All Forum Posts by: Derek Martin

@J Scott and no need to send me the book. I've read them all!

As a point of clarification from my earlier post...

Abe is absolutely right. Separate entities should have separate bank accounts. And personal funds should always be kept separate.

I was speaking to a situation where a few properties are held in one entity.

This is a City of Chicago requirement. If you're in the Cook County suburbs (not Chicago), you can get away with running multiple properties through one bank account.

No matter where you are, I think it's best to consolidate bank accounts whenever possible. Running each property through a different account can become unmanageable. However, you should always maintain a system of accounting that tracks transactions by property/tenant/unit, such as quickbooks. A good rule of thumb: At any moment you should be able to pull a report that shows, by property and tenant, each transaction, income summary, expenses, P&L, balance sheet, etc.

An accountant or tax professional such as @Steven Hamilton IImay have more best practices.

Thanks for the kind words @Nick Doria

@Jamila Williamswe can setup a time to talk more about your situation. I will DM you.

Van Flowers I can either help or put you in touch with another real estate attorney. James Paine I have previously connected with Dillon in your organization. It sounds like we both invest in the same area. Always happy to talk more.

An Indiana LLC still requires "permission" to conduct business in Illinois (IL Form LLC 45.5). Guess how much that costs? Yep, $500. If you're doing everything in Illinois, your easiest/safest bet is to form an Illinois LLC.

However, an LLC may not be needed at this point. You can still buy the URL, mail the pieces, go under contract, and many other things without an LLC. They're expensive. And it's my opinion that most new investors form an entity too early. I don't know the details of your business, but $500 might be better spent on marketing than just giving it to the state. Good luck!

Hi @Ming Liu!

I can give a better recommendation if you tell me what you're looking to accomplish. Are you looking for an attorney to help you close on a property? Do you have landlord/tenant issues? Litigation?

Feel free to send me a private message and I would be happy to give a recommendation. Good luck!

1. I agree with @David Stefanovic & @Brie Schmidt. You can definitely file the appeal yourself if you own the property in your name. However, properties held by corporations (LLC, LLP and any other corporate entities) MUST be represented by an attorney.

2. I have a great recommendation. He does primarily commercial (including apartment buildings) and works exclusively in Cook County. If you'd like his info, please DM me.

3. Savings will vary. Fee is typically around 1/3 but can vary depending on the property and tax amount.

Good luck @Zulf H.!

@Marilou R. I use First American Title for my closings, including Lake Co. If there's anything I can do to help, please let me know. 

Thanks for the rec @Steven Hamilton II. Nick, feel free to DM me.