Fair amount to pay for having an LLC setup?

[Lee Haenschen]

I am ready to start an LLC for me and my wife's investment company. What would you consider a fair price to setup an LLC properly?

We looked into having Garret Sutton's company from the Robert Kiyosaki books do it. His company wanted around $1,950 to set up a Wyoming LLC with our NC LLC parked inside of it for extra protection. And his company would be the registered agent (and file all associated paper work each year for $200 per state)

Also do I need to have one house in our portfolio per LLC?

I don't have any other #'s to compare their companies offerings to. 

[Nathan Gesner]

@Lee Haenschen you can set up a Wyoming LLC all by yourself for around $50. Go to the Wyoming Secretary of State website for the form and instructions. There are far too many novice investors on this forum telling people they have got to set up an LLC immediately or someone's going to sue and steal their house. It's an unfounded claim and the benefits of an LLC are real but often greatly exaggerated. Before setting up an LLC, and especially before setting up an LLC for each individual property, I recommend you do some more research on what an LLC protect you from and what it takes to ensure that protection remains in place. If you don't operate your LLC properly, you could lose all the benefits it provides. I own 20 units in my personal name. I know investors with 50 or more rentals that have been owned under their personal name for decades. None of them have ever been sued and none of them have ever lost the property. If you really want to protect your assets, there are two things far more important than an LLC or even an umbrella insurance policy: know and follow the law, and treat your tenants honestly and fairly.