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Updated about 7 years ago on . Most recent reply
LLC location in TX or AZ
Hi. I'm looking to purchase my first properties in Phoenix, but I live in El Paso,Tx. I am approaching contract and would like to purchase with a LLC or transfer soon after purchase (lender says this is not a problem). There is a lot of conflicting information in regards to LLCs. Should I set up the LLC in my home state of TX or where the properties are located in AZ? Also is there a reason I shouldn't use legal zoom(or competitor) to set this up, or should I specifically reach out to a real estate attorney?
Most Popular Reply
If the properties are located here and you plan to have them in an LLC, you'd need to file out here since you are transacting business here. As far as setting one up goes, it's pretty straightforward here. Go to LLCuniversity.com to set it up yourself for free. I'm not affiliated with them at all, just used them for my own LLC and just followed the steps. As far as using an attorney, you don't need one to file the paperwork but you should consult with one if you have any questions about legal concerns or operating agreements etc.
If the properties are located here and you plan to have them in an LLC, you'd need to file out here since you are transacting business here. As far as setting one up goes, it's pretty straightforward here. Go to LLCuniversity.com to set it up yourself for free. I'm not affiliated with them at all, just used them for my own LLC and just followed the steps. As far as using an attorney, you don't need one to file the paperwork but you should consult with one if you have any questions about legal concerns or operating agreements etc.
Thanks Bob. I'll also need a registered agent with an address in Arizona. Do you use a service or do you make your self the registered agent?
Also what are you looking at these days in the greater Phoenix? Seems like flips are currently very popular.
I act as my own RA but I'm looking to change that and keep business separate from personal.
Rentals can still cash flow here, but you have to take matters into your own hands and find your own deals to make sure you buy right, or find a good wholesaler. Flips are very popular here and give buyers an opportunity at something near new they can afford in the city without actually being new construction off in the suburbs.
Have you worked with or do you know of Sam Medina? He is going to be my property manager/rehab guy.