All Forum Posts by: Jim Biggs

I would sell and reinvest in a much larger building in a hot market like DFW. We know of people who have turned a small 5 unit into 100 units by moving from Cali to Tx. Scale quickly by taking advantage of the high values in your market and hiring PM to handle in the local market. Use Syndication model.

Well said @Ellie Perlman do you have any suggestions for conferences or workshops you recommend or have found useful?

My 1 big takeaway . How sorely this event was needed in Chicago land .  Nothing else I like it in the area,  trust me I've been looking for a long time. A heartfelt thank you to all speakers organizers  or  a very  education  and phenomenal networking event .  For the umpteenth time I will put my two cents in can't wait for next year .

@Rick Prag All are great cash flow markets. Here are a couple great resources for why Indy.

http://www.buildingindiana.com/

http://www.tamulti.com/market.cfm

The rest of us would love to get some of these PM recommendations :)

@Ellis Hammond Spot on @David Thompson Ellis you can bring a lot to the table You can learn at the feet of the big boys and leverage those relationships into bigger deals faster through syndication. Feel free to reach out and discuss as we are in the same boat and I have made that decision.

Can't believe I'm still struggling with this but just in case anyone is interested, BMO HARRIS ( a Chicagoland Bank) welcome's series LLCs. And they do open small business accounts for out of state investors.

 https://www.bmoharris.com/main/about-us

Does anyone have any secrets/devices/tricks to boost your personal financial statement (PFS)? beyound the obvious: pay down debt, save more $, etc. thoughts running through my head keep coming back to non re-course loans or moving certain assets to LLC or into Solo 401? Trying to think outside the box. Would appreciate any brainstorming.

@Jason R. @Kumar Paj  @Bill Gulley @Scott Smith @Amanda Han update

Make sure to check with your accountant and bank before deciding, this is not just a legal question. Many banks will not establish accounts of any kind with a series llc (Chase Bank). My Banker has advised me that older accounts/loans will be canceled at time of renewal. Some accountants will not want the hassle that comes from a much more detailed chart of accounts necessary to keep a strong corporate veil and /or will charge a lot more making any savings from a series mute. Although the series LLC structure has been available since 1996, and has expanded to 9 other states/province; it is still relatively uncommon. Many, if not most, are still unfamiliar with the concept. This can cause difficulties and delays in securing financing from lenders that don't understand the issues involved, as well as problems obtaining licenses and permits from governmental entities that are unused to dealing with the series LLC structure. Gaps in insurance coverage can also occur due to confusion regarding the proper insured parties, and transaction costs may also be higher if involved parties do not have experience with the series LLC structure.