Not sure what kind of professional I'm looking for but I need to consult with someone about...Which type of entity to form for my RE business (putting the properties in an LLC?).What preliminary work should be done when considering buying a foreclosure...Thanks in advance!

Account Closed if you are already working with a realtor, ask them to recommend you a real estate attorney. You can also just google those and get a list etc if you can't get anyone to recommend you any.You should also consult with a tax person so you better understand how different entities can have impact on your taxes or the complexity of them.There are many resource here on this forum as well as just by searching on the google for those type of questions. I would recommend do your own research first so you at least know the basics and know what specific questions to ask. It can get quite complex.From experience (not giving you any legal advice), most new investor don't even form LLC to start with. They just purchase their first property in their name. It's typically cheaper and you will have more financing options, however if you worry about liability, then LLC is a good start.As for the foreclosures, there is really not that much difference to you as an investor then any other type of sale.. Just make sure the numbers works. Some foreclosures can be good deals, others not really. One thing to keep in mind is that bank will typically not make any repairs at all. So making sure you can finance the property in that condition is important.

@Thomas S. That's good to know... Thank you!

@Jiri B. That's wonderful. Thank you so much!

First you don't need a LLC to invest in real estate, it really only complicates things like financing and cost you more money.You should consult a accountant for advice not a lawyer. A accountant will tell you what you need a lawyer will tell you what he wants.

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Updated over 6 years ago, 10/11/2018

Account ClosedPoster

Atlanta, GA

North Carolina Real Estate Q&A Discussion Forum

Recommend an attorney to consult on what type of entity to form?

Account ClosedPoster

Atlanta, GA

Posted October 11, 2018 15:38

Not sure what kind of professional I'm looking for but I need to consult with someone about...

Which type of entity to form for my RE business (putting the properties in an LLC?).
What preliminary work should be done when considering buying a foreclosure...

Thanks in advance!

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