My first post, so looking forward to hearing from you. Thank you in advance.
I have had my initial mtg with my RE CPA. I am now planning to have my first mtg with RE attorney. I would greatly appreciate your advice on what are the most important topics to cover in this initial meeting. Discussing/Creating LLC operating agreement, review of rental application and all forms? What else....?
My plan is to convert the single family home I am in living in right now to a rental when we move into our next home in approx 4 months. I am trying to get prepared now so that I can begin to advertise the rental and begin accepting applications in the coming months. I am just trying to make sure I dot my i's and cross my t's as this is my rental.
Also, if you are a North Dallas area RE attorney and would offer an initial consultation , please let me know as well.
Thank you again for any thoughts or feedback.
Why do you need to talk to a RE attorney, or CPA for that matter? If you want to form an LLC just pay the ~$300 filing fee with the Texas Secretary of State. It's not that hard to fill out the form. If it's just you and your wife in the LLC you don't really need an LLC at all. Just own the rental in your name and get a liability insurance (umbrella policy). It will cost you less in the long run and provides better protection in my opinion.
In regard to review of rental application forms, hire a realtor to rent out you home. If it's your first time being a landlord you might also want to pay 10% for them to manage it. They will use Texas Association of Realtors promulgated forms which have already been put together by RE lawyers. You also won't have to keep running to the house every time a tire kicker wants to look at it. They can also provide good comps of what the rent should be. Definitely worth the 1 months rent.
I suspect some RE course may have lead you to the conclusion that you need an RE CPA and RE lawyer. Unless you are dealing with multifamily/commercial or partners you don't really need either of these professionals. It's overkill. Best of luck!
I agree that it's overkill for 1 SFR. Connecting with other rental owners and asking them about their experiences will do far more to give you guidance and they won't bill you for their time!
Well, since the meter is running, I wouldn't look at it as a general education or Q&A session.
What do you want to do when the lawyer and CPA are done is the first question I'd ask myself before I set foot in front of them.
When talking with your CPA, I hope he atleast provided you guidance that you have a small window just incase you were interested to taking advantage of section 121 exclusion when you move out and convert the personal residence to a rental property.