LLC Questions

[Freeman Schultz]

I am interested in real investing and I keep reading about how having an LLC is important.

Can you use a P.O Box as an address for the LLC?

Does the address of the have to be in that state or can it be out of state?

I am looking at markets in Michigan,New Jersey Connecticut, Pennsylvania

and New York.

[Ben Dunavent]

Originally posted by @Rob Brautigam:

From an actionable point of view, if you plan on investing as a sole-proprietor, it's better to put all of your time and energy into finding and getting into your first deal, rather than setting up an LLC. I was at a stage where I was reading into setting up an LLC which was slowing myself down from reaching my main goal. Once you own your first investment property, consult your attorney/accountant and discuss setting up a business entity. If you are looking at the entity as a legal shelter, consider purchasing a $1M+ umbrella policy on the property.

This depends on how you are investing. For instance if you are trying to get a hard money loan to help acquire the property you would need to be buying the property under a corp or LLC. This is because most hard money lenders like myself have to do a business to business transaction. If you have the ability to buy it out right or using private money you maybe able to wait. As always you should consult your attorney.