I've been doing flip houses and now I am getting into rentals. I have read it is advisable to get an LLC. Do I need a lawyer to do this or can I use the online programs. What kind of company names are best for real estate investors?
@Tina Trussoni You can get the LLC yourself but if you feel safer having your lawyer do it, go for it. I actually had my accountant do mine. I think the name is totally up to you but if its for flipping maybe include words along the line of renovations, rehabs, properties, investments, etc.
@Suny Capezzuto thanks!
@Tina Trussoni Tina, my suggestion if your willing to do some leg work yourself, go to the local library and look up books on how to form your own LLC (the Dummy books, or Nolo brands are good). Take them and in general you can do all the work yourself and then from there if you are feeling not so sure, use your accountant or a lawyer to review what you are going to do. By doing that you cut out a majority of the cost (or should).
You can do it yourself, but I would recommend hiring an attorney who will better understand your asset protection needs.
I would make the name something generic. Flips and rentals is your focus now but that can change later. Choose a name that is not tied directly to your business today.
For single-member LLCs, you can probably get by without an attorney. But this depends on your knowledge level.
For multi-member LLCs, I personally think it is legal suicide not to use an attorney.
Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.
@Tina Trussoni I’m a lawyer who works on that space every day. I promise you that if you don’t spend the little bit of money now to have someone help on the front end you will pay substantially more when things go awry.
It’s in your best interest. Always have a banker, lawyer, and accountant in your Rolodex. This is a business and you need a team. Good luck!