LA Local to Wholesale/ Buy & Hold in TN: Attorney Recs & LLC ?s
Hello BP Family,
I have more questions for you! I am currently a Los Angeles resident looking to invest in real estate in TN. My plan is eventually to acquire buy and hold properties in or around Nashville, Clarksville, Knoxville or Chattanooga, but my first step will most likely be to wholesale properties (outside Nashville, TN area). With my long-term and short-term goals in mind, I am trying to first identify a real estate attorney that is licensed to practice in both California and Tennessee, and second, determine if there are any legal implications to my plan I should consider.
Here are some specific questions:
- In TN, is it more advisable to assign contracts from your personal name or an entity? I read somewhere that if you have an entity then you may also need your realtor license, which I do not have and do not want. :)
- If LLC is preferred, should I open a CA LLC and apply as a foreign business in TN, OR should I open a Wyoming or Delaware entity for anonymity?
- Will I need separate LLCs for my wholesaling and for my buy and holds? This is going to be very pricey considering I will still have to pay CA fees even if I operate elsewhere. I am just starting out so my capital is limited.
- Anything I should consider as a California resident assigning contracts in TN?
I also need a lawyer that can help me draft contracts/agreements for purchases, assignments, seller financing, subject tos, and rentals.
Thank you in advance for any referrals or suggestions!!