Before I Could Even Get Started: Wyoming or Nevada LLC?

Hi All! Welcome to My Adventure!

I was so excited! I was on my way! I was going to start up my 1st REI business so I could realize my dream of providing reasonably priced rentals for low-to-middle income families and retirees while establishing a passive income stream for myself. I was going to start with multi-family rentals in Putnam, Dutchess and Northern Westchester Counties in New York where I knew there was a shortage of such rentals. (This was from my experience in working at a 501c3 public charity which has clients in these counties.)

Last month, I met a successful REI business owner at a real estate event, and he put me onto Bigger Pockets. He told me they were a great source of education, team members and vendors. I checked out the website and took a webinar with Brandon Turner - I was hooked. I immediately upgraded to Pro and have already gotten more value than the annual membership cost. Everything was good!

In the last month I have attended more than a dozen webinars and read dozens of blog posts. All of these gave me so much great information! I was telling a lawyer friend of mine who is involved with international mergers and acquisitions of commercial real estate about one of the webinars on setting up/registering LLC’s in Nevada. I told him that I was planning to do this when he suggested Wyoming as an alternative as he believed they had more benefits and protection.  Respecting his opinion, I halted setting up my REI LLC.

So, I am throwing this question out to you all – Wyoming or Nevada?

Hope to hear from you all soon! Happy REI!