Just closed on a turnkey property in Indiana and need advice on creating an LLC. Anyone here have a good lawyer to help create one for out of state investors? Do I really need to have an LLC if I currently only have one property or should I wait till I accumulate more? How much does it typically cost to set it up?
Most people recommend to have an LLC, but I believe it really only helps if that property is titled under that LLC. However, we own two rentals here in Indy that we have titled under our personal names with an umbrella liability policy for extra protection. We have a great lawyer here in town and would be happy to provide his name and contact. If you would like it, please PM me!
Here is a link on how to register an LLC in Indiana. It is really pretty easy! Good luck!
Follow up: here is a thread I started a week or so ago that answers some questions regarding title and LLC's.
Thanks for the info.
We always do a LLC. PM me if you’re still looking for a lawyer
Thanks Tasheana. I tried to PM you but the site is giving me an error message.
@Maurice Ilao I personally feel owning only a single turnkey property (or even several) it is totally unnecessary to establish an LLC, which likely won't protect you from liability issues in the way you imagine, and will just eat into your cash flow. Rather, look into umbrella insurance which can cover you personally.
@Larry F. thanks. I was thinking the same thing. There was also a post I just read about the “due on sale clause” and how banks are acting on it.
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