Ok, We have all heard "The most common question in Biggerpockets" a thousand times. "Should I start an LLC?"
Ok the decisions has been made to go forth with creating an entity. How have other successful investors set up their business when the portfolio consist of multiple properties, in multiple states. I have long term Rentals in 7 states, and occasionally flip home when the opportunity arises.
-LLC Group by type - "Mulit family" and SFR
-LLC Group by state
-LLC for "holding company" only (Flips)
The old wives tail of each property gets its own LLC is not an option, too much time and $ (I live in CA)
Thanks for chiming in!!
This can get complicated.
Many states will require you to have a resident agent to receive mail / court orders. (~$75/yr) Also, you may have to register your LLC as a foreign corporation. (~$50/yr) From that perspective, putting all properties from one state into the same LLC would minimize your administrative burden and fees.
Great point @Greg Scott . I am not too worried about the smaller fees; Im debating mostly between burden and protection.
One LLC wouldn't protect other properties within the entity, but it would like you said minimize burden, and most importantly protect my personal assets outside the business.
Hopefully someone else chimes in who has experience with multiple LLC's owning property out of state.