Hey Everyone! I'm looking to get started in real estate investing in the Columbus Ohio area. I'm looking to buy multi family homes and rent them out. I've spoken to a realtor and been doing some reading and feel like I'm ready. There is a lot of information out there and I'm looking to do things the right way so that I can limit my mistakes while I learn. I'm interested in purchasing my first property through an LLC. I've read that you do not need an attorney for an LLC, but I've also read that an attorney can be very helpful to real estate investors. I'm sure everyone's situation is different but I'm not sure which way to go as a new investor.
If an attorney is the best route, I'd love to be able to work with someone that would be ok with someone that asks questions. Is it good to have a CPA and attorney in place before your first purchase? I'm also looking to work with a quality property management company. I've read some good things about REAL property management and Panzera Realty on here. Is it good to have a property management team in place before a purchase? Again I'd love to be able to work with a company that is ok with my lack of experience and is ok with someone asking questions. There are quite a few knowledgeable investors on here and I'd love some opinions. Any suggestions would be appreciated.
Google Jeffery Poth for a good all around attorney. Property Management in place? Absolutely! Can't tell you how many investors we take on that bring us in after the fact. It would always benefit you if you have another set of eyes on something before you buy a mistake. Is it a good area? Things to improve the property to maximize the asset without spending all you money! Projected rents for a unit. I don't see why you wouldn't. We're the ones doing the real work! Panzera is a solid company. Real property management is a national company. Google them and you can see how they operate.
@Anson Brown assuming you understand you cannot purchase in an LLC using conventional financing...so, maybe you're using another commercial product or have cash to purchase...anyway, an LLC really does not offer that much protection for RE investing...you'd be better off with a rider or umbrella policy. A lawyer at this stage is premature...a CPA is always a good idea...at the right time.
It sounds like you've got a lot to figure out....it's important to be firm on your asset type and location...and have a plan in place. And pulling the trigger when something appears close to your criteria. Glad to talk shop on the state of the market.
Best of luck.
@Anson Brown Welcome to the party! I wouldn't worry too much about the LLC at this point. A lot of people put off getting started because their not sure how to structure. Keep in mind you can always transfer property into some legal entity down the road if that's what you decided(with some exceptions). And as @Brandon Sturgill mentioned, trying to get lending for an LLC is often an issue for newbies. I have to agree with @Mitch Deminski as well. If you are planning on using a property manager, might as well get their help from the beginning. Their experience could save you a lot of headaches. I am happy to refer my attorney if you are interested.
I believe the best property management companies in Columbus, OH are S4RE, RL Property Management, and Panzera. @Mitch Deminski is the owner of S4RE and @Peter Lohmann is the owner of RL Property Management. I also have a property management company but we are just getting started and mostly work with our current investors.
I work with Joseph E Budde, Attorney at Law, for all of my real estate lawyer needs
Please let me know if you have any more questions.
Thanks for the shoutout Remington!
@Anson Brown Right now the inventory is small and the investors are really trying to get everything out here but there a some properties on the market depending on if you what to do a total rehab. I'm getting into next year myself. Have you joined the local REI association?
It's always a good idea to have a CPA/accountant on your team before you get started.
Would you be comfortable working with your tax accountant remotely? If so, you open yourself up to a bigger pool of candidates.
There are about 20 tax accountants and CPAs here on Bigger Pockets who specialize in real estate taxation and work with clients nationwide.
Reach out to a few of us and see who you like.
Good luck and let me know if I can be of assistance.
Thank you everyone for the information. It is very helpful and will definitely help as I move forward. Your input helped answer my questions and brought up new ones that I definitely need to research.
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