Annapolis, MD · Member since 2016 · 22 posts · 3 votes
Hello all. I'm a newbie investor living in Washington DC but I want to invest in Alabama and Tennessee (I have family living in both states). I prefer the housing market in those states vice DC. I'm looking to establish a network in these areas. Plan is to do a few flips in the near term and move on to buy and hold. I've got some cash that I would like to put to work in the near term.
Would you all recommend that I start an LLC first and put my first house under it?
I'm pretty new too. Just closed on 3 buy and hold houses in Memphis. I'd wait on the LLC until you need it. I'm going to get one now and transfer the houses in before the end of the year.
@Gilbreth Seno Welcome! I live in Birmingham, AL and would love to connect with you and be your eyes here. My newly formed business helps out of town investors know the ins and outs before making a investment.
Welcome and congrats in advance on your first property! You will get great advice here!
I'm pretty new too. Just closed on 3 buy and hold houses in Memphis. I'd wait on the LLC until you need it. I'm going to get one now and transfer the houses in before the end of the year.
I concur with Tas on the LLC. I recommend finding a Real Estate attorney you trust for some professional advice. Like Kenyon, I also live and invest in Clarksville, TN. Tiffani makes a great point about getting eyes-on-the-ground before investing in a new area - it's key to the due diligence process. You'll undoubtedly find BP members who won't charge for sound, local advice. Best of luck!
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Thank you all for the advise. I will wait on creating an LLC until I have a few properties under my belt. I found bigger pockets just last week and it has already proven itself to be an invaluable source of information. Thanks again.
Good day to all. I have boots on the ground in the Huntsville, Birmingham, and Montgomery areas. Please feel free to connect with me if you are looking to invest in those areas.
@gilbert hold on the llc. I have an attorney that gives me advice. I'm looking for a partner for short term. I'm trying to flip a few and then buy and holds, quickly. I'm an independent contractor Courier, so I'm out in Alabama, mainly Birmingham, driving everyday 12hrs a day. I can find you something. Things on the Internet is for everyone but a lot houses being seen by drive by.
@Gilbreth Seno I would say it depends on what you're doing! I did my first 15+ deals in my own name with no issue before deciding to rehab/flip/wholesale through a LLC... All it took was one lawsuit ;)