All Forum Posts by: Peter Pierzchala

I found a property on the MLS listed as a Short Sale with BRRR potential. When i look up last sale price, the only record is back in 1974. Is it safe to assume they did a cash out refi or something else at some point? What is the best way to figure out how much may actually be owed? The listing price is a little high for what it could cash flow, do you just offer at a price where numbers make sense?

Where I get confused by this strategy is that if you own a property in AZ, do you want an LLC in AZ owning it, which that LLC would be owned by the parent WY LLC. Or all LLC's in WY? Also, if you are running the business from your resident state of CT and the LLC is in WY, you may have to register that LLC as "foreign" in CT as well, doubling your paperwork and fees? I guess, like you, my best bet is to ask a WY LLC attorney.

If i can add a little more information, the fees for registering a new LLC in either CT or WY are very similar ($100/$120) as are the annual report filing fees ($50/$80), but In WY you need to have a registered agent in that state which is another yearly expense ($100?).

I've seen a couple places where it's recommended to setup your LLC for Rental properties in Wyoming. As I dig deeper it seems that its uncertain if CT courts would apply WY laws. Also, if you wouldn't have to pay income taxes to WY, it still goes on your CT state tax return, So no savings there, correct?

Does anyone have experience with this? Where are my CT friends putting their LLCs/ business address?