All Forum Posts by: Brian Simental

@Brian Simental I am going to provide the contrarian advice. If you are looking to invest 10k or 50k and your net worth is not near a million dollars, then you will not be getting an LLC to start. Not only that, but you likely are looking to use a residential loan which means your LLC will be worthless. This debate has been raging for years here on BP, and owning in an LLC totally makes sense once the property value and your net worth make the juice worth the squeeze. Maintaining a partnership LLC annually is going to cost you around $1200. If you are buying a duplex, you aren't going to be able to afford that. If you are buying a 100 unit apartment complex then this is a no brainer due to the asset protection.

The other thing people talk about all the time is anonymity. Are you going to self manage (likely)? You will not be anonymous!

Gotcha your absolutely right at the moment I’m looking to invest around 40k to get a triplex In Illinois or maybe if the opportunity arise a 10 or 12 unit complex. We are also considering to look out of state as well.

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Joliet, Illinois

thanks for the advice everyone after hearing what you all had to say I think I need to look at what we have on hand first to determine our route. I also need to look into speaking with an attorney and may be getting advice as well from a tax consultant or CPA on what is beneficial for us also due to the amount of money we bring in from our W-2s.

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Joliet, Illinois

Any Advice on how to start an investment property? My wife and I are looking to purchase a property as an investment should we start off with or without an LLC?

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Joliet, Illinois

Congratulations Rob, can’t wait to hear any new ideas on top of the ones David has provided, I know this will help my wife and I since we’re about to take our first step in purchasing our first investment property.

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All Forum Posts by: Brian Simental

Brian Simental has started 1 posts and replied 4 times.

Post: First time purchasing

Post: First time purchasing

Post: First time purchasing

Post: From Guest to Co-host, Rob Abasolo is Here to Stay!