Business License/ Permits

8 Replies

Hi everyone,

Hopping to get some insight on the type of business license or permits an out of state investor would need to get in order to invest in Columbus, Ohio. If any at all.

Thanks,

Hi @David Hernandez   Welcome to the wild world of Out Of State investments!  Typically the only requirement you would have in the average state is to have a business.  Some banks will require you to have a biz in that particular state, but even that seems negotiable.  My bank here in Blowklahoma can lend on properties all across the US, so my business in this state would be the lendee, regardless of the property location.

When it comes to doing trade work on the properties licenses and permits become a whole different ballame, but as an OOS investor you shouldn't need to do much of that.  Teamwork makes all our dreams work!

Good luck on the road of real estate investing!

@David Hernandez I am in the Columbus market and my out of state clients have simply filed for an LLC with the Ohio Secretary of State. Here is the link to their website: https://www.ohiosos.gov/#gref

@David Hernandez I do not believe you need a permit/license if you are purchasing in your personal name. Many of my out-of-state clients that invest here in Columbus, Ohio do file for an LLC to help protect their assets. That process is quick, painless, and cheap.

*I am not a lawyer and you should seek legal advice.* This information could be inaccurate.

@David Hernandez as a fellow Bay Area CA investor that is in Columbus I agree with everything that @Account Closed said with a couple of footnotes. Forming and filling an LLC is Ohio is quick and cheap but living in CA complicates that. CA will tax you for every LLC interest you have per year so make sure and take this into account as you grow (i.e. may make since to just have one LLC versus one per property as is common in Ohio.). The other item to take into account is you have to a statutory agent that is physically in Ohio. Most cases your local lawyer can handle this but just a detail.

Happy to chat and exchange notes if you have any questions.

Cheers,

ART

@Art Mimnaugh that’s great insight! And yes, Art is correct, a statutory agent in OH is mandatory. Did not know that about the taxing of OH LLCs in CA, though I’m not surprised! Glad I learned something on this!