I am looking to form a Texas LLC with the use of a Texas Based Registered Agent since I move frequently due to my job. The goals of this LLC will be the following.
1. Protect my personal assets as well as move my current properties into the LLC if possible. (Of note 3 properties are VA Guaranteed properties, 1 in a FHA, all properties have a mortgage against them.)
2. Establish a second entity to obtain and manage mobile homes.
3. I would also like this entity is scalable to add other real estate business components if possible.
Can some one help with this? Although I am intelligent, I have no desire to do anything this complex myself.
Check out lonestarlandlaw.com
There is tons of information available, and it is slanted from an REI perspective. What you're talking about is a Series LLC. It's not a 5 or 15 minute exercise, and it needs to be set up and files correctly to ensure Series are properly insulated from one another. If you don't want to spend the days or weeks necessary to get fully up to speed on the structure and requirements, then get a lawyer. Our operating agreement is 23 pages, plus adendum and exhibits.
I personally don't mix residential houses and LLCs. Look on the forums for past problems with DOS violations. Also look up hazard insurance issues. If the insured on the property doesn't match the owner of record, you could be uncovered. When you change the named insured to the LLC, the mortgage co is notified. Hence the problem with #1. Don't know it provides all that much protection anyway, Certainly doesn't provide anonymity. Title chain will be obvious. I do hold commercial property in LLCs. Just a couple thoughts @Lear R.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you