All Forum Posts by: Lora P.

Definitely normal. I applied for the license and renew it annually. They are supposed to do inspections regularly, but my area is short on staff, so that doesn't always happen unless there is a complaint. In my town, it is $65 for a duplex.

That's exactly what we're figuring out now.  :)  So far, we envision: being a resource for new landlords with knowledge about state and local laws/processes and being a source of sample forms; advocating for landlords with the state and local governments; maintaining a database of trusted contractors; keeping up to date on and informing local landlords of changes in laws; provide education and training on best practices; support other landlords; share ideas; and provide opportunities for networking.

Has anyone out there been part of the creation of a landlord association? A group of people in my location are looking to do just that and could use any advice, tips, strategies, etc.

Hi—I go to the meet ups in Bloomington Normal. Look in the Meetup app for: Central IL REI, Chambana Real Estate Investing Meetup, and Springfield Real Estate Investing Meetup. I’ve heard that the Peoria one will gear up again.

Try joining a real estate investors group and do some networking. I’ve found out about off-market deals that way.

I added a “property” that’s the name of my LLC and code expenses to that

I’m not an expert, but this probably says it better than I can: https://turbotax.intuit.com/tax-tips/small-business-taxes/do-chapter-sub-s-corps-file-personal-tax-returns/L1PiN1exi

It’s my understanding that when you elected to file as an S Corp that you “undid” that expectation and have to file its own return.

I would recommend registering that you are doing business under an assumed name (for a sole proprietorship or general partnership). In my county, you are required to do this.

I’ve used EZ Texting to send scheduled, recurring texts. I know it has more advanced capabilities. Might want to look into it.