All Forum Posts by: Steve Iacobbo

Hi. I'm part of a new REI firm in Massachusetts. We have an LLC and are still looking for our first property. In preparation for that, I am wondering if our LLC needs liability insurance. We know to only hire contractors who are licensed and insured. Others have suggested that we also carry liability insurance. I'm working with an insurance agent now, but I'm also trying to gain some wisdom by asking other what they do for insurance. So, when is comes to getting insurance what questions should I be asking? What should I be looking for or staying away from? Thanks.

Thank for the warm welcome! I'm interested in both wholesaling, flipping, as well as owning multifamily for passive income.  Currently digesting info and podcasts on those subjects. 

I'm not an expert, but here's my understanding after just researching this very topic. You can form an LLC in any state, not just the one you reside in. So, if you live in MI, you can form your LLC in CA for example. Some states are better than others with regards to LLCs. The state is it formed in determines laws that will be used to resolve any complaints/law suits that may come up. Some states are more "LLC friendly" than others I hear, though I don't know how much this really matters. Another thing to note is that if you form your LLC in state "A" and then want to do business in state "B", you will probably have to foreign file in state "B" in order to do business in that state. The fee to foreign file is sometime less than the fee to form the LLC, but each state varies so check the costs and see which works best for you. Again, I am not an expert and I recommend contacting an attorney about the specifics in your situation.

Hello, 

I'm a new investor living in Rehoboth, MA.  Currently a software developer, I'm going to make investing a full time career eventually.  My wife and I have teamed up with another family and are all very excited and committed to this next chapter in our lives.   We hope to start with flipping and eventually move into rental properties as passive income.  Looking forward to meeting new people in my area and across the country. 

Steve Iacobbo