All Forum Posts by: Account Closed

Recently listened to podcast episode #202 with @MarkWalker and am newly inspired to find our dream team in Kansas City (a opposed to just settling to get a deal done!). We are incredibly passionate about RE investing and really just want to get connected into the KC community. If you have someone you have worked with in KC who has far and beyond exceeded your expectations, or if you have a mentor or are interested in being a mentor, we would love to connect with you. I am not from KC, but my parents live there and I will be in town next week for Christmas. Would love to set up a few meetings or attend a REIA meeting. We are currently evaluating deals (single family/multi's buy and hold/BRRRR in B neighborhoods). We're most concerned with finding a great property manager, but would also love to touch base with other seasoned investors who would be willing to provide some guidance. Thank you in advance, we really appreciate it!

You guys are awesome, thank you so much for the input. I think we will move forward with consulting with an attorney just to make sure we have all of our ducks in a row, sounds like it can get pretty complicated.

We currently live in Oregon, we have 2 single family rental properties located in Arkansas, we're looking to purchase our 3rd property in Indiana. Our 2 current rentals are under our own name, but we are planning on setting up an LLC on Legal Zoom and would like to transfer the 2 existing properties to the LLC. I have a few questions about this - 1. Which state should we set-up the LLC in? Is it legal to set it up in Oregon even though the houses are in other states? Or do we need to set up an LLC for each state we have investment properties in (one for the 2 Arkansas houses and a new one for the Indiana house)? 2. Are there any risks/costs we need to plan for when we transfer the 2 existing properties in Arkansas to the LLC? 3. I'm not sure how to go about actually transferring the title, was planning on reaching out to the title company we used when we closed on the houses. We have traditional financing on both houses, so I need to contact our mortgage company as well? 4. For the purchase of our 3rd house, would it be better for us to purchase it under our own name then transfer it to the LLC, or purchase it under the LLC once it's set-up? We will use traditional financing for this property as well, I know commercial loans can have less paperwork, but are they generally higher rates than residential? Lots of questions, appreciate any advice on this topic!