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Updated 10 months ago,

User Stats

37
Posts
9
Votes
Joe Nguyen
  • Investor
  • VA, TX
9
Votes |
37
Posts

Forming LLCs for properties in different states?

Joe Nguyen
  • Investor
  • VA, TX
Posted

Hey folks, I'm super new to LLC forming and the whole legalism (pros and cons) of its own. Long story short, right now I don't have an LLC yet but currently have a rental property in Texas and soon will be renting out another one in Virginia. Neither of these is yet under an LLC. I'm curious to hear from a distance investor (or multiple states property owner), or Lenders that are familiar with this matter that should I form 2 different LLCs in 2 different states? Or should I form just one LLC (not sure if this is even possible or legal)? Also.. I understand that I must get a confirmation (or concurrence) from lender that I'll be transferring my personally owned property to an LLC so that it won't trigger a due-on-sale clause when the transferability happen. Thank y'all for your inputs!

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