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26 August 2024 | 8 replies
Let's break down the pros and cons of each approach:Forming an LLC in the State Where the Property is Located:Pros:Compliance with Local Laws: Establishing an LLC in the state where the property is situated ensures compliance with local regulations and laws specific to that jurisdiction.Legal Clarity: It provides clear legal jurisdiction and may simplify any legal proceedings related to the property in that state.Perception: Operating with a local LLC may give tenants and local authorities confidence in your commitment to the community.Cons:Additional Costs: Setting up and maintaining an LLC in another state means incurring additional registration fees, taxes, and possibly hiring local legal counsel.Administrative Burden: Managing multiple LLCs across different states adds complexity to your administrative workload, including extra paperwork and compliance requirements.Tax Implications: You may face tax obligations in both the state where the property is located and your home state, potentially leading to double taxation or complexities in tax filings.Managing Through Home State LLC:Pros:Simplified Management: Handling all properties under a single LLC streamlines administrative tasks, reducing paperwork and simplifying tax filings.Cost Savings: Avoiding the need to establish multiple LLCs in different states saves on registration fees, legal expenses, and ongoing maintenance costs.Consistency: Uniformity in management practices and legal structures may contribute to efficiency and ease of operation across your real estate portfolio.Cons:Legal Exposure: Operating out-of-state properties under a home state LLC may expose your personal assets to the laws and liabilities of the other state, potentially diminishing the liability protection the LLC offers.Compliance Challenges: You'll need to ensure your home state LLC meets the legal requirements for conducting business in other states, which could involve additional filings and fees.Perception and Credibility: Some tenants or local stakeholders may prefer dealing with a landlord who has a local presence, which could impact your reputation or relationships in the community.Ultimately, the decision depends on your specific circumstances, risk tolerance, and long-term goals.
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27 August 2024 | 19 replies
The buyer agent side of the commission has always been a part of agent involved transactions, so when those costs are reduced, both the buyer and seller benefit (buyer pays less, seller has a higher net/bottom line).
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25 August 2024 | 7 replies
I would charge them for every possible thing, knowing the judge will likely reduce what you can actually claim and you'll end up below the $10,000 limit.3.
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26 August 2024 | 24 replies
It was reduced to 1 month rent that was security deposit
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25 August 2024 | 10 replies
If the seller is offering zero compensation, that property could be out of budget from inception or drastically reduce the seller's potential buying pool as initially it might appear out of the buyer's budget or feasibility if required to compensate their side directly.
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24 August 2024 | 6 replies
Even if only one person is responsible for paying rent, knowing that other occupants aren't financially strained can reduce the risk of rent defaults.Cons:Potential Tenant Pushback: Some applicants may view this requirement as invasive, especially if they believe that non-paying occupants should not be subjected to the same level of scrutiny as the primary leaseholder.
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26 August 2024 | 20 replies
My seller has confirmed a seller credit as well, but it's less than 1% of the loan so I'm on the hunt to continue finding funds and reducing my cost out of pocket.
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26 August 2024 | 37 replies
Tell them I sent you and use the code Carson19 and it should reduce your fees when you open!
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24 August 2024 | 0 replies
After closing sold a cellular tower lease that generated $790,000 in cash reducing our acquisition price down to ~$56.00 per SF What made you interested in investing in this type of deal?
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26 August 2024 | 44 replies
I'd also see if they are doing things to help keep the house cool during the day-keeping windows closed, having curtains or blinds closed to reduce the amount of direct light coming in (ie literally the sun shining in through the windows-not simple daylight).