All Forum Posts by: Stacey Nelson

I am excited to expand my rental properties from 2 to a lot more, but need to create an LLC. I have a rental in Maryland, but live in Utah. Do I need an LLC in each state? I read you should have an LLC for each separate property? That seems like a lot.

What do you do? 

That's Excellent! I am so happy for you!!! Glad to hear Baltimore has great places like this to rent and people are excited about it! 

Hi! I am a total novice and have just started on my journey to buying real estate even though I own one rental property. In 2009 we bought a primary home in Baltimore for 202k. We relocated for a job in Utah, and couldn't afford to sell it, since we didn't have $25k to unload it. We have had several sets of decent renters in there (about 2-3 years each ), but never can charge enough to cover the mortgage. We lose about $75-$100 a month. I would have sold it years ago, but the market has never really come back. I could only sell it for $200k right now even being over 10 years into the property. We have a great property manager, but the house is in need of major repairs.... new roof, new kitchen, basement rehaul, split system AC... prob $25 -30k. We owe $155k and so selling it now, wouldn't even give us enough for a downpayment for a new property. If I pay down the mortgage quickly, which I could do, I could have it paid off in about 6 years, and then it would cash flow $1500 a month. I have put so much blood sweat and tears into this house (termites, broken water main, 26k eviction before I got a property manager) I just feel really confused on what it the best step. Keep in and fix it up to be a great rental long term, or sell it and take my loses. I'd love some advice. Keep going..... or cut my loses and sell? I do have a rental property in my house in UTah that is amazing. Rents in a day, amazing tenants, great rent prices. I don't mind having a long distance rental, and feel my property manager has great resources and a team and has been very on the ball!

Would just love some advice for people who have some experience.

@Stephen Predmore

Wow! Excellent!!! I own a rental in Baltimore and am wondering if I should go for more! Did you get renters pretty quickly?