I'm in the process of trying to flip a house and my lender is requiring me to purchase the house using an LLC and I need to provide an Operating Agreement ASAP. There's only 2 people in the LLC. Does anyone have an Operating Agreement I can get some ideas from who has flipped a house?
Do you have an registered agent? Try requesting it from them.
Also, As a member of an LLC, you should have received a copy of your company's operating agreement when you signed it. If you no longer have it, you can acquire a copy. Every state has different rules regarding the governance of LLCs, but most states require that each LLC appoint a registered agent for legal purposes.
@Doran Summers @brenton
I’m thinking there has to be a general / generic template for someone who will be purchasing a property and then selling. I know the percentages of ownership and the different ways to dissolve the LLC will be a custom entry. But I’m thinking there has to be allot of similar operating agreements out there. Especially for the investors who set the LLC up in the property’s address as the name. I’m thinking I can just customize different templates to create my own.
I have an LLC and test I was the registered agent and there are articles of incorporation, but I need to revise everything to fit what my partner and I are doing with this Flip.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.