All Forum Posts by: Heath D Wallace

 Joe, That is excellent advise. A trust doesn't necessarily have a situs, so it could be anywhere, but you "may" want to have a situs in it like "formed under the laws/statues of the state of Texas.

And Heath, Why do you need to move it to Texas? Because the property is in TN, that state will still govern the laws regarding it, but a trust makes a lot of sense.

@Heath D Wallace your State is the one who charges for LLC's. I'm in California and yes, they charge $800 and that is why I use a land contract that is owned by another LLC. If your second LLC is owned by your first LLC, then all the income and expenses flow there. Why would your CPA charge more? It would not be a separate return.

Good Investing...

@Heath D Wallace check with an attorney, but if you do that then you have two properties at risk under one LLC. Why not create a different LLC that is disregarded for tax purposes and is owned by your Texas LLC. If you are really paranoid and want privacy protection then to place the property in a land trust that is owned by your new LLC, that is owned by your Texas LLC.

Good Investing...

Appliances help rent the house.  You can't beat a stainless fridge and stove from Cosco.  

They have the best pricing, and they deliver for free.  If you are not a member, the appliance you buy for this one property will more than cover your cost 

washer dryers can be used.  I like the old top loader washers they work better 

As an investment agent in Tennessee, I would. Most rental properties around that area have the appliances added in the property (except Washer/Dryer, now that can be up to you). Honestly, I would just market your rental property saying that it comes with the house, so your tenants can know upfront that they do. That way, if they do have appliances, its on them on where to store their appliances.

We typically put in refrigerator, dishwasher, stove/oven, but it's not a requirement. I think it does help rent it with those items. However we've began to include in the lease that these items are for convenience only and maintenance and repairs are not the landlords responsibility. One time a prospective tenant said they had their own refrigerator and asked if we could remove ours. So it just depends on if you want to include them or not.