Need advice for setting up LLC, finding mentor

13 Replies

Hello. I am a newbie to REI and I am in the process of setting up my first LLC. I signed up with a company called Your Entity Solution (YES) through another company called WCAP Financial on Thursday for an unlimited LLC. However, after doing some more research with companies similar to these, I am wondering if I should cancel my contract (they have a 3-business-day cancellation/refund policy) and instead set up an LLC with a recommended attorney located in my area. YES does not have the authority to provide legal advice, and somewhere in my research I came across the 100K unsecured line of credit that they help new companies start out with for an additional fee...that sounded a little sketchy to me. Please advise! Tomorrow is my last day to cancel and get a refund.

Second, because I am new to REI, I am looking for a mentor. What is the best way to find someone? Should it be someone who is local? I appreciate your time reading this. Thanks.

I would definitely advise setting up the LLC with a lawyer. A lawyer might be more expensive, but definitely worth. A lawyer can help make sure you not only set up your LLC properly, but that you operate properly, too. Otherwise, the LLC does not offer the liability protection you think it does.

As for a mentor, I think @Joshua Dorkin and @Brandon Turner are as helpful as a mentor to all 50,000+ of us who listen regularly to the BP Podcast.  It never hurts to meet more people and learn from more perspectives, but after finding BP and the BP Podcast, I have not felt the need to actively pursue a mentor.  That said an agent or mentor with knowledge of you local market can be very helpful.

Good luck!

@Elizabeth Russell

Welcome. Connect with Amanda Han who is active on BP she is a real estate CPA.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs

Consider checking out HUD homes for small multi's owner occupied gets first crack.

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

Good Luck


I am in the process of setting up my first LLC. I signed up with a company called Your Entity Solution (YES) through another

Never heard of 'em. If I were you I would do a quick search here in BP to see if any member has used them in the past.

I setup my LLC using rocketlawyer (no endoersment here), they offer free legal advice should you need one and when I did my LLC it took about 2 weeks or less to get everything. I got all my LLC documents from my state and my tax ID came in 2 days.

Second, because I am new to REI, I am looking for a mentor. What is the best way to find someone? Should it be someone who is local? I appreciate your time reading this. Thanks

@Kevin Siedlecki hit the nail on this one with Josh and Brandon being your go to mentors. If you are looking for an investing niche (i.e) rehabbing, landlord, wholesaling, etc. I would follow some of the BP members that focus on those particular niches to get a more profound approach.

@Elizabeth Russell , welcome to BP. I'm rather new to the forums but set up my LLC some years ago (when they were all the rage) just by using forms on my State website. I was in my late twenties so I'm sure you can handle it :)

It never hurts to consult an attorney concerning questions/concerns. But to answer your question, I'd cancel and DIY - but I'm that kind of girl.

The BP community is very helpful. I'm sure if you get too overwhelmed they'd respond to an SOS. 

Good luck!

here you can set your own up on line, secretary of states office for 50 dollars.   

Consult with your CPA for financials. 

A good real estate attorney is another person to have on your team.

I agree.  As soon as they started with a Business Loan, (for a small up front

fee, you'll find) I see big red flag.  Go To Legal Zoom . com.  The more help you need the more it will cost.  But, I think mine was under 400.  just did another. 

This post has been removed.


If you can get a hold of a good set of operating agreements you don't need a lawyer. You can go to either Legal Zoom or Rocket Lawyer to obtain your LLC with them. Lawyers will charge you alot more. You should be fine with the operating agreements that you get online with Legal Zoom or Rocket Lawyer.


Originally posted by @Darrin Carey :

@Elizabeth Russell

Any company that claims they can help you set up your LLC, but cannot dispense legal advice sounds like a problem. The act of helping you set up an LLC is Legal Advice.

Get your refund quick.

You don't need to be a lawyer to set up a LLC. That is the whole point of Legal Zoom, they act in the direction of the client. Setting up a LLC is just filing documents with the state.


All, thank you very much for your advice. I just got off the phone with a representative from the company and cancelled my purchase/setup.

Also, for those of you who gave me resources and words on finding a mentor, I've been looking into that all weekend. Thanks again, really appreciate it!

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