so I'm looking at creating an LLC to buy and hold rentals. I was planning on going through a lawyer to set up instead of online. When I reached out to this real estate lawyer he simply ask me to send him a few simple pieces of info and $600 and it would be done. Now, this does not seem any different than creating one online, except online costs a whole lot cheaper. What do you all think? Thank you!
I would say it depends what you value your time at.
If its going to take 20 hours worth of your time, then its gonna cost you $30/hour.
If you could do something else within that time line that can produce you $40/hour, then i might be worth it to fork up the money.
Thanks for the reply! I guess what I’m getting at is going through a lawyer that much better than just doing it online? I figured going with a lawyer I would actual sit down with them and go over things/draft these documents. But, he just wants me to email him and he would complete it himself. I don’t mind doing it myself, I just figured it would be more “official” I guess going with a lawyer.
@Matt Orchulli The added benefit of working with a local lawyer is you also get to build a relationship with legal council. In regards to being a real estate investor, its all about your team and network. If you can leverage the knowledge of someone on your team to get you quick and solid advice, your ability to scale would be limitless.
If you are creating a single-member LLC, it takes like ten minutes on most state websites and only costs the fees. If you are single-member you won't need an Operating Agreement for some transactions, but that is something you can find and copy as well. What you get from an attorney won't be much more than what you can do on your own in ten minutes. If you have a complicated structure with multiple people, an attorney would be better.