All Forum Posts by: Matt Quock

@Kevin Auyong I have the same concern, too. From what I've read, if the property is purchased in the same name as the sole member of the LLC, it should not be an issue. I don't know if that is 100% true or if it applies to your situation.

@Justin Windham Thanks for the tips!

@George Skidis Thanks for the advice! 

@Alfred Harrison Thanks - I'm glad it sounds like we have been seeing the same information. I'm also trying to weigh the pros and cons to see what approach will hopefully prove the best. Good luck to you, too!

@Alina Trigub Thanks for the input. I'll definitely be reviewing with an attorney - I just wanted to educate myself a little on the options before having that conversation, and there is a wealth of knowledge from all the users here!

@Weston Couch Thanks - I'll be reaching out soon!

@Scott Mac I have the same concerns. I'm still trying to figure out how to structure overall, if I would like to eventually use a series LLC for properties in states where they are definitely accepted and choose to use individual LLCs in other states. I'm not sure how the series LLC would relate to / interact with the individual LLCs (if at all)

@Rebecca Knox Awesome, thanks for letting me know! That actually sounds perfect for where I'm at right now.

@Jeremy Trad Thanks, I'd definitely be interested in chatting some time!

@John Warren Thanks for the input! How much different do you think the administrative tasks are with a series LLC vs several distinct LLCs for Illinois properties?

Hey everyone,

So I'm trying to outline a basic strategy of how to get started in real estate investing (with a focus on multi-family properties in a few Midwest states)

What do you agree / disagree with below? Sorry if some of my terminology is off - I'm still learning ;)

1. Form a series LLC in a business-friendly state (Delaware, Texas, Nevada, etc) with myself as the sole member
   1. I have seen some controversy surrounding series LLCs, claiming there may be legal uncertainties surrounding them, especially if doing business in a state which does not have laws allowing creation of them. Any thoughts or experience with this?
2. Register as a foreign (series?) LLC in other states, as needed
   1. Again, are there concerns doing this as a series LLC?
3. Buy a property using a conventional residential loan with a personal guarantee
4. Transferring the property to the series LLC, using a quitclaim deed
   1. This also seems to have some controversy surrounding it, with talk of mortgage fraud, etc
5. Repeat steps 2-4, with each property its own "series" or "cell" within the series LLC
6. After building up business credit, buy properties using commercial loans with the series LLC as guarantor

Thanks a lot for the feedback!

Matt

Hey Bigger Pockets community!

I just wanted to introduce myself to the forums as a new member and a newbie to real estate investment. I'm looking to get into multi-family properties, focusing on Wisconsin and Illinois in the short-term. 

I'm currently very much in the learning and researching phase - educating myself on series LLCs (which state is the best to file in?!,) benchmarking properties, networking, reading as many books and listening to as many podcasts as I can.

I'm excited to be a part of the community and hopefully someday can add some value ;)

Matt