All Forum Posts by: Danielle Cage

Hey all,

I'm interested in joining any REI meet ups in the Western Suburbs of Chicago. If you belong to one (or know of one), I would appreciate you letting me know.

Anywhere near in or near the Naperville, Aurora, Lisle, Downers Grove vicinity would be great.

Thanks!

@Montoya Lashley I'm just curious what areas you have been looking in? I'm in the Chicago suburbs and weeding out a few farm areas for SFRs, however plan for 2-4 units in the next year. I'm always keeping an eye on what is working for other investors and what isn't.

I wanted to thank everyone for all of the suggestions!

@Brandon Hall and @Steven Hamilton II I appreciate the perspective you added. I wasn't necessarily looking at it like that. I suppose it's simple, leave the legal work to the attorneys and the tax work to the CPAs.

@Joshua Schneiderman, @Jerry Stanford and  @Mindy Jensen We have decided to use an attorney to assist with crafting a solid Operating Agreement. I think in the excitement of getting started, I wasn't focusing correctly on what is important. I am going into business with family, however it doesn't mean that issues won't arise. These not only need to be planned for, but also properly documented. So thanks!

@James Ihssen ,  @Kadidia Cooper and @Derek Martin We are going to have the attorney assist with creating the Operating Agreement and most likely filing the paperwork. I know I can easily file it, however since they are doing half the work, it will most likely be worth it to have them finish the process.

@David Dachtera Thanks for the offer! I'll pm you to get that referral.

Thanks again everyone for your input!

Danielle

Hi @Matthew Kreitzer,

Thank you for the FYI. I've done some checking and as long as he doesn't provide legal advice, he can guide me through the paperwork and decision making process. I assume he would fill out the paperwork, discuss it with us and have us sign and submit. His son is a RE attorney that we plan on using for document review/ closings and both of them come highly recommended.

With that said, I am going to look into this a little deeper. Thanks again for bringing this to my attention!

Hey all,

I'm finally at the point where I'm going to file for my LLC. There will be four members (all close family) involved. I'm in Illinois and the cost to fill out the paperwork myself is $500. My CPA will do it for $1250. I feel fairly confident that I can do all the paperwork without any problems, however because there are other members involved, I'm wondering if it's best to let the CPA do it.

I would prefer to have it done professionally, however since we are a small start up, capital is key right now and I keep thinking that we might be better served spending the additional $750 elsewhere.

Am I being unwise to consider doing it myself, especially since other parties will be involved or is it not that big of a deal to do it on my own?

Any thoughts or suggestions on this would be helpful.

Thanks!

Danielle

Hi @Matthew Langberg,

Have you considered an FHA loan? They work with lower credit scores (low 600s) and the down payment is only (about) 3%. You do need to live in the property around 1 year before you could resell. This would give you time to complete your rehab and work on your credit. At that point you could flip or rent your unit. They also have a 203k loan that would allow you to finance the rehab costs.

I'm probably making it sound more simple than it really is, however it may be an option to look into. Either way, good luck!

Danielle

I would only add, and I'm sure it goes without saying, that if she asks you to wire or transfer any earnest money directly to her without actually physically meeting *in* the property, it may be a scam. Her response does sound a little staged, although it is quite possible she is being honest. Either way, good luck!

@Andrew Lisi Welcome Andrew! Making the decision to begin investing in real estate and finding this website on the same day is a serious score! You'll find all of the information you need here to help you begin. Good luck!

@Robert Obniski Congrats on making it happen! It's always great to see others out there just starting out and doing well. As a beginner, these stories are very encouraging to me. Thanks for sharing!

@Michael Sullivan Welcome and good luck! If you haven't noticed yet, this is a great group of people who you are sure to gain creative inspiration from!