Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
Results (10,000+)
Rajagopalarao Paidi Any recommendation on forming out of state LLC or Home State LLC
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.
Michael Baum Deep Theme Design Trends
25 August 2024 | 11 replies
I cannot imagine someone spending their hard earned money to make their room look like that. 
James McGovern Why are the number of fees for a loan growing?
26 August 2024 | 11 replies
Where you can SAVE money - is by teaming up with one broker or lender and establish a mutually beneficial partnership of return business and maybe earn your self a return client discount.
Jeannette Albiez Tenant damage costs more than deposit and exceeds small claims limit
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.
Atul Mohlajee Non renewal notice of lease by tenant
26 August 2024 | 24 replies
It was reduced to 1 month rent that was security deposit
AJ Wong NAR Rules: Less transparency for investors and brokers & what nobody is talking about
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. 
Nia Booker Funding my First Duplex
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.
Emory Clayton Require occupants 18+ years or older to fill out application?
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.
Helen De la rosa Which Self-directed IRA company do you use?
26 August 2024 | 37 replies
Tell them I sent you and use the code Carson19 and it should reduce your fees when you open!
Chuck E. Tenant Complains AC Not Cooling to 68 degrees, Outside Is 114 degrees
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).