Posted by Eddy (CT) on February 10, 2003 at 18:27:39:
Check with a lawyer. I think a RE or business set-up lawyer would be able to help you. Maybe you can get some phone numbers from the yellow pages and get some ideas over the phone before shelling out any cash. CT allows convicted felons who’ve paid their dues to society to become RE sales agents under certain conditions depending on things like:
1 what their crime was and how it relates to the job they’re applying for
2 documentation of the degree they have been rehabilitated
3 elapsed time since the conviction or release
I am relatively new to all of this. I was wondering would I have any limitations on me in real estate investing if I have a prior felony conviction on my record. I didn’t know if this would hinder me in establishing a corporation to protect my assets as I heard that would be smart to do, or anything else I would need to do. The felony has nothing to do with money or financial interest, if that helps. Any information on this would be very much appreciated.
In Alabama they make you drag that conviction around forever, although you can apply for most of your rights back through the board of pardons and paroles. Most of the restrictions here concern ownership of certain types of business, voting rights and the right to keep & bear arms. If you are going to apply for reinstatement of rights do it asap. I waited 20 years(drug conviction), & then found out that the process requires you to list everyone you do business with, they then contact all of these people & check up on you. This can affect your business relationships.
Posted by Jim FL on February 11, 2003 at 01:06:18:
I would do as the others suggested, contact a local attorney and ask if you are limited on buying real estate, or setting up a corporation to buy real estate as a principal because of your prior conviction?
I seriously doubt there would be a problem though.
You can buy a house to live in, right?
Your felony conviction should not prevent you from buying things.
And owning a corp or LLC unless a license of some sort is needed for its type of business, should not be off limits for you either.
Check with a lawyer to be sure, but I’d assume you are okay.
Do some deals first, use the profit from them to build your legal entity, and transfer already aquired properties into it.
Don’t stifle yourself worrying over details of setting up your business before you even have one.