All Forum Posts by: Andy R.

From my understanding, with the lease transfer, the previous owner must hand over the security deposit. This can be done via check/cash; make sure everything is properly documented. 

@Ned Carey, I agree with @Jerry W. If the Wyoming LLC is not doing business in Maryland, I do not believe you would have to qualify the Wyoming LLC to do business in Maryland, irrespective of what assets it owns.

Ned, 

Correct, for the Wyoming LLC "foreign entity" to do business in that state, the foreign entity must register or "qualify" to do business in the Home State. However, the Wyoming LLC (without registering to do business in the Home State) can own the Home State LLC which owns the rental property.

It is not so much a matter of privacy but rather a matter of proper structure to segregate properties and not have them all owned by one LLC.

Correct me if I'm wrong. 

Andy

Hi, 

Setting up an LLC in Wyoming or Nevada could be a great way to protect your real estate and other assets.

You could for example, hold rental property in your state's LLC and have your Wyoming LLC own your state's LLC; removing yourself from directly owning your rental property. You are segregating your assets in separate entities, away from risk.

Both Wyoming and Nevada have no state income tax so you will not be incurring any additional state taxes for organizing your LLC in either state.

As for the registered agent in Wyoming, yes you do need one to register. 

A great book for reference is Start Your Own Corporation by Garrett Sutton, ESQ.  https://www.amazon.com/Start-Your-Own-Corporation-Companies/dp/1937832007?ie=UTF8&*Version*=1&*entries*=0

Andy

Welcome, Naomi!

Florida is a great place to live and invest!

Andy

Jay, 

Your main sewer line might be clogged. 

If you rather not deal with it yourself you may want to call a few plumbers in the area (google search) and describe the problem; hire the one that understands the issue. 

Your tenant will thank you for it!

Nathan, 

When you say short term rental, do you mean a vacation rental such as a property that can be used for airbnb or homeaway?

Thank you, both!

Thank you all for the responses!

This is a wholesaler that wishes to be paid in cash. The is a turnkey that is about $20-30k below market value and has a tenant already paying that has resigned his lease. 

I was initially going to use equity in an existing property (cash out refi) for the 20% down on a new property (I have been approved for another property). I haven't been able to find a property below market value in my market and found a wholesaler that has this SFH.

However, I don't have the $100k cash and the wholesaler has investors that are willing to fund the $80k with no prepayment penalty, 4 points at 12%. I'd have the property deeded in my name with an $80k lien. 

Essentially, I could repay the $80k as soon as I get it refinanced. 

I am able to put 20% down on a 100k property and use 80% as hard money. Would it be relatively easy to get the 80k refinanced within 3 months? Most comps in the area are selling for $120-130k.