Designating myself as Registered Agent for MD LLC

[Jonathan Bauer]

Hi Everyone,

I am creating my first LLC for real estate investing. Before diving in, I want to understand more about the basics and my options. I have seen this question on other forums, but was hoping for more input.

I am planning to designate myself as the registered agent for my LLC. I will be starting slow to learn the business and I'm ready to purchase my first residential mortgage note to learn the process and grow from there. Do you think it is okay to register myself as the resident agent for now? I've read it is easy and cheap to change later as the business grows and I envision changing it to a local attorney. What are the downsides to designating myself upfront?

I'm also trying to start my business pretty lean, but know there are many things worth spending money on. For example, consulting a local attorney to talk about my business and the laws now that I have an LLC. Does anyone have advice on that topic? How do attorney's typically handle fees for this entry level service?

Thanks in advance for your feedback.

[Jerry W.]

@Jonathan Bauer welcome to BP.  Opinions on here are worth what you pay for them, mine will fall into the same category.

I respectfully disagree with the advice above. First you are buying an exisiting mortgage, I see absolutely no reason to go the time and expense of that kind of entity. just form an LLC and use reputable mortgage servicer. Anonymity is pretty much useless for active hands on investors. A deposition or interrogatory will slice through that like a hot knife through butter in my experience. Do business ethically and observe the formalities of the separate entity. You can spend all your money and time setting stuff up, but instead spend your money and time just doing it. None of the really big and successful players on here use those complicated entities.