All Forum Posts by: Bobby Brown

Thanks for the warm welcome

My wife and I are currently buying rental and flip houses in the surrounding Peoria, IL area.  Usually more surrounding than in Peoria.  Looking for other people in the area doing the same thing.  We currently own eight units.  We've bought two SFHs and one triplex in the last few months.  Looking to buy a lot more rentals going forward.  Friend me if you like.  Love hearing what everyone else is doing.  Great way to learn.  Hope to have enough experience at this point that I can provide some insight as well.  Thanks

Appreciate the response.  That's pretty much where I've arrived.  Just hoping for a better answer.  Do you ask them to fill out a W9 right when they start doing work for you? Curious how well that's received.  I'd probably tell me to take a hike.  I don't like giving out my SSN.

The REI group sounds interesting. Where do you guys meet up? I'm sure my wife and I would love to be a part.

I've found Peoria's surrounding areas to be quite robust for rentals.  District 150 schools which is pretty much all of Peoria except for a few pockets that feed into say Dunlap are not in good condition. They bring high taxes and subpar schooling.  The surrounding towns get all the people wanting to escape the Peoria conditions, and you can pick up houses at good pricing often without getting into highly impoverished or dangerous areas.

My wife and I were told that we must issue 1099s for any work that is done by independent contractors over $600 or we may be fined by the IRS (~$100-$600).  We so often find a big push back when you request to do this with contractors.  Of course they don't want to pay taxes on it, but why is that on me? Does anyone have experience with this? Will we have to pay a fine in order to claim the expense if we don't? Thanks