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.
Scott Esmail
Bought property on county auction site now have a big issue
25 August 2024 | 10 replies
I am currently going to file a motion with the judge to get me $5060 back too.
Andrew Carlson
My tenant might be a prostitute
26 August 2024 | 73 replies
They would sit in the hallway in uniform from like 8pm till 5am 7 days a week till she was gone lol.
Dave Rav
Experience with carpet tiles in a rental
21 August 2024 | 9 replies
The uniform grey looks pretty good when installed correctly and it is a very tough material.
Will Sifert
Big changes to the way Colorado handles it's tax sales
22 August 2024 | 15 replies
I’m curious to hear if you (and others like us) have a law suit case, really anyone that has a tax lien in motion at the moment.
John Jacobs
Private Money Lending Question
20 August 2024 | 16 replies
Have your borrower sign this document upon application and then again at the closing table.Never use a 1003 Uniform Residential Loan Application.
James McGovern
Is the ability to negotiate realtor commissions a form of Fakenews?
20 August 2024 | 18 replies
It just adds another layer of complexity to the process, it will hurt part-time agents and drive many out of business, which is frankly not a bad thing.Buyer-side commission is now no longer set as a typically uniform percentage on MLS and fully negotiable.
Gustavo Alvarez
DSCR Loan Prepayment Penalties
20 August 2024 | 40 replies
Just some food for thought as you're going through the motions :) it is absolutely negotiable, before you close the loan.
Anirudh Reddy
How to keep homeless people away from vacant property while I try to sell it?
15 August 2024 | 10 replies
Motion-activated security cameras.
Mike Mitchell
Note Servicing Companies
14 August 2024 | 42 replies
Judge Settle granted plaintiffs’ motion for class certification and default final judgment against the Tacoma, WA company after Meracord ceased defending itself from plaintiffs’ claims.