Super New But Determined To Succeed - Looking For Guidance

[Michael E.]

Dear BP Members, I just formed my LLC, Got My EIN, have been reading like crazy all about real estate investing. Got Mr. Turner’s books, and many others. I have been to the Than Merrill small seminar, I plan to go to the 3 day event. I am trying my best to learn as much as possible. I have a Lender and Real estate agent willing to work with me. And I am acquainted with some general contractors who fix and build homes here in Gwinnett. I am looking for advice on a Lawyer to serve as a registered agent and to the handle the closings for now and advice on a Bank that would be good for my budding LLC. Thank you for any help you can give. It would be great to connect with you more seasoned real estate wizards ;) God Bless. R/Michael

[Curt Smith]

@Michael E. The gurus / trainings don't tell you about the ins and outs of rolling your own LLC. True you _can_ do it all yourself but no one tells you that:

- A generic operating agreement may be completely insufficient to protect you or do what you want your LLC to be for you. The op agreement is the heart and function of the business.

- A trial Attorney sees that you are your own registered agent, POOF, he knows hes dealing with an amateur and your assets held in the name of your LLC is as good as his (his clients). He'll negate the presence of your LLC in court. He'll ask; did you co mingle personal and business funds even once, by supeanaing all your bank records, do you keep annual minutes, board resolutions etc etc. Most self rolled LLCs aren't worth anything certainly not protection (in fact). Its mainly an illusion for the benefit of the LLC owner.

- I pay a trial attorney to create my LLCs, write my op agreement and be the registered agent.  Any attorney who searches the agents name will figure out my attorney knows what hes doing.  $695 well spent.

- An almost as good a path is to us legal shield's $145 offer via my local REIA's deal (open to public) to form the LLC, write your op agreement and be the agent...

- An attorney will only agree to be the agent if they set up the LLC is my guess.

Business bank account:  I have a bunch.  Like Ever bank a lot but local contractors hate checks from a non in state bank, this is very important. So I don';t recommend Ever Bank.   Wells Fargo is ok, but no zelle or ACH out of a business account.  Wiring funds is good.  Don't use Fidelity, too small and not enough branches.  You will find out that contractors like to run to the bank you give them a check for and cash it.  So pick a bank with lots of branches.  

Business bank features I wish I had:  initiating ACH to other banks.  Easy wiring funds.  Not all banks are equal re ease of wiring. Supported ways for tenants to pay from their banks like zelle etc.  I've not found a bank business account that hooked into one of the personal payment systems...   Best of luck.