What’s the process for setting up an LLC in a different state? Do you need a physical address to move forward? On this Q&A episode, I’m sharing my experience with setting up LLCs out of state.
I’m also answering your questions on the best banks for finding a HELOC, and what you should consider about eviction moratoriums and missing rent. As always, I appreciate your thoughtful questions and I hope you enjoy this Q&A episode of Investing in Real Estate!
On this episode you’ll learn:
- What you should know about opening an LLC in a different state.
- How to find the best banks for getting a HELOC.
- What real estate investors should consider about eviction moratoriums.
What You Should Know About Opening an LLC in a Different State
We have LLCs in multiple states across the country, and my best piece of advice to you is this: make sure you set up things correctly from the get go. It can be a headache to have your LLCs restructured down the road. I would suggest working with a great legal team that can set everything up for you. We recommend Corporate Direct. Corporate Direct has a registered agent program that you can use to avoid hiring another company or obtaining a physical address in the states you invest.
How to Find the Best Banks for Getting a HELOC
In my opinion, there are a lot of great banks that offer competitive HELOC products. The problem is, you have to do some shopping around! Although I wish I could just give you a list, I think your best bet is to shop around locally and avoid the big banks. Local banks and credit unions can usually offer better terms and rates. You can always use a service like Bankrate or Lending Tree to narrow down your options. I would also suggest Flagstar Bank and Dan Kraus at Churchill Mortgage.
What Real Estate Investors Should Know About Eviction Moratoriums
I understand the concern about eviction moratoriums after everything that has happened the past two years. However, it’s important that you don’t let these big “what if’s” stop you from building wealth. I would implore you to continue making decisions that are in alignment with your financial goals. If you’re always seeking out the worst case scenario, it will be hard to make progress. To mitigate your risk, be sure to invest in landlord friendly states, and in markets with great job diversity.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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