NY Fees - Posted by Deb

Posted by Deb on June 06, 2007 at 09:54:41:

Thanks Dan you’re absolutely right!

NY Fees - Posted by Deb

Posted by Deb on June 05, 2007 at 10:30:44:

Hi guys,
I have an LLC for investment properties in NC which states it is for RE in NC. If I want to purchase properties for rentals in NY and OH do I add an “amendment” to the existing State to add NY and OH?
Also, I’ve heard other investors say you get to keep more of your money in Ohio than NY because there are no hidden fees? Does anyone know what hidden fees they are talking about?

Re: NY Fees - Posted by Dan (NY)

Posted by Dan (NY) on June 05, 2007 at 17:39:02:

If I were you I would form new LLC’s for your new investments. The whole point to owning property through an LLC is asset protection from lawsuits. If you have multiple properties owned by one LLC over a long period of time you defeat the purpose of its creation.

In regards to “hidden fees” in NY the only thing I can figure is that those other investors were referring to property taxes, transfer taxes and mortgage taxes which are pretty high in NY and can eat considerably into net income.

Happy Investing!