OfflineHello Guys !
So i finally got my first house, and once it gets completed i am going to Chase to pull a loan out of it to buy another house i got approved on.
I am seeing that doing this volume of buying I should get these under an LLC. My question is what state should i register the LLC with.
Currently i am a Hawaiian resident living in Oregon buying in MO. I wanted to know if any one has found a site or resource that shows the advantages of opening an LLC in what state.
My problem so far is when it is registered in Hawaii it will take a few extra days to process paper work because of the state, in Oregon there are the highest property taxes in the country *Would this affect me buying in another state*, and MO i have no idea.
In all though, would it even matter what state it is opened in with regard to yearly taxes on property i have to pay. I am just trying to save the most money on taxes yet still not get in trouble.
Or...Does it not really matter?
We also invest in MO, and I live out of state in IN.
Here's what I did, I formed the LLC in the county where I live as a Domestic LLC, but I also registered it as a Foreign LLC with the state I invest in (Missouri). From what I know, you need to register your LLC in any state you plan on doing business in.
I don't think your Hawaiian residency status is going to affect anything, but I'm not an accountant so I can't tell you that for sure.
If you only invest in Missouri, you might be better off just forming it as a Domestic LLC in MO. That should be cheaper to do.
But like I said, I'm not an accountant, so I would just consult an accountant to get the best plan of attack.
Dominic
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That sounds about what i got from others, I think i am just going to open it in MO to make things simple.
Thanx
No problem, hope that helped a little! It's awesome to see that you're already expecting so many deals that you have to worry about this already! Keep it up!
Dominic
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open the LLC in the state in which the property is located. Saves money and time. (unless you're buying in CA in which case you're screwed no matter what way you do it. LOL)
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Hey dominoafekt,
You seem pretty smart on the subject and though i'd find some options from what others are doing. Since i got the MO house, i pulled a 10,000 loan on it and ended up got accepted on a house in FL and in Main, my question is..Would opening an LLC in each of these states the way to go or is there a better way about this.
Main reason i am asking is because i am not limiting my investing to a single state, but rather to the house that brings a good profit regardless of the state.
Thank you
In my opinion, don't open a separate LLC in each state, just register your one LLC in multiple states.
Like I said though, I'm not a CPA, so I can't tell you which is better, I can only tell you what I would do.
Dominic
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