Starting a LLC for rental property in Ohio .

Member since 2020 · 5 posts · 5 votes

My two brothers and I are looking to invest in rental property in Ohio. Need a few advice. We found a property we want to start with an grow from there. What's the best way to start out with a LLC or under our names? An what is the process of getting a LLC?

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Robert EllisBusiness Member

Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes

Originally posted by @Tj Quinn:

@Remington Lyman hopefully we can expand that way. So, I found a duplex around 70k and we was discussing If we should start a LLC or a mortgage. It's 3 of us. Two of us is local and one is active in the Navy. What you suggest is the best way to go about doing this? An of course we will want to get another house later down the line.

An LLC may be your best bet with a really good operating agreement. As Remington said I would recommend talking to an attorney to get proper advice about this though.

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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
@Tj Quinn A lot will depend on the type of loan you are getting. I would recommend reaching out to your lender and ask them whether you can purchase the property in your name or an LLC.
Which market in Ohio are you looking at? I recommend Columbus, Ohio,
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Tj Quinn
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Member since 2020 · 5 posts · 5 votes
6y
@Remington Lyman we was looking in the Akron area and wanted more of duplexes. Does Columbus have a lot to offer? I really ain’t to familiar with Columbus and don’t know the good and bad parts. We want to start off with more of a turnkey property.
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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
@Tj Quinn Columbus, Ohio does have a lot to offer. I am familiar with Akron as I used to travel to the university there to compete against their rifle team. I competed for The Ohio State University.
You will probably find better cash flow in Akron vs Columbus.
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Tj Quinn
OP
Member since 2020 · 5 posts · 5 votes
6y
@Remington Lyman hopefully we can expand that way. So, I found a duplex around 70k and we was discussing If we should start a LLC or a mortgage. It's 3 of us. Two of us is local and one is active in the Navy. What you suggest is the best way to go about doing this? An of course we will want to get another house later down the line.
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Remington LymanBusiness Member
Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
6y
@Tj Quinn I would recommend you reach out to a local lawyer that can suggest how to structure the deal. I have some in Columbus I can refer you to.
[email protected]614-541-8475 Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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Robert EllisBusiness Member
Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
6y
Originally posted by @Tj Quinn:
@Remington Lyman hopefully we can expand that way. So, I found a duplex around 70k and we was discussing If we should start a LLC or a mortgage. It's 3 of us. Two of us is local and one is active in the Navy. What you suggest is the best way to go about doing this? An of course we will want to get another house later down the line.

An LLC may be your best bet with a really good operating agreement. As Remington said I would recommend talking to an attorney to get proper advice about this though.
[email protected]786-494-6766
Section 8 Launch52 Reviews
Website View Page
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Shawn Cordes
Real Estate Agent · Akron, OH · Member since 2019 · 11 posts · 4 votes
6y
@Tj Quinnundefined
Let me know how things go. I'm starting to invest in the Akron market and have a few funding options, but I like the idea of an LLC.

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