The subject says it all - if anyone can pass along the name of a real estate attorney they used for setting up an LLC, and maybe to answer some basic legal questions/advice related to it, I'd appreciate it!
I saw a post from about a year ago in this forum asking similar, but not much in the way of responses (not even in the way of "I'll send you a PM").
Rental Property Investor · Sylvania, OH · Member since 2016 · 9 posts · 4 votes
8y
We live in Ohio and have all of our rentals here. Our LLC was set up in Nevada (bad advice from a Podcast). Now we pay a bunch of fees to Nevada for renewal of the registered agent and to keep it operational (over $500/year) but it doesnt have any impact on our ability to do business in Ohio. You can easily set up an LLC in Ohio online through the Secretary of State for $99, however your Resident Agent must be located in the state of Ohio, which means they have to have a valid physical address in the state.
If you don't have anyone who can be that person, you would need to pay someone and most likely pay an annual renewal fee to keep them as an agent. I am not an attorney, but perhaps explore using your Virgina LLC or create a new one and use as the holding company for the Ohio property. In the 3 years of owning Rentals in Toledo, we have never had an issue.
I'm working on purchasing property in Ohio, so my understanding is it would make the most sense for the LLC to be located in Ohio as well, which was why I posted in this forum. Is that incorrect? I currently reside in Virginia.
Rental Property Investor · Sylvania, OH · Member since 2016 · 9 posts · 4 votes
8y
We live in Ohio and have all of our rentals here. Our LLC was set up in Nevada (bad advice from a Podcast). Now we pay a bunch of fees to Nevada for renewal of the registered agent and to keep it operational (over $500/year) but it doesnt have any impact on our ability to do business in Ohio. You can easily set up an LLC in Ohio online through the Secretary of State for $99, however your Resident Agent must be located in the state of Ohio, which means they have to have a valid physical address in the state.
If you don't have anyone who can be that person, you would need to pay someone and most likely pay an annual renewal fee to keep them as an agent. I am not an attorney, but perhaps explore using your Virgina LLC or create a new one and use as the holding company for the Ohio property. In the 3 years of owning Rentals in Toledo, we have never had an issue.
Thank you, @Ben Lynch. I had read about needing to have/pay for an agent, but had also seen (perhaps bad) advice that it can helpful to use a lawyer in the state which the property will reside, as laws can vary by state. I appreciate your advice and you relaying your experiences, though, that’s definitely helpful.
Thanks, @Dennis M. I've seen advice in multiple places that it's better to use a lawyer to make sure someone inexperienced (such as myself) doesn't make any mistakes or oversights that might negate the benefits of using an LLC. In your experience, is that not a valid concern for a typical buy and hold rental scenario?
Rental Property Investor · Erie, PA · Member since 2018 · 6k+ posts · 9k+ votes
8y
Do what you feel comfortable with . If your scared you’ll screw It up and feel better with a lawyer by all means pay one . I know Several lawyers wanted around 900$ around me to do it ! It’s just a few simple forms and send in a check .. that is for PA yours might be different . If your just a self proprietor for RE investing it’s actually very simple