All Forum Posts by: David Rocci

Is this your personal home or an investment property?

Thanks John. I intend to utilize an accountant and an attorney to prepare the final documentation but I wanted to have my ducks in a row before I start ticking the timer on a paid professionals desk. I don't mind the costs of filing for the paperwork but I like to keep my conversations with lawyers as short as possible. :)

-dr

As a followup to my initial post, the costs will not inhibit me from setting up properly - I'm more concerned with the most advantageous setup that provides the most benefits... even if it costs more. I'd prefer to do some of the legwork preparing the filings myself instead of paying some lawyer to do it, but that's an entirely different subject.

Thanks again...

-dr

What is the best legal structure for an investment team that will be flipping a little and holding some properties to rent?

I've read about the series LLC and the importance of assigning a separate LLC to each property but in my state (IL) that can become costly. The initial filing fees for an LLC are $500 plus a $250 annual reporting fee. A series LLC charter is $750 to start, $50 for each certificate of designation (for the series names) and I can't tell if each of the series has to pay the annual report fee or if its just another $250 for the main LLC.

There are 3 partners in this group. One finance guy, a birddog and a construction supervisor. We hope to do 10 properties over the next 18 months.

I know that an LLC can make the designation with the IRS to file as an individual or as an s-corp. Any suggestions on the best tax status with the IRS if I go the LLC route?

Any suggestions are appreciated. I've consulted one lawyer already and with the extent of my questions over the phone the guy asked me to come in for a consultation and he was going to charge me.

Thanks!

-dr

Does anyone know the investor criteria that a company such as Walgreens or Rite-Aid has to participate in their sale and leaseback opportunities?

Has anyone ever brokered or personally been involved with a deal like this?

Thanks,

David Rocci

I am in Shorewood, Plainfield, West Joliet area.

4rmgt: It's great to know our branding strategy works! When you say SW chicago, do you mean all the way out my way or are you still close to the city?

chicagoreiclub: I checked out the calendar of events. Do any of the topics/network meetings cover anything above the basics? I've read most of Kiyosaki's books already... Are you Phillip or someone else from the site? I'm interested in the group.

Thanksk for the warm welcome :)

David Rocci

I'm a realtor in Chicago and I have some college friends that live just outside of Charlotte. They currently rent near tyvola and rt49. Is that a popular area? Which part of the city will have the next boom?

Thanks,

David Rocci

Rich Dad, Poor Dad was great for understanding the rat race and the general philosophy of getting ahead but I have to admit the single most inspiring book I've ever read is Think and Grow Rich.

Think and Grow Rich has detailed steps to harness the power of your brain, applying emotions to your goals and even to harness the power of your sex drive. It truly was more than a self-help pump and dump. It is a bible of inspirational points that can be implemented.

Rich Dad Poor Dad is like the strategic plan and Think & Grow Rich has the tactical plans to achieve goals.

-dave

I live in the suburbs of chicago and I'm interested in making my pockets BIGGER! I currently own a Liberty Tax Service franchise, two investment properties and I consult for a start-up company out of Indiana.

Now that tax season is over, I'm looking to expand my real estate portfolio. In addition, I'm a licensed real estate agent so this gives me an edge with investment opportunities.

I look forward to meeting people on this forum and hopefully establishing a network of like-minded individuals.

Cheers!

-dave