LLC in GA but Looking to Buy Property Out of State

[Myles Cardenas]

Hello BP,

I'm in Atlanta and have my LLC registered here in GA. However I'm seriously considering purchasing a property in the Midwest and would like to put the property under my LLC. I've heard that I need to register my LLC in that particular that I would be looking to buy in, in order to be able to legally get the property under my LLC. This will more than likely be a cash purchase.

What's the best route to go? I've heard about the umbrella insurance route, and putting the property under my name. However I'd love to put this under my LLC if it's an easier process than I'm thinking it's going to be.

Can’t wait to here your thoughts. 

Thanks All!

[Stacey Paulin]

From what I've read, it is best to have your LLC in the state where your property is held. You may want to look into the cost of opening an LLC in the state where you intend to do this cash purchase. Prices to establish LLCs vary greatly and the cost to maintain them can be very expensive. I know some people who buy properties in their name, too. It really depends on what you're trying to accomplish. A wise person once told me you don't want to own real estate. You want to control it. Good luck!