Updated over 1 year ago on . Most recent reply
New Member. LLC Multiple Homes out of state
Hi Everyone!
I am brand new here and truly to real estate investing. My parents are essentially giving me 3 homes to tackle myself.
One is a condo with a mortgage left of 320k @ 4%, is capable of being Section 8 @ ~$3.8k per month in DC (no rehab necessary).
Next two are houses that are completely paid for. One needs a good bit rehab and houses in that area of NC are now going for 280k and renting for $1200 with comparable sq ft. The other needs less rehab with houses selling for around 100k or renting for $600-$800. I have not as of yet retrieved estimates for rehab of both houses.
My question is what strategy should I take to appropriately LLC the houses considering I currently reside in FL? Do I establish each LLC in Florida and create a foreign LLC in NC/DC or is there a more efficient route?
Also, as both NC houses are paid for, is it a better idea to simply cash flow post-rehab or sell?