All Forum Posts by: Jefferey Chheuy

Hey everyone! Just had a question regarding LLC formation and what you guys think is the appropriate way to approach this. My brother and I have just gotten an offer accepted on a home. We want to form an LLC but are unsure if it's better to do a multimember LLC which was quoted by our lawyer to cost about 1,000 or if we should just create separate single member LLC's for about 500 each. Does it make sense to do one over the other?

Also anyone else familiar with costs of LLC. I got multiple quotes from different lawyers and seems like it fluctuates from the 400-700 range for single member with that 1k being the only multi-member quote I got.

I looked at trying to filing an LLC on my own but I'd only feel comfortable doing that if it was single member.

congrats bud!

@Nicholas Covington it’s greenville sc

@Michael Albaum good to know, I’m glad I asked first before I said yes then! Lol

@Tyler Weaver thnx for the response bud! I’ll give some more banks a call tomorrow to see if anyone is willing to give a better deal.

Welcome bud! I’m also a new investor aiming for buy and holds. The upstate creia has a good group of people and provides good info if your new and need advice. I love it so far!

Forgot to mention new p/i is $517.00.

Hey new investor here, just wanted some input. I currently have a home purchased in an positively appreciating market which I bought for 138k (new build) with 20% down.

I got it at 6.125% interest rate. So p/i is $715.26.

I got another bank that’s quoting me 4.375% for 5k in closing +1.5 points (around 6.5k). They also require I have 75 ltv currently at 80 so I’d have to put an extra $7284 into the house to refinance.

If I didn’t build cost of refinance into loan, difference is $198.26 from monthly payments. It sounds like a good deal to me. What do you all think?