
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.

26 August 2024 | 4 replies
I submitted the affidavit of continuous use executed by seller with each application and for one I was issued a billing statement for the back rental license fees, interest and penalties and for the other I was issued a refusal and had to seek a variance.

26 August 2024 | 4 replies
Hi, I've performed a few 1031's and had to pay initial fees.

26 August 2024 | 3 replies
I'm looking for the a platform similar to this, where I can get daily leads, and a deal where every time I close on a property the lead company would take a portion of the wholesale fee.

29 August 2024 | 23 replies
@Jason MalabuteTax prep fees will vary based on a number of factors.

25 August 2024 | 10 replies
I welcome more flexibility in negotiating fees to get a deal done.

26 August 2024 | 9 replies
Otherwise the background check features, having a pre-set but editable application, direct deposit, rent reminders to my tenants, and automatically adds late payment fees (should that be needed).

26 August 2024 | 1 reply
I have some properties that are in good condition that if I could get an offer of 85-90% of market value without realtor fees I would happily take for a quick sale.

22 August 2024 | 2 replies
Ran across FasterFunds lending where they defer paying origination fees upfront and make it payable as part of the payoff.

28 August 2024 | 22 replies
I would say for most people on this forum, working with a competent EA who knows real estate tax is going to save them 10s of thousands of dollars in fees, and 100s of thousands of dollars in tax over their lifetime.