All Forum Posts by: Craig Nairn

We are doing our first deal - a BRRR rehab long term rental 4 flat in Chicago. We live in Albuquerque, NM. We first would like advice on whether or not to form an LLC for the property and secondly if we should form the LLC in Illinois, New Mexico or a more tax friendly neutral state. I would appreciate advice. I do know that we would probably have to sign a personal guarantee on the property either way.

Thank you Brian.  I will call you this week to get things set up.  What hours are you available?

Thanks to both of you for your input.  I am still in solo practice, but I do have employees such as front office staff and MA's.  None of my staff were interested in participating in a retirement plan.  With my 401K I was giving the only other staff member a 3% non-elective contribution but otherwise my wife (office manager) and myself were the only ones contributing and the fees were >$3600/yr.  Didn't seem worth it and I was restricted to a handful of mutual funds.

I am relatively new to BP. This is my first post, but I have been listening to the podcasts and have already read several books. I am a physician and have recently terminated my solo practice 401K plan as the fees were quite high and I want to now rollover about $600K to a self-directed IRA so I can invest in real estate, notes, etc. Any advise on custodians, investments strategies, etc. would be welcome. Thanks.