All Forum Posts by: Keri Aiken

 In case anyone wonders what ever happened with this as I do appreciate the time you all took to provide your experiences.  I did attempt a foreign entity in FL, I am still getting letters stating they need an original certificate of good standing and they do have the 87 dollars I sent to register as a foreign entity. I thought I had already taken care of the paperwork they are requesting but I have another letter from them.

In the mean time I did go online for Wells Fargo and their business accounts allows you to mark up to 3 states and being registered in WY was not an issue.  I plan to contact Florida Dept of State to see if I will be able to get a refund of the 87 dollars as I no longer am required to register as a foreign entity.  Thank you again Kathy Brengle!  

Thank you Kathy Brengle!  

Thank you! I will look into registering the LLC as a foreign entity here in FL. I will also grab a RA in FL to avoid my address but it does appear I should have skipped registering in WY as it doesn't appear to have the same benefits I thought it would. Thank you again for your guidance!

Hello anyone have a business bank account in their home state for a WY LLC.

We have a LLC set up in WY for our family management company. I set it up there for the privacy that WY offers from 3rd parties. As a holding co in WY used only to move money no service is actually provided in either state related to this business, I was trying to set my business bank account in FL my home state and my "national bank" will not allow. They require the business to be registered in FL to have a business account. Has anyone encountered this issue or know of any other way to go about this or even have someone they can recommend we reach out to? We do have an attorney working as our RA in WY as well.

Thank you

Keri

 This was in Lockport NY but it was a few years ago!

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $36,000
Cash invested: $10,000
Sale price: $90,000

2 Unit rental both with one bath and 1 full bedroom 1 walkthrough bedroom. Nice neighborhood

What made you interested in investing in this type of deal?

the price and it was turnkey

How did you find this deal and how did you negotiate it?

The bank that mortgaged our other investment property brought it to our attention, it was a foreclosure.

How did you finance this deal?

Investment/conventional Mortgage with a cash down payment

How did you add value to the deal?

Holding the house and we kept it in good repair

What was the outcome?

We sold, again management issues and we were out of state.

Lessons learned? Challenges?

Wish we didn't sell and just were able to put together a strong team.
Distance and time were big challenges.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $68,000
Cash invested: $5,000
Sale price: $99,000

4 Unit quad in Medina NY
Renters were tough and management company's locations are too far for a regular check up.
Had a renter pass away and then DCS came in and the house was condemned due to farm animals in the upstairs unit where the person passed.
We were too far to keep tabs on this investment so we sold the home.

What made you interested in investing in this type of deal?

We had a local investor that lead us to this deal it was turn key 4 unit for 68k.

How did you find this deal and how did you negotiate it?

The local investor knew of this deal through the bank as it was a foreclosure.

How did you finance this deal?

We had 20k to put down in cash and we did a mortgage for an investment property.

How did you add value to the deal?

We allowed the place to do needed repairs-water line running under state route 31 was a big project.
We also held the property for more than 10 years allowing the value to rise.

What was the outcome?

We sold the units for more than we paid years after we made the purchase.

Lessons learned? Challenges?

Management company is crucial they must be willing, close enough to see it and honest.