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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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26 August 2024 | 6 replies
I can tell you with confidence that Airdna's data in the report is inconsistent at best.
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25 August 2024 | 4 replies
I could hire my real estate attorney but he'll charge me hourly to set it up and I'm not confident this previous will pay anything.
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23 August 2024 | 3 replies
Curruthers illustrates how trust, communication, and mutual respect are essential elements in fostering these connections.
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23 August 2024 | 5 replies
It’s important to remember that setbacks are part of the journey, and viewing them as learning opportunities can foster resilience.
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25 August 2024 | 10 replies
Be confident the mortgage company, and the wholesaler is well aware of the procedures and will out maneuver you, even if you are factually correct.
26 August 2024 | 16 replies
You can be pretty confident in your purchase with them once you are educated in their markets and rental product, AND your own due diligence (a must!).
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24 August 2024 | 3 replies
The latest Realtors Confidence Index showed a decline in the % of homes sold above list price (29% in June → 24% in July), the number of offers per sale (2.9 → 2.7), and the number of homes sold in less than a month (65% → 62%).
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22 August 2024 | 7 replies
I'll think about how I might foster a constructive conversation first.