All Forum Posts by: Yee Elias

Hello BP community, I'm in CA and am looking into forming an LLC for a long term rental I have in CA, and planning to acquire more.

It was recommended that I form it in Wyoming for the best protection and anonymity. However, I read that I would then have to pay the out state franchise fee AND the Wyoming fee (which is way less than California's).

Questions:

1) Do you know exactly how that would work? 

2) Also, I tried starting the process through IncFile but it asked for a physical address. It has a first year free registered agent service but still asked for that address, and I don't want to use my primary home, what are your recommendations? UPS mailbox? Is that acceptable? They will not accept a PO Box.

3) Once LLC is formed, do you know what is the best way to transfer the property to LLC without triggering a reassessment or changing any loan terms?

Anything else I should know? Thanks in advance! 

Hi @Vivan Bhalla, I wanted to ask if you found your market. I am in a very similar situation as yourself (about the same $ saved up and also in CA). I was looking down here in Southern California, possibly flipping but with the market going down, that might not be the smartest move unless I can find a great deal. I have been reading about other avenues and it seems like OOS could be a possibility, so just been doing some light researching on market, the how to, and the ins and outs. 

 @Juan V Lopez, where did you get your virtual office address? I am in the process of forming an LLC in Wyoming but reside in California. Should my virtual office address be in Wyoming or California, or it doesn't matter?

@Lee Ripma Hi Lee, how did you get started with investing out of state? I am also in CA, Socal area, and looking into getting my first rental prop. Prices around here and the short supply is making it much more challenging than anticipated.

Thank you [@Jodi Melssen]

Thank you Jeremy and Mike for your advice. :)

I see. Thank you both for your replies! :)

How to start flipping properties in Orange County with little or no cash? Is the only option wholesaling?

I am located in Santa Ana and would love to meet everyone.

Hi all, how can you use a tax record and know whether the owner wants to sell or not?