LandInvestors.com Forums **Ask A Question** Question about moving your business

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  • #22386

    Michael S.
    Participant
    Post count: 5

    Hello community! I am as green as they get and was looking for some advice. I have been researching land investing for “a while” and I’m convinced that it would be a great opportunity for me and my family. I have not pulled the trigger on starting yet, though, and I need some help getting over paralysis by analysis.

    My situation is this: Our family will be moving to a different state in 2 years. How much of a hassle is it to start a company, like an LLC in one state, acquire assets, and then move to another state? I’ve read about domesticating your LLC in a new state, but was wondering how much of a hassle that was.

    That said, I get it that I don’t need an LLC to start, and maybe this is my reptile brain holding me back from what’s possible. I really don’t want to wait 2 years before starting this journey. Talk some sense into me, please.

    Many thanks,
    Michael

Viewing 6 replies - 1 through 6 (of 6 total)
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  • Kevin Farrell
    Moderator
    Post count: 1196
    ProAdvanced

    Michael – You are worrying about the wrong thing. You can set up your LLC in any state and operate it from a different state. That means when you move not much will change except the mailing address where you receive mail. Since you know you may move, you should check out a virtual PO Box that can forward the mail to you after you have moved. Don’t wait.

    Michael S.
    Participant
    Post count: 5
    Pro

    Thanks for your reply, Kevin. Understood.

    Milan
    Participant
    Post count: 530

    Michael, I’ve been doing this for 3 years not very intensively, very part time. I completed about 60 deals all in my name, not LLC. I just recently started thinking about LLC. I would start now and do some deals in your name.

    Michael S.
    Participant
    Post count: 5
    Pro

    Thanks Milan. That’s really encouraging.

    T. Kyle Bryant
    Participant
    Post count: 10
    Pro

    Michael, I’m in a similar boat. My wife and I are thinking about moving to a different state in a couple of years, but wanted to get started in the land business right now. The beauty of this business is that you can do it from anywhere–and you will probably acquire assets in several different states.

    If you’re going to set up an LLC, pick a cheap state with low registration fees and business-friendly laws (like, say, Texas where I live). You can “register” your Texas LLC in pretty much any other states without issue. (And most of the time you don’t even need to do that in order to buy property in other states).

    If you know you’re going to move, spring for a virtual mailbox that will open and scan mail to you, or forward it to wherever you are. I have one in Houston that costs $9.95/month.

    But like others have said, focus on buying and selling property, and you can figure out the other stuff later.

    Michael S.
    Participant
    Post count: 5
    Pro

    Thanks Kyle. Yeah, I like the idea of a virtual mailbox. I’m not worrying about the LLC thing and I’m going to just jump in with both feet and start working on getting deals. Thanks!

Viewing 6 replies - 1 through 6 (of 6 total)

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