All Forum Posts by: Monica Westbrook

I am working on getting an LLC setup in Tennessee (out of state) and just learned that I need to get a registered agent located in the state to associate with the LLC. Does anyone recommend an agent in this state?

@Jeffrey Dixon Thank you. Yes, we are aware of that. We would need a property manager to operate the rental(s); and if we do any rehab, we cannot do any of the work ourselves. Very strict rules in this scenario.

@Dmitriy Fomichenko Yes, we've set all that up. It is a checkbook IRA LLC. The checking account is specifically linked to the IRA LLC. This is not our personal LLC. One question we ran into is it seems you have to set up an LLC in the state where you are investing, but we learned on further research that this is only required in certain states. So it will depend on where we look to invest.

Another thing we've learned about is UDFI - tax on real estate that is mortgaged through an SDIRA. The biggest thing we need is a tax attorney who can help us navigate all of the tax implications as we start investing. Thank you for your responses.

Hello, BP forums. My husband and I are just getting started investing with a self-directed IRA. We are looking to purchase rental properties out of state. We have one LLC currently setup that is being used for one investment (non-RE). We understand we'll likely need to set up another LLC for the RE investments. We are also aware we'll need to hire a property manager. So we have done our research and are starting to focus in on an area to invest. I am just looking for some insights from the community on any advice some of you may have in going down this path, pitfalls we need to be aware of, resources you would recommend, etc.

Hello BP family. I am new to the forums and just getting started researching areas to invest in. I started looking at Memphis, TN, because it's a low pricepoint for market entry, and there are lots of properties available for rental income. However, the more I look in that area, the more properties I see up for sale. It seems like the whole city is on the market. 

Is anyone aware of any socioeconomic issues in that area that would raise any red flags? The only thing I can think of is that it's on the Mississippi River, and flooding may be a big concern. I did find some stats at this link, and everything looks great - https://www.johnquinnrealestat....