Cary, NC · Member since 2017 · 41 posts · 14 votes
Hi, I have a rental property (single family) in Staten Island, NY. It's currently under my wife and her sister's name. I am looking for a local (NYC) lawyer/attorney to help them setup a LLC and operating agreement. Any recommendation?
Investor · West Islip, NY · Member since 2014 · 48 posts · 44 votes
9y
You don't need to pay a lawyer a couple thousand to set up an LLC and operating agreement. If all you want is the basic LLC for protection there is a guy on Fivver.com named Michael Sue that will draw up all the paperwork for you and email it to you. His fee is $5 or $10. All you have to do is mail it to the state with the fees and your done. Less than $300 including the fees. Hope that helps!!
Cary, NC · Member since 2017 · 41 posts · 14 votes
9y
@Brendan Curley Good idea! What about an effective operating agreements for the LLC? Aside from asset protection, we also want to make sure the role for each sister is clearly defined in the operating agreement, just to prevent future confusions and arguments.
Rental Property Investor · NY · Member since 2013 · 844 posts · 350 votes
9y
@Lue C. If you have a property in NYC I am going to guess it is worth above $400k. And yes setting up an LLC in NYC with a lawyer will cost you maybe 2k.
You have 400k at risk and going on fiver and paying someone $10-$15 who is not an attorney to draft legal documents is a bad idea.
I have over 10 properties and even with my experience when I go to my attorney to draft an LLC he brings up points/ideas that need to be included that I would not have thought of.
Think about this for a second you have 400k cash to deposit in a bank.
Bank A charges you $2000 for the deposit but insures your full deposit in case of bank default theft etc. And has been open for 20 years.
Bank B charges you $15 to deposit it and isn't a licensed bank nor offers you any insurance on your deposit nor comes with 15 years banking experience?
Which bank are you going to place your money with? I know where I will.