All Forum Posts by: Mike Leng

Hi, my wife and I are looking to buy a house in Sandbridge, to be used occasionally by our own families (2 or 3 weeks a year) and rented out as vacation rental when we don't use it. We don't live locally in Virginia Beach, so we will have to rely on Property Management companies. We have not had any experience in this STR market or in the VB area. The big names we found online -- Siebert Realty and Sandbridge Realty both have really bad reviews. Are there any smaller PM companies that do a better job? I am even willing to pay a higher fee in exchange for better cleaning and maintenance, so that the guests are happy and the property will stay in better condition.

Any advice is appreciated.

I have a follow up question here: upon further research, it seems that VA LLC law is quite good already. You don't have to list members' names or addresses when filing, and it doesn't require an annual report. It also has good charging order protection. So do I need to bother with this dual layer LLC structure (by setting up the VA LLC as a subsidiary of the WY LLC)? If I just set up the VA LLC by itself, with me and my wife as members, our information will not show up in any public record. Why would I want to pay extra to set up another WY LLC?

Anybody out there with insight on this matter or has experience with VA LLC? Thanks.

Greg, thank you for the input. I am going to use a real estate attorney locally in VA to help with the purchase contract, can he sign the contract representing the WY LLC, or do I have to find another attorney, licensed to practice in the state of WY, to sign the contract?

I have set up an LLC in Wyoming. According to various research I have done, if I want to buy a house in another state, say Virginia, I need to set up another LLC in Virginia. The WY LLC will be the member (owner) of the VA LLC. That's the only way to ensure anonymity. However, I am confused as how to sign the contract in VA.

If the VA LLC had been a "single layer" LLC, I would be on the filing as a member. So I would have signed the contract as "My own name, President, VA LLC". But since the only member of the VA LLC is the WY LLC, who can sign the contract as WY LLC? (The membership of WY LLC is anonymous - that's why I have the WY LLC in the first place.)

Anybody who had experience with this kind of Double LLC structure?