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All Forum Posts by: Catherine Brennan

Catherine Brennan has started 13 posts and replied 41 times.

Post: Seeking LLC advice and MI resource

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

We are buying an investment property in the Upper Peninsula (MI). We are located in Chicago, IL.  And, we need to figure-out the best entity to purchase it under.

Our CPA recommended this:

The most efficient structure from a tax perspective would be a single-member LLC (SMLLC) that is disregarded for tax purposes (taxed as a sole proprietorship).

The activities of this LLC would be reported directly on your individual tax return and not require a separate tax return, which minimizes your filing costs.

Although we already have an LLC with 5 series used for our rental properties (all in IL) and thought we can add another series to this.

So we are wondering the best course to take and not clear on requirements?

 - create a SMLLC in IL then register it in MI?

- add a series to our existing LLC in IL, but register in MI? Not sure if that is doable?

 - create an SMLLC in MI?

Also, seeking resources to do this type of work.

Thank you, in advance, for advice on this.

Post: WAM: Women & Money. Case Study: purchasing notes with your IRA

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

WAM! Women and Money

Please join us on Wednesday, June 19 from 6:30-8:30 PM. This month's topic: investing in promissory notes with a self-directed IRA

Networking from 6:30-7:00 PM 

Presentation and Q+A from 7:00 - 8:30 PM 

We'll present several case studies: performing notes, non-performing notes, CFD's (contract for deed) purchased with our self-directed IRA. This is a collaborative presentation so questions are welcomed throughout .

This group is for any woman interested in learning about money and investing. All experience levels are welcome. It is a safe place to learn more, ask questions and network with like-minded women.

Post: WAM: Women and Money. Diving into the BRRRR Strategy

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

Our next WAM: Women and Money meet-up is Wednesday, May 15. 

Please join us at Fannie's Cafe to learn more about the BRRRR Startegy: Buy, Rehab, Rent, Refinance and Repeat. This type of creative financing can be used on both single family rentals and commercial deals. We will take a deep dive into a property we recently BRRRR-ed.

Networking with fellow investors from 6:30-7:00pm. 

Presentation at 7:00pm. 

Bring your questions! All level of investors welcomed.

Post: WAM! Women and Money Meet-Up in Chicago

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

Thanks, Nicole! Our meetings are the third Wednesday of every month so please join us when you have time. We look forward to it !

Post: WAM! Women and Money Meet-Up in Chicago

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

Eric Lutz from Midland IRA will be speaking at our monthly Meet-Up about self-directing your IRA - find-out what you can invest in addition to stocks like real estate, start-ups, cryptocurrency, cannabis industry, etc...

Join us Wednesday, April 17, 2019 at Fannie's Cafe in Portage Park -  5040 W. Montrose Ave.  There's parking in back.  We're close to the Blue Line and 90/94.

Networking starts at 6:15 and the presentation begins at 6:45 followed by Q+A. Look forward to seeing you there!

Post: Creative offer help needed

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

I'm interested in submitting an offer on a piece of land for the purpose of residential development, specifically condos. The property's list price has dropped 42% since it entered the market 1.5 years ago. For our purposes, it is still significantly overpriced. I was considering submitting 2 different offers: 1) straight purchase offer which will be considered a lowball and probably dismissed and 2) an offer where we partner with the landowner who can profit too on the condo development

I'm seeking ideas on how to creatively structure the second option understanding we would need a good Attorney to protect us if the creative offer was accepted. 

Thank you, in advance, for any ideas/help/advice you can provide.

Post: WAM! Women and Money Meet-Up in Chicago

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

This group is for any woman interested in learning about investing. All experience levels are welcome. It is a safe place to learn more, ask questions and network with like-minded women.  

Our Meet-Ups take place on third Wednesday of every month and our inaugural gathering is March 20th at Eris Brewery and Cider House (a women-owned brewery!). The upcoming agenda will include a discussion about the local real estate market, what each participants wants to get out of the group, and we'll touch briefly on investing in a self-directed IRA (SDIRA). BTW: the deadline for 2018 contribution to your IRA is April 15th. We look forward to seeing you Wednesday, March 20, 2019 at Eris Brewery and Cider House.  There is no fee, but we ask that everyone purchase at least a beverage since Eris is lending us its space at no cost. Looking forward to meeting you soon!!

Post: Seeking Chicago Commercial Broker: storefront space specialist

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

Thank you @Casity Kao;  however, I'd really like to put her in good hands from the get-go by getting referrals instead of trial and error.  @Ronan M., she wants to be in the City, but she's open to suburbs too if the agent can help her with solid demographic info. 

Post: Seeking Chicago Commercial Broker: storefront space specialist

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

Hi - a friend of mine has had great success opening a spa in St Louis and wants to open one in Chicago.  If you know of a rock star Commercial Agent who specializes in storefront space, I welcome the referral.  Thank you!

Post: Note Investors in Chicago

Catherine Brennan
Pro Member
Posted
  • Investor
  • Chicago, IL
  • Posts 41
  • Votes 6

I am