New Member - Hartland, Michigan - LLC basics?

[Dale K.]

Hello all, 

        Have been lurking for a while here, reading and listen to the podcasts.  Great community resources!

        I grew up with my parents owning & operating multi-family buildings and homes in a small town in western NY.

        We are in the Hartland, MI area, and have been looking at single family homes for buy & hold rentals.  Our goal is one or two this year.        

A question or two to start with: I think I want to set up an LLC, should I do through a lawyer or have people have good or bad experience with a more DIY approach.

We have set up a separate bank account and separate credit card (in our personal names), will this work ok with LLC? Goal is to have tenants direct deposit the bank account.

Thanks,   Dale Klein          Hartland, MI

[Antonio Coleman]

Thanks @Dale K.  for joining BiggerPockets

[Geof Greeneisen]

Hi @Dale K. welcome to BP! I would set up an LLC to purchase property. I've always had my attorney do the paperwork which was a couple hundred bucks. I then handled filing in order to get the EIN number which I believe was $50. Your bank account would be set up for your LLC.

I'm just down the road from you and I've been active in Hartland.  Feel free to reach out anytime. Best of luck to you!

[Emily B.]

Welcome to BP, @Dale K. 's advice to set up the bank account with your LLC and get the EIN number. Very easy to do, just all takes a little upfront work to get everything set up. Good luck!

[Account Closed]

@Dale K. I'm also in Michigan Lansing though I've recently just did the same thing you mentioned the LLC I did personally did very easy only a one page application costing around $50 dollars done at Consumers & Industry Services ( State of Michigan ) and for EIN number that can be done online, for the bank account using the LLC just bring copy of LLC to the bank and fill out another short application

Hope that helps

[Dave Visaya]

Hey @Dale K. welcome to the site! It's great to have you!

[Emily Weitkamp]

Hi! I grew up in Hartland...now in Pittsburgh. Welcome!

[Larry Fried]

@Dale K.

 Hi and welcome to BP!