Out of State Investor Looking for St. Louis reliable contractor

[Edward Burke]

Hello everyone,

I'm based in California, and have been looking extensively in the St. Louis area.  I plan to start buying properties in the area that could require extensive rebab.  As such, I'm interested in working with a contractor that has experience with all aspects of construction, is reliable and used to working with out of state investors (and can provide references), and delivers on the work that was promised.  Really appreciate recommendations, and look forward to working with you!

[Dan H.]

Originally posted by @Karla Fernandez:

Hi Edward, 

I am from San Diego as well. I am looking to work with a CPA who invests in Real Estate as well. I am looking to flip properties in either Oklahoma or Missouri. I want to start setting up my LLC but do not know what state to open it in. What do you recommend?.

Thank you, 

Karla

CA has rules about CA residents using LLCs in other states to avoid "taxes" in CA. Do your research before setting up an out of state (OOS) LLC while being a CA resident.

LLC in CA has a minimum $800/year cost/tax.

You did not specify why you are looking at LLC but if it is asset protection an umbrella insurance coverage is another option and typically is less error prone. We have an CA LLC that is for a name and looks only (at a cost of $800/year) but rely on the umbrella coverage for our asset protection. If our LLC saves one law suit based on appearance then that is bonus as our LLC is not structured to provide real asset protection.

In summary, do your research on what is required to have the LLC provide asset protection (such as having the properties owned by the LLC and issues purchasing non-commercial in an LLC and risk to loan in transferring a property to an LLC) as well as the CA requirements limits on the use of OOS LLCs.

Good luck