All Forum Posts by: Andy Lambert

Thanks @Chris Simmons

So does that mean the LLC must be created where I conduct business or that I just have to register it with the state corp.commision even thought it was created in a different state?

If I create an LLC in Nevada or Delaware, is it ok and proper to conduct buisness in the state in which I reside (VA)? If so, does anyone have a recommendation as to which is better (NV or DE) or some other state?

Thanks

Andy L.

@Jonathan Marcus

@Greg Meech

@Michael Seeker

Tags weren't working...but I got them to work this time.

Please see my comments above.

Thanks

@Jonathan Marcus

Property is in small town OH and the appreciation for the area is pretty slow. I was thinking that since the mortgage is a veterans assumable loan that I would not have to be concerned with the due on sale clause...am I wrong about that? Could you explain a little more about the land trust...I am unfamiliar with that.

@Greg Meech

I'm in VA, and the property is in OH. It used to be my primary residence, but I have not lived there for awhile...I sometimes stay when I go home to visit. I was thinking that it would be best to be transfer to an LLC to separate myself from the REI business, plus it would provide my startup business with a potential asset. If I sell the property the asset would then be liquid cash for the business, assuming ownership is transferred.

Thanks

Andy L.

Here is my situation: I own a home in another state that my sister is currently living in, but she is looking into buying a home of her own. I am totally new to the real estate investing world, so new that I haven't even created an LLC yet (that is on my todo list for this week) or made my first deal.

I'm wondering if I should hold on to the house and rent it out, or just go ahead and sell, and take the proceeds to help fund a future deal.

Here are the particulars

1. ARV - $94K (zillow estimate "taken with a grain of salt")

2. Mortgage Balance - $58K

3. Assumable VA mortgage at 5.25%

4. Monthly payment - $590 PITI

So here are my dilemmas: If I hold it, I'm wondering if it is possible to transfer ownership to the LLC I will be creating, and if so what kind of legal obstacles I may incurr. Do I want the hassle of living 2 states away and having to deal with a rental property being this new to the game? Or is the wise move to just sell it and use the proceeds to fund a future deal?

Thanks

Andy L.

@Jason Fraser & @Christine Glasner

Thanks for the great advice. I will definitely be using your suggestions.

Looking for other suggestions as well from the rest of the community.

Thanks

Andy L.

Hi all,

With being new to the REI business, I have a couple of questions conerning my local market.

What are some of the best ways to buld up my knowledge base of my local market. Are there any free online databases I can research to help me detemine what types of properties I should conentrate on and in what price range? And what might be the fastest way for me to build up this knowledge base.

Thanks

Andy L.

Welcome Parker....I myself am new to Biggerpockets, and living in Richmond, VA. I am just starting my journey into REI. I wish you the best of luck and maybe we can work together in the future.

Keep in touch

Andy L.

Question:

Would it be wise to have an LLC or some other type of entity in place prior to any kind of transactions? If so, does any one have any recommendations on what kind and what state is best to establish it in? Or am I best served to create it in my home state of Virginia?

Thanks

Andy L.

Thanks for the feed back everyone. I really appreciate it and will view the articles and get signed up for the podcasts.

Andy L.