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Candace Noel
  • Real Estate Broker
  • Woodbridge, VA
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Is it Wise? Out of State LLC for Baltimore Property

Candace Noel
  • Real Estate Broker
  • Woodbridge, VA
Posted Jul 5 2018, 09:30

I'm looking to purchase my first rental property in Baltimore very soon (like a couple of weeks). The property does not need any work (just carpet). I am nervously excited. Do you think it is wise to purchase the property for CASH via an out of state LLC or should I register a new MD LLC? I think I recall reading somewhere that out of state LLC's get taxed higher. Or out of state owners in general get taxed higher/pay more fees. Does anyone know if what I recall is true? I have plenty of family in Maryland that are willing and able to register the LLC and partner with me, if necessary. Thanks!

Side note: the property is located in the Coldstream - Homestead - Montebello (21218) neighborhood. Does anyone know if that is a good location to attract tenants? Property has 3 bedrooms 1 1/2 bathrooms. 

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