Buying a buy and hold in my LLC

[Dave Williamson]

Hey guys, beginner questions here:

I'm shopping for my first buy and hold property and want it to be owned under my LLC. I currently have established an LLC and have my certificate of organization.

The LLC is based in Georigia and I'm looking to buy in Birmingham.

Is there anything else in particular I need to establish to close on the property? (e.g. Bank account in the name of my LLC, etc)

- Dave 

[Dan C.]

Use a registered agent service. 

-https://www.legalzoom.com/articles/why-do-i-need-a-registered-agent

Also, before you go through the hassle of setting up a new LLC -- I'd advise you to reach out to various lenders and identify a couple of lenders you can work with who will actually loan to this new LLC.

Unless you plan on performing full-cash deals - you need to have a couple investor friendly lenders lined up for when closing your deals, or use creative financing. If you can't get anyone to lend to your LLC (banks want a name to tie the loan to), it doesn't make sense to continue wasting your money setting the LLC up correctly. 

Maybe look into an umbrella policy with your insurance company to provide additional protection as an alternative, when you begin to grow.