Schenectady, NY · Member since 2016 · 7 posts · 8 votes
I am looking to set up an LLC to run all REI deals through to protect my little family. I am brand new to this idea and am overwhelmed with the amount of information available.
Please send me your favorite articles / blogs / tutorials / guides on the topic of setting up an LLC, running an LLC, and always the great posts on "things newbies should know" :)
My favorite book on this topic is The Loopholes of Real Estate Investing by Garrett Sutton. I've listened to this book on audible at least a half dozen times. He walks through great detail that provides a wealth of knowledge which forces you to ask yourself, attorneys, CPAs, great questions. For example, why quitclaim deed transfers aren't necessarily the best way to make property transfers (voids title insurance whereas warranty deed doesn't)
I setup my first LLC by myself after reading a few books, blogs, sites, etc... but it wasn't until I came across this book that I felt like I had the right knowledge on the topic of entity structure. I now work closely with a good attorney and have the knowledge to speak the same language, making the whole process move a lot faster.
My favorite book on this topic is The Loopholes of Real Estate Investing by Garrett Sutton. I've listened to this book on audible at least a half dozen times. He walks through great detail that provides a wealth of knowledge which forces you to ask yourself, attorneys, CPAs, great questions. For example, why quitclaim deed transfers aren't necessarily the best way to make property transfers (voids title insurance whereas warranty deed doesn't)
I setup my first LLC by myself after reading a few books, blogs, sites, etc... but it wasn't until I came across this book that I felt like I had the right knowledge on the topic of entity structure. I now work closely with a good attorney and have the knowledge to speak the same language, making the whole process move a lot faster.
I am looking to set up an LLC to run all REI deals through to protect my little family. I am brand new to this idea and am overwhelmed with the amount of information available.
Please send me your favorite articles / blogs / tutorials / guides on the topic of setting up an LLC, running an LLC, and always the great posts on "things newbies should know" :)
Set up and education can be as easy or difficult as you want to make it.
If your business is simple and will not have any partners, I recommend to just file it yourself online on the NY state website. This is exactly what I did and it was painless, just had to pay the state filing fee. Attorneys will charge lots of $$$ to do the same thing and legalzoom or other sites do the same thing for a few hundred plus the state filing fee. If your business involves lots of partners and complex deals, then I would use an attorney to draft the LLC paperwork to ensure your interests are protected should a partnership go sour. Just remember you do not need a 3rd party registered agent in NY like most other states. A lot of the websites out there will act as your registered agent for you (rocketlawyer does this) which means you will pay them a fee every year to remain your registered agent. I recommend opening a business mailbox for your address, I used Union Street Office over on Upper Union, $75 a year.
Also you need to research the tax structure of your business to minimize your taxes! I am still in the process of figuring that out so can't help you there, a lot depends on your specific situation.