york
you will need to choose a name, check that it’s not taken, and then file an articles of organization all on the ny.gov website.
the filing fee is approximately $200.

Once approved, you will take your newly formed llc and apply for a tax ein (employer identification number) on the irs.gov website. Here you will also choose your tax structure.

you are then eligible to open a bank account for your llc.

*notes to consider:
there is an outdated law in ny - section 206 that requires all newly formed LLCs to publish a notice of their formation in 2 newspapers within 120 days of forming & submit a certificate of publication to ny state.

It is recommended to create an operating agreement for your llc.

LLCs provide protection for your personal assets held outside the LLC. Purchasing rental properties under an LLC will limit legal exposure.

RUNNING THE NUMBERS
📈 FINANCIAL ANALYSIS OF A POTENTIAL DEAL

below is the excel calculator i use to estimate how much $ a property will generate or lose.
this example is a 3- unit property where rents are raised from $1,500 to $2,500/unit.