All Forum Posts by: Christopher Griffin

@Bryan O. hey Brian, thanks for the feedback. Yes, we plan to have a local Tulsa attorney serve as our registered agent. We wanted to avoid creating an LLC in our home state and then registering as a foreign LLC in OK because we are in CA. The LLC fees in CA are a obnoxious, so we want to avoid that.

I've tried googling this subject, but couldn't find anything definitive.  The best i've found so far is registering a virtual office

I posted this question in another forum but it didn't get much exposure.  Wondering if anyone has any insight from their experience.  Thanks.

I have a basic question of forming an LLC out of state for rental properties. I will eventually be utilizing the guidance of an attorney to cover all my bases, but I'm looking for some initial insight. If I am going to purchase an investment property out of state and establish an LLC in that state for the rental property, what and where will be the official registered office? Does the physical investment property double as the registered office for the LLC, and is all business mail simply forwarded to either an in state registered agent or my residential address in my home state?

I've established LLCs in the state I live in for other business ventures, but I'm not sure what the proper procedure is for out of state LLCs where no actual business office exists. Thanks. 

I have a basic question of forming an LLC out of state for rental properties. I will eventually be utilizing the guidance of an attorney to cover all my bases, but I'm looking for some initial insight. If I am going to purchase an investment property out of state and establish an LLC in that state for the rental property, what and where will be the official registered office? Does the physical investment property double as the registered office for the LLC, and is all business mail simply forwarded to either an in state registered agent or my residential address in my home state?

I've established LLCs in the state I live in for other business ventures, but I'm not sure what the proper procedure is for out of state LLCs where no actual business office exists.  Thanks. 

After about 8 months of studying and researching and familiarizing ourselves with real estate investment, my start up investment team has chosen to make our first investment in Tulsa, OK. Tulsa appears to be a stable real estate and economic market with high COC and cash-flow that fits into our budget. It seems like a good market for first time investors. Now we are starting to build our ground team in Tulsa (since we are located in CA). Looking for any recommendations you may have for real estate agents in the Tulsa area. We are looking for a SFR, buy and hold rental in the east Tulsa/Broken Arrow area.

@Larry Fried yes those were some of the same concerns I had with building an entire team from the ground up.  Finding a separate realtor, contractor, property manager, etc out of state naturally has more potential for problems.  That's why I've been leaning towards turnkey, unless there would be a major difference in cash flow between those two options.  However, I feel since we as investors are out of state, in either situation we could not be hands on after the purchase and in turn would end up spending just as much money on building a whole ground team from scratch rather than going with an all inclusive turnkey company.

@Kimberley Sumner thanks for the reply. I'd definitely would like to pick you brain about your process in Tulsa. Did you invest in an REO? Part of me was leaning towards trying to purchase an REO to secure a property under it's market value, but I have heard the REO process can be very drawn out and complicated. What is your experience? What would you recommend?

I have been putting together a zip code break down of Tulsa over the past month. Just from my numbers the zips of 74128, 74108, 74146, and 74134 looked like promising areas. Median Home Value, high COC, census data shows then to be stable middle class areas. They are grouped at the east side of the Metro Area. What have you learned from going into the Tulsa area?

The primary goal of my investment team at the moment is high cash flow and frequent acquisition.  We want the build up and high cash flow portfolio quickly, then once we have a solid basis we intend to shift some resources to investments with appreciation in mind.

@Larry Fried Thanks for the response.  We are in the processes of deciding between going through an all inclusive turn key company or finding a realtor and a property management company to work with.  The relatively more hands off approach to turn key companies does sound appealing especially since we are out of state, but we are worried if turn keys will result in a more modest cash flow.  Right now we are reaching out to both turn keys and regular PMs. We will be crunching numbers to compare the two options. But what is your personal experience with turn keys? What would you say are the pros and cons, and is there a significant difference in cash flow between a turn key and a normal PM?   Are there any suggestions generally or specifically you can give?

Hello,

My investment team and I are located in Los Angeles California.  We are preparing to invest in single family resident rental out of state.  We have completed our main research phase and found some pretty promising figures in Kansas City and Tulsa that fit into our investment budget. Do you have any recommendation for real estate agents in the Tulsa or Kansas City area that have experience in investment properties?

Also does anyone have experience with investing in foreclosures in these areas.  If anyone has the time, I have a few questions about the process. Thank you.

@Adam Bontrager

Thanks for the input Adam.  Yes, after we've selected our top cities (we're expanding our range quite a bit) we're going to look into solid, dependable Turnkey companies.  Being a new comer to real estate investing, and being that our first endeavor is out of state, my personal feeling is I'd rather make a safe, low risk investment even if that means less cashflow while we learn the ropes.  We may go a different path, but that's my initial hunch. 

@Jay Hinrichs @Cailyn Aune @Bob Collett @Adam Bontrager@Karen Barber 

We were actually looking into Tacoma before we started considering Turn Key companies. Tacoma was a city where family lived and we heard is was a good investment market, so we put it on our list of cities to research. However, now that we have knowledge of turn key companies, our investment options have really expanded.  That being the case I'm wondering what is your advice on running metrics to select a good investment market.  It seems very easy to get lost in a sea of information within endless market options.  So far these are they key elements we are researching in potential cities:

- Rate of Population Growth

- Rate of Job Growth

- Prominent Industries in Area

- City GDP, and Growth

- Average Household Income, and Growth

- Average Home Value

- Average Monthly Rent

- Appreciation Rates

- Crime Rates 

- Property Tax

- High Rated Markets 

From this we are modelling hypothetical COCs and IRRs. Is there any major statistic or research point we are overlooking? Also, in your opinion what are the best cities to be investing in a SFR rental in the $150-$200K range? Thanks!