All Forum Posts by: Darrell Essex

I'm not a landlord, but I am a computer guy. Absolutely do not provide internet. If they like to do illegal things online, which 80%of people steal music and movies, and if they like to do anything worse then that you will be the first person they go after. So don't do it. if it's your roommate no big deal, just a tenant a not so smart move. I know I don't want to be questioned by the FBI at all, but at least if it was for what I did then whatever, if it's for a stranger I don't think so.

Welcome to BP, I'm floating around Chicago too, looking at which area to get into and it's all pushing towards the south and west. I'm going to be putting in some of my first offers this week, so if you need any ebooks or things like that let me know, I've got tons that I've just finished reading.

Quick question, I was just browsing a real estate site just to see whats on there and I found a few houses for sale for around 20k that state not foreclosure not short sale. How would you go about wholesaling a deal like this without using my own cash or credit to be involved in the deal?

Obviously I can't do an assignment, should I get my friend who is a realtor involved? Should I go in like a cash buyer then try to market the crap out of it before I actually close or what? I ask because doing it the later way I would have to use my own money and also hold a risk of not be able to move it and being stuck with a property that I can't myself fix and repair to flip back in the retail market.

I have had a few opinions on incorporating given to me. I wanted to get the opinions of the people on this board.

The question is, should I own many corporations or 1 corporation and many doing business as'? Seeing as though, the corporation is me and the idea is to shield myself from all kinds of legal liabilities, and for tax purposes. So for instance if I am wholesaling, grow to a point where I have enough cash to do rehabs, and also have rental properties generating income, and a couple hobby businesses where they are just my passion and they also work for itself. Should all of these "companies" be under one corporation with a doing business as for each so they aren't say Darrell Essex Inc but more like wholesaling is awesome, rehabbing is awesome, music is the greatest etc, or should I have a corporation for wholesaling is awesome, rehabbing is awesome, and music is the greatest?

I ask because I am working on building income generating businesses and obviously the music business is nothing like the real estate business, but in the end the "corporation" is still technically myself.

Hello All,

I"ve read a lot about how to get probate information in California, Florida, Georgia etc, but I wanted to know how the people in Illinois go about it. I've heard that you have to pay at the courthouse and pay even more to be lazy and get it online. Is this true for every county, because I know cook county is full of the "DMV" types in those positions at the courthouses. If it's public record shouldn't it be free as long as we ourselve put in the time to sift through it?

That sounds like great advice @Sam Craven, whenever I watch those flipping shows on TV they always want to estimate cheap and accomplish the job in like minutes, why don't they estimate high and try to finish the job in something more realistic. When I get to the point where I can afford to take on some rehabbs I am definately going to estimate like 20k extra budget for incidentals like a crack in the foundation, unseen termites or like I just saw on a show the other day, a new septic system because the old one is completely under the deck lol. Then estimate like 2 months not 2 weeks so I know the works done correctly, and not sitting there slave mastering a bunch of guys to finish a job just to be going 2 weeks over estimated anyway. Thats just me though and what makes sense to me.

Now I am pretty new and haven't built my list at all, but looking at posts with criteria, it appears that access would be a better software to use to keep the lists organized. With the functions of being able to search for criteria, like lets say I want to find a buyer who is willing to pay 60k, do a gut and rebuild job, and has cash, then you would get out a smaller much more managable list for that property.

I use excel for a lot of things, but to image having to look at a list of 200 and try to manually sift through it to find the correct criteria for a property would have me pulling out the little hair I have left. Just a suggestion.

Thanks all for the information, I;ll add it to my notes. As for my picture, I have to find an appropriate one. I don't take too many pictures and the ones I have are like 5 years old and of me playing baseball.

sounds good, I'll keep that in mind to put some money aside and I'll do a few transactions first then.

Hello all,

I am brand spanking new, motivated and ready to dive off the deep end, but I have a question about starting out. Most posts talk about getting your buyers lists, going to REIA meetings, finding properties and all that great and wonderful stuff, but what about the taxes and should there be any corporate filings? SHould I form an LLC to protect my assets and do I need to put away like 40% to pay off uncle sam?

Thanks in advance for all replies.