So I have two properties one in Louisiana, and another in Florida. Both of which have are rented. Both are fully paid off. I would like to put them both in llc(s). Their value is around $200k together. Do I put them both under the same LLC, or two separate ones? Since they are in separate states.
My long term plan is to eventually, put get equity out of them to but more properties. Any advice?
Thank you all in advance
@Allen Lopez , having them both in one LLC is probably fine. I'm not expert in the laws of LA or FL, but I think you'll have to register the LLC in the state it's not formed in. You'll still have to file taxes in both states, at least there will only be one Federal return.
If my understanding of LLC's is accurate, if you get sued by the tenant at one property and they're in the same LLC, you could lose them both. But my knowledge is coming from a handful of episodes of the BP podcast. Ask a pro.
This is really a question of asset protection that is best answered by a legal advisor who you can confide in about the details of what assets you need to protect. Feel free to reach out to me for a local attorney recommendation.