All Forum Posts by: Megan Stone

Thank you! I'll check it out for sure

HI-- I ran into your post bc it was related to a post I just made. I was made aware by a a Wyoming legal group that forming the primary LLC in Wyoming (for my property in GA) would be of no legal benefit and they advised that I only set up the LLC in the state of the property. You could however set up the parent holding company in Wyoming. Just wondering if that is what you have also run across as well?

Thanks!

Thank you for your input I really appreciate. It seems like everyone focuses on choosing certain states based on rental laws and fees and fails to mention the the primary LLC should be in the state where the property is- in which case the the other state options are not helpful.

The wyoming legal office did offer to set up a parent company under which my other LLCs be owned-- which I understand that concept.

Thanks again!

I want to put my Triplex into an LLC for legal protection of my personal assets. The Triplex is in GA. I contacted an attorney's office in Wyoming to set up the LLC and they told me:

"A Wyoming LLC will not provide a GA piece of investment property with any asset protection. If something happens on that property and you were to be sued, you are going to be sued in a GA court of law and the judge can set aside the Wyoming LLC because it is a completely different jurisdiction. You are effectively conducting business (rental property), which means a GA LLC should be owning that GA property and conducting the business in GA."

If this is indeed correct then why is there so much conversation out setting up out of state LLC's ?

Any info/advice?

Thank you in advance,

Megan

Colleen and Jason thank you so much for you input-- I understand what you are saying!

Everyone has been so! helpful

Josh,

thank you for your thoughts on this-- I aboslutley know what you mean!

You are correct-- all work is EXTERNAL (siding and painting), aside from occasional home entrance for windows (if needed).

I would never consider asking a tenant to change their life so I could paint the inside, that's not reasonable.

Thank you for your throughts

We are painting the OUTSIDE. The windows may require inside work intermittently for 2-3 days (which Im trying to have done paritally on a saturday). 95% of the work is on the outside.

Thank you

Thank you Mark-- I agree. We need to be able to complete work. I understand it is problematic for her particular lifestyle, but she is not the owner and is not directing the course of action here. Im trying to find a balance between being a good person and making a good business decision...not always easy.

Thank you :) 

Lucy and Johnathon,

thank you for the thoughful responses. Im not from the South, but just hear that they "shut down" for most of November and December for holidays-- not trying to label any paritcular part of the country in any way. It is likley weather related as well-- too cold :)

She is not paying market value and we will definitely rent it for more once she leaves in late January. Just dont want to have issues getting it rented over the holidays-- its a "risk" we do need to consider though. 

Regardless-- yes, I dont feel repsonsible for her dog issue at all. 

thank you so much for all of your points of view