Rental Property Investor · Fayetteville, NC · Member since 2020 · 27 posts · 10 votes
I am fully going into buying my first rehab. I want to take out a hard money loan. I have cash I can use on my own for my first rehab however, I am thinking hard money loan would be better. They require an LLC, has anyone used legal zoom or should I go through a lawyer to start it ? I am located in thr Fayetteville area and active duty Air Force.
Real Estate Broker · Fayetteville, AR · Member since 2017 · 375 posts · 240 votes
5y
Are you in Fayetteville, AR. My CPA and attorney both charged me the same amount which was roughly $800. The set up the LLC, S-corp filing, and got me an EIN for that price. That is cheap. I have use Legal zoom, but I didn't really like it. It is cheap, but the people they contract don't always care to get things done in a quick time frame.
Real Estate Broker · Fayetteville, AR · Member since 2017 · 375 posts · 240 votes
5y
Are you in Fayetteville, AR. My CPA and attorney both charged me the same amount which was roughly $800. The set up the LLC, S-corp filing, and got me an EIN for that price. That is cheap. I have use Legal zoom, but I didn't really like it. It is cheap, but the people they contract don't always care to get things done in a quick time frame.
Not all hard money lenders require you to take title in an LLC.
Are you talking Fayetteville AR or NC?
I recently used Legal Zoom to create an LLC and didn't mind the process. Inclusive of the filing and operating agreement but not the EIN, I paid a total of 248...that is cheap! The EIN is super easy to obtain and I was able to do so online in 5-10 minutes.
Real Estate Agent · Fayetteville, NC · Member since 2020 · 106 posts · 108 votes
5y
@Pablo Espin, I assume that you are in Fayetteville NC. We have a couple of meet-ups in the area that you should consider attending. If you have Fayetteville as a keyword alert you will see when they pop up. They will either be this weekend or next weekend.