All Forum Posts by: Jerel Ehlert

Do a search on BP for the dozens (hundreds?) of other threads on LO in Texas.  With a consumer on the receiving end, not worth it.  Sell on a wrap or owner financing.  With an investor receiving, game on.

Repurposing an existing LLC is not recommended for a number of reasons. Foremost, any liabilities from the the old line of business carry forward to the real estate business. Without knowing anything about your old business, transactions from years ago can come up. From a cost-benefit analysis, the risk of loss is just not worth the pittance to create a new LLC.

Also, go do a deal first.  Use that $$ to pay for a proper, new LLC.

@Scott Smith Correct me if I'm wrong, but I believe the Jeffrey would be a disqualified person to run the LLC if his IRA owned all the interest. Same as if the IRA funded a trust and became the beneficiary, Jeffrey would be disqualified to be the trustee. In either case, he would need someone else to run the LLC or Trust.

Eddie Speed and Scott Carson are the bigger names in Texas.  Google either to get their material.

In addition to the ones here, I can say I worked with Quest Trust Company.  I've heard of Sunwest Trust, but not worked with them.

Any time.  Just call the office.

Ayo, most times LLs do their own eviction because of the expense.  I usually get involved only when there is something "weird" in the situation.  The process in JP court is typically straight forward.  I say this because I don't want you to feel like you were taken advantage of.  Otherwise, I'm happy to help.

Like most people said, to convey title to an LLC is done with a deed. Each county charges a different fee. Travis County is $26 for the 1st page, $4 for each additional.  Deeds are 1-3 pages.  You can either record it yourself or have an attorney doe it for you.  I surcharge $50 for the staff time. According to Danny's estimate, I don't charge enough, but each lawyer will be different.

If you put property in a foreign (non-Texas) LLC, you should register it with the TX SoS. If not, it will be unable to bring any suit (including an eviction suit) in Texas. It can still buy, hold, and sell property, and it could still defend against a suit, but would be prohibited from bring its own claims.

"Specialized" is a very particular word for attorneys.  We have to undergo additional exams after meeting additional experience and continuing education requirements.  Many attorneys with the requisite experience and equivalent education never sit the added exams, typically for the same reasons most businesses never join the BBB - the designation is mostly a "feel good" for consumers.  

Litigators that are designated by the Texas Board of Legal Specialization will, in all probability, charge significantly higher bill rates.

There are building codes for different "SFR" types. When considering whether to convert the dwelling type, it is always a good idea to read the plans for that part of ATX to see if it is permitted or encouraged. You will need to replat the property into separate units. That involves getting permission from the permitting authority. There may be certain modification required (commonly, a firewall in a shared roof).

Like others said, you will probably need an attorney to navigate the process.