All Forum Posts by: Matt Horwitz

Wherever you are buying property is the jurisdiction you are legally doing business in. You should be forming your LLC their... or registering your home state LLC as a Foreign LLC there... however, domestic LLCs are usually easier to manage. Re: LLC vs liability insurance, my answer is both. If the state where the property is located does not have good charging order protection you could form a parent LLC in Wyoming and then it owns the Domestic LLC (or LLCs) formed in the state where the property is located.

@Colin Mooney makes an excellent point. I agree.

Airbnb favors houses over apartments. Head over to airbnb and sign up. The intricacies are in hosting. I'd list a spare bedroom first and understand the platform, the customer service aspect, the airbnb interface, the communication, etc. Then go from there. Work your learning from the inside. Then finding a property will make a lot more sense. You can't tackle both at the same time without experience in at least one side.

I second what Phil says. Airbnb market is hot, but is new... things can change. Make sure the numbers work on short-term rentals + annual leases.

Hit up Equity Prime Mortgage, LLC in NJ. Ask for Steve Carpitella. He's not local, but they are licensed in FL.

I have no affiliation, but I've worked with them and found them extremely professional (and I've worked with a lot of lenders).

Yes, there are a lot. You can ask a realtor (or a few) to setup auto MLS searches for you. They'll need to use keyword searches as the MFRMLS (used in Pinellas) can't really pin-point what you're looking for. Try keywords like detached, in-law suite, in-law unit, separate unit, secondary unit, second unit, mother-in-law, and more.

Let me add some clarity: If you are engaging in real estate activities in Tennessee, then that is where you are legally doing business. You either need to form an LLC in Tennessee (a Domestic LLC) or register your Texas LLC in Tennessee (known as a Foreign LLC). You just can't operate a Domestic TX LLC in TN.

Now if you're going to hold different property in different LLCs, then the Foreign LLC process will end up costing you a lot more (and complicates paperwork). The Domestic LLC filing fee in TX is $300. And to register that TX LLC is TN is another $300. It's easier and cheaper to form Domestic LLCs in TN. Just $300 instead of $600. Now granted, that is simplified... you'll need a Registered Agent in TN. You can use a friend or family member if they have a street address in the state... or you can hire a Commercial Registered Agent (typically around $100/year). Hope that helps.

@Mary Jo Mertens, it doesn't matter much what state is more landlord-friendly, as you're legally doing in business in Arizona. You should be forming an Arizona LLC. Having said that, it doesn't hurt that forming an LLC in AZ is a much easier process... and unlike WA, there are no Annual Reports :) Rule of thumb: form your LLC in the state where your property is located. Hope that helps.

Call the Pottstown Licensing and Inspections Department. They should be able to point you to specific resources. 

Be careful about these 'one stop shop' situations in a market you know nothing about. There are a lot of shady characters in this space... I've bumped into a few over the years. They are usually monetizing the transaction 4-6 ways, all at your disadvantage.