Banking & LLCs & Property Apps, OH MY!

[Austin Haygood]

I just recently purchased a duplex in York County Maine. I wanted to open an LLC in Maine, and am considering one in Wyoming. I am looking to purchase further properties in the area over the next several years. It appears opening a Wyoming LLC to act as a holding company will help with anonymity...or is this overkill? Is there anyone who has done this and recommends this route? What do costs, fees and paperwork look like? Does this make the financials and taxes more difficult?

I also want to have a separate card for business expenses and everything relating to the property. Should I open an account that is under the LLC or myself? If I open it under an LLC should it be under the Wyoming LLC or the Maine LLC? Also what what bank do you recommend, for service and cash back? Any insight would be greatly appreciated!

Also does anyone use land lord studio? I have heard of Stessa but don't know much about it?

Thank you in advance if anyone is able to share insight!

[Chris Seveney]

@Austin Haygood

Personally I think it's an overkill. Owning property in your name with insurance policy is what my attorney recommends. Can hold an LLC but if you also self manage you pierce it right then and there.

If you go LLC why do Wyoming? Is your last name Rockefeller, Kennedy, Buffett?

That was sarcasm as people seem to think they are more important than they really are. If you have an LLC anonymity does not really exist in the 21st century.