You went & did RE business in another state??

You went & did RE business in another state??

It is GREAT you are expanding & branching out. Is everything working out?? Did you have any complications, like having to register, get registered or higher someone to handle your non-resident state paperwork?
I have had or seen many conversations with DG'ers who are or will be attempting to go out of their home state/jurisdiction to do Real Estate business transactions without realizing that they need to be licensed/registered in that state/jurisdiction via one of many ways. You ARE considered to be foreign to them.Sad
Based on my previous & current knowledge on this matter/subject of having been in business that did interstate commerce for 20+ years I know you DO NOT just do that without additional planning. There are extra steps involved beyond all the hard work of doing and making the deal.
No, I am not an attorney or any legal representative of any state/jurisdiction. Just wanting to pass along some knowledge. Be safe. Be sure. Check & plan. Smiling (Even some self-employed people need to check/bring this up.)
You'll NEED to check with that state/jurisdictions Secretary of State (SOS) or equivalent or an attorney licensed in that jurisdiction regarding if you need or should have a resident/registered/statutory agent.
I hate to read on here one day that one of you having not been advised/warned to check the requirements of you doing Real Estate business in another jurisdiction that your properties have been tied up by that jurisdiction in legal action & you are facing penalties because you did not know about this matter.Sad
Some of you have said I don't need to do this. Okay! YES, there are a number of exceptions. I am just trying to bring this to you as an awareness. A conviction of fraud DOES NOT go away!! I have found that even though a state may allow you to do certain types of RE business a city or other governing unit within WON'T.
An example: A city near here mandates that you be a licensed RE agent/broker or approved with their special permit to do certain rentals & L/Os and there can not be another rental or L/O within 200 feet of the property line in any direction of each other. Is just another quirk to watch out for. (The L/O is to them a rental until the unit is purchased and owner occupied.)
So. The following is a source I found to get linked up with a "one stop shop" for your answers. Go to your web browser and enter: Secretary of State Information and Resource Directory . "Click" That same phrase should show as a selection, "click" again on it start searching. It is also where you can get forms for your dba (LLC, etc) and other business materials for that state that are state related. ALL 50+ jurisdictions/states are there. At this time the site is a FREE share site. Smiling


I read

LLC for Dummies before I registered my LLC; the book has a lot of good information; and yes, it does recommend that you 'don't drop the ball and that you stay on top of things-especially with state filings'
Even if you register with a state, if you don't keep up with your filings, the state will revoke your LLC.

And yes, you are required to foreign file in every state where you transact business.

valerie

__________________

Valerie

“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss

"I believe in angels, the kind that heaven sends; I am surrounded by angels, but I call them friends" - Unknown

My journal: http://www.deangraziosi.com/real-estate-forums/investing-journals/59110/...


Michael Just stopping by I

Michael Just stopping by I don't want you to say I never visit.

That phrase sounds like something from (Batman and Robin)


Thanks Michael

I am looking into going outside my area . I will definitely take this into serious consideration before I make the leap .

Nice post .

Randy Sherman
Elkton MD


Question?

What about assignments or deals you work with another wholesaler?

I link my buyers with other wholesalers in Chicago, California and now recently Indiana. If we are just getting paid from the wholesaler do we still need to be registered in each state we do a deal in?

This is a good question for our lawyer Dom:) Smiling Smiling Hint hint!

Michael thanks for the PM I will be sending you another soon.

__________________

When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.

www.virtue-investments.com


Yes

it is Makeba! Most assuredly .

Michael R.


WELL !!

Wilie E. we did our job studying and putting this together and we did give them a different special contribution from our knowledge and I got numerous PMs about it, but they just didn't want to post here. Puzzled


Revival

time Puzzled


Answer

Ok Called PMI and they verified for me although always advised to check with an accountant and lawyer. Smiling

__________________

When you say thank you, you are telling the world that you want more. Say thank you every day! It will bring joy, and it will bring so much more.

www.virtue-investments.com


Makeba

Intelligent move. That is what was needed for all to do . Just check.


This topic

I brought this topic up out of the bottom of the web dumpster do to the large number of newbies. I didn't want to see anyone unaware and get legal bite.


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