All Forum Posts by: Chris Skjolsvik

I'm considering saving the money and simply filing my own LLC documents. I would have to draft an operating agreement and am looking into that. Does anyone have an example for a single member LLC that is involved in fix and flipping?

Thanks for the response Bob. I've filed my own LLC documents in the past as well (for something outside of real estate) however it was suggested (by the lawyer as well as some others) that the default filling documents available from the state are not ideal. Anyone else have thoughts on this?

Thanks,

Chris

Hey everyone, I'm getting very close to my goal of purchasing (or at least looking for deals with the intent to purchase!) my first rehab property. I decided to meet with a local attorney that I met at a local REI group and discussed creating several LLC's. One would be for the rehab/flipping business that I am starting and two others would be for two rental properties that I currently own (one property in each LLC approach). I've never met with a lawyer prior to this and wanted to get a quick reality check on prices I would be charged. I won't give this lawyer's name in the forum however if his prices are appropriate I would certainly give the name through a private message if anyone is interested.

So....

The lawyer charges a flat fee of $400 for the first LLC. Note that this is only for single member LLC's. Additional single member LLC's are $200. These prices do not include the state filing fee, this is simply the cost for the lawyer to create the appropriate filing documents.

Additionally, the lawyer made several recommendations for others services they thought would be very useful for someone doing rehabs. This included:

1. A standard addendum for contracts. This is basically a tool that I could use to create addendum's for any contract that I'm reviewing with a contractor, etc. This is $500

2. A standard contract. This would be a standard contract that I could use and is $1,150. The lawyer did say that the addendum would likely be more useful as most contractors will have their own contract already.

This lawyer is involved with real estate investing and works with other investors. I feel like we had a very nice first meeting but again I'm just looking for some feedback on the prices and would also like to hear thoughts on the standard addendum and if it is useful.

Thanks in advance,

Chris Skjolsvik

Hello everyone,

I recently joined Bigger Pockets and have been reading, listening to podcasts, attending a local REI club, etc. My wife and I currently own and rent two townhomes in the Minneapolis / St. Paul suburbs and are interested in getting much more into real estate investing to develop a passive income stream. I'm looking to gain knowledge estimating rehabs and ARV's and would love to find someone to work with. I'm a Project Manager / Mechanical Engineer so hopefully could offer some type of organizational skillset to a mentor relationship. Please contact me if you're currently succeeding at finding good deals, rehabbing, and either flipping or renting in the Minneapolis area and would like to meet for coffee and see if there is a mutually beneficial relationship opportunity.

I'm stoked that I found this community.... there are so many knowledgeable people here.

Thanks!

Chris