All Forum Posts by: Steve Buckman

I agree with Ronald Rohde. There's a remarkable distinction between buying a property and purchasing someone's LLC. You should really consult with a lawyer in the state where the property is located and obtain some professional advice.

This isn't legal advice, just an investor suggestion. You don't want to end up responsible for problems with the LLC that someone else set up. Talk to a competent attorney in that jurisdiction.

I was also wondering why the owner would want to give you five percent of his real estate???

When it comes to LLC and ownership issues, consult with an attorney in that state. LLC laws can really vary from place to place. While I know you want to keep it simple, you also want to do it the legally correct way.

This is not legal advice. I'm just tossing out what I would do as a real estate investor if I were getting into a deal in your state. I would find a competent attorney to help me out with the rules.

Best of luck to you!

As a real estate investor who has recently considered some out of state single-family rentals, I would use an LLC formed in the same state. I like to have a local LLC for any issues that may arise. While I am not opposed to using a holding company from some other state as the owner, you can create a lot of red tape for yourself.

In my view as an investor, there has to be a balance between asset protection and efficiency. I am a huge fan of LLCs and our law firm website has multiple blog posts about LLCs and their use.

I find REIs tend to completely ignore risks without setting up an LLC or go too far the other way. They set up an elaborate plan that costs them a lot of money for accounting and legal fees. Everything in moderation seems to make the most sense to me.

If I were going to purchase property in another state, I would locate a competent attorney in that state to assist. Even though I am licensed in Oklahoma to practice law, I would never presume to know the laws of some other jurisdiction. So I would find legal representation to guide me.

Just a few thoughts from the view of a fellow investor. I am not forming an attorney/client relationship with you or giving legal advice. I am not licensed in the states you mentioned. Bottom line - find a good lawyer in each state that you want to acquire a property. All the best!

I would agree that using an attorney to draft the operating agreement is a real good idea. Every state has laws regarding LLCs. If you fail to comply with the law, then there can be consequences.

You should consult an attorney in the state where the LLC was started. Please note that I'm giving investor advice, not legal advice. Attorneys have to be licensed in a state to practice there. I'm probably not licensed where you are located.

Get a competent attorney in the area to help you out. All the best!