New Member Into

[Pedro Claussen]

Hello everyone! My name is Pedro and I’m brand new to real estate investing. I’m a young attorney based in Houston, just starting to make some real money and eager to invest it wisely. I’m looking to start my real estate journey with long-term rentals and potentially flipping houses.

If you have any helpful resources, tips, or insights on how you got started, I’d greatly appreciate it. Looking forward to learning from this community and connecting with fellow investors!

[Philip Barr]

Good to see a fellow attorney on here, and congratulations on starting your real estate investing journey.

To mitigate personal liability, ownership of investment properties is often transferred to a limited liability company (LLC) via deed. It is generally recommended that the LLC be formed in the same state as the property, allowing for smoother legal recourse. By placing the property in an LLC, any liabilities associated with it are generally confined to the entity, helping to insulate personal assets.

For added protection, individual rental LLCs may be held under a Wyoming holding company. Wyoming is recognized for strong laws that help shield business assets from personal creditors and liabilities, offering an extra layer of defense.

These are just some basics and tips for the legal side of things.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.