What would you do or have you done for Out of state purchases?

[Henry Offiah]

Hello BP,

looking to hear some advice on what others have done in this type of scenario.

i live in Indianapolis and buying my first 5 unit in Cincinnati OH (~2hrs away). 

i need to put this in an LLC obviously, but not too sure on the approach. Should I open an LLC in OH to hold the property? ive read this helps in the event i need to file an eviction. or should i use an existing LLC created in Indiana to purchase which currently holding one property or open up an entirely new LLC in IN to purchase the property in the case of any lawsuits, only that llc is affected.

the next question is opening the LLC in OH how is that going to affect things come good ol tax time?

i know there are many ways people have done this but just not too sure on the best way or most commonly used.

[Tanvir Sattar]

@Henry Offiah I've always put the properties in LLC based on what state they are in. It sounds like @Lee Ripma has had success the other way. I'd just check on the taxes doing it each way. 

Congrats on securing  your first property! Are they occupied?