All Forum Posts by: Brya Freeland

Hello BP Community, I need some perspective on the following topic.

As a new investor specifically targeting buy and hold properties in the Chicago area, I want to know if setting up an entity ie. LLC, Illinois Land Trust, etc. is necessary starting out? I understand that once I have a number of properties under my belt, then it may be more manageable to create a business entity to house these assets. However, does anybody have any Pros v Cons in going with an LLC, a Land Trust, or investing as an individual? FYI - I only recently discovered the land trust option after talking to a local attorney in the Chicago area.

Thanks

@Seth Borman @Corey Hawkinson @Kyle J. @Account Closed

Thank you all for your responses and knowledge on this topic. Very much needed clarification and very much appreciated

@Corey Hawkinson Ok so units really refer to multi-families, apartment buildings, duplexes, triplexes, etc and Single Family homes represent 1 unit. Got it.

@Corey Hawkinson Thanks for the clarification Corey. So if you have a Single Family home let’s say 3bd/2ba, would that be 3 units or 1 Unit since it’s a single family?

@Seth Borman Thank you Seth!

I know this may seem like a simple question, but I just need some clarification. When investors say that they own “30 units” or “10 units”, does units refer to individual rooms in a property they have invested in? Or does it refer to the actual number of properties that they own?

@Meryl McElwain Thank you Meryl for the clarification. I will choose my words more carefully when describing areas so I don’t offend anyone. Eric M seems to have been agitated by my statements.

But I appreciate the examples of how Chicago is broken up on a block to block basis.

Which makes me have to understand the areas I want to invest even more carefully.

Thanks for the guidance

@Eric M. Appreciate the feedback!!! 😁

@Eric M. let me be more clear of my position. There are parts of Chicago specifically in the South that are seen as very trivial from what I hear ie. Englewood. Of course you living there provides way more insight into the current economy and personality of the area, than anybody who has not experienced Chicago and is just talking. Now I don't know exactly where you live outside of downtown, but I am just referencing South Chicago zip 60636 for example. 

To answer your question, about why choose a place with a stigma that I barely know..... why not is my response. I am a newbie investor asking questions, trying to test unknown waters understanding that my local investment area downtown DC, Arlington, Alexandria, etc. is very pricey to start. I have family in Chicago who know of my real estate pursuits, and so when they reach out to me saying to check out the Chicago area more, then I will look into it. I have not blindly bought property, just getting informed and reaching out to local investors, attorneys, and brokers such as yourself.

Newbie Out-of state investor focusing on buy and hold properties in the South/West Chicago area. Would like to discuss with local hard money lenders who work with real estate investors in the Chicago area. Any advice, information, or discussions about the Chicago area is most welcomed.