Made an offer on a REO property in southern NJ. See my other post on that....would love feedback: https://www.biggerpockets.com/forums/48/topics/520...
Considering using hard money lenders. Several of them require an LLC. I have a rental property but it's in my name, not an LLC. That property is in NC. This would be in NJ. I understand the benefits of an LLC. Any disadvantages? Any upside/downside to creating an LLC in NJ vs. NC?
Thanks for your help!
If you are creating an LLC just to satisfy the investor, just make it a single member LLC, disregarded entity, so there is no separate tax return or anything and it provides protection, but doesn't require a whole lot of extra work. Only real downside is you have to file reports with the state and pay annual fees.
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