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All Forum Posts by: Joe Brummitt

Joe Brummitt has started 4 posts and replied 7 times.

Post: Multi Member LLC tax designation

Joe BrummittPosted
  • Chicago, IL
  • Posts 7
  • Votes 3

Hi Everyone!!

I'm looking for some guidance on what tax designation to elect for a multi member llc. 

Currently investing in Airbnb properties with day to day operations run by a management firm. Purchased one, but have offers in to buy 2 more. This would be a total of 3 LLCs that are all multi-member LLC's designated at partnerships for tax entities. Am I making a mistake with this strategy?

My concerns:

Self Employment tax - I think we get out of that because we aren't doing day to day management 

Audit - With more LLCs to come, I'm nervous about flagging for auditing.

Looking for friendly guidance. 

@Brandon Hall Thank you for this! I really appreciate you taking time to detail that information out. 

@Alina Trigub Having these convos this week. Will report back. 

@Eamonn McElroy @Dan Barli @Alina Trigub 

Thank you all for taking time to respond. I have found an accountant to discuss options in regards of tax structures. Will also be engaging a local attorney. Thank you all. 

Hi All! 

I am partnering with a friend to start an LLC to purchase multi-units. We will be raising money from friends and are looking at the best way to structure.

I have read an LLC. I have read an LLC with two separate entities. I'm looking for someone who can guide us. Looking to pay someone. Free advice is great, but want to respect everyone's time.

Hi Everyone!

Hope you're having a great Labor Day weekend. I'm posting here as I'm looking for some North Side Chicago mentors. I am willing (and would prefer) to be a gopher to learn the business of multi family rentals. I am also interested in investing capital with/in individuals within the Chicago Area. 

  • My goal is to learn. I am willing to do tasks that you'd prefer not to do in exchange for some first hand knowledge. 

(quick info on me - I have a degree in Finance. Been in tech/ software sales for approx last 7 years).

Appreciate any info/ direction. Thank you!

Hi Guys! 

Thanks for responding! 

@Carolina E. Thank you for the advice on the picture and keywords. Done and Done.

@Dave Visaya Thanks for taking time to respond. Look forward to connecting!

@Brie Schmidt Thanks for responding! I loved your podcast and have enjoyed reading your blog. Right now I'd be open to either. I have been running the numbers and I don't see any areas I'm looking to invest in that would provide the necessary cash flow for it to make financial sense.

Hi Guys!

My name is Joe Brummitt and I'm brand new to REI. I currently live in Lincoln Park in Chicago and am excited to be joining BP. My goal is to execute the buy and hold method to build a portfolio of cash producing assets to live off of. I am a huge believer in Warren Buffett type value investing and common sense.

I have a degree in Finance and have spent the majority of my career in analytical and now sales roles. I would love to get insight from those who have broken into the Chicago market. I would be more than happy to do grunt work, data analysis, etc. in return for experience. 

I look forward to connecting!