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All Forum Posts by: Nick Thomas

Nick Thomas has started 3 posts and replied 5 times.

Hi BP community! I would love your help connecting to someone to learn from. Not asking for anything in return outside of knowledge and willing to help out as trade to have the opportunity to learn everything there is to know about syndicating deals and how to operate as efficiently as possible.

I'm local to Chicago and have investments in Traverse City Michigan and will be closing on 4 duplexes in Milwaukee next month. 

Thanks for any help or introductions that you may be willing to set up!

Nick

@Jason Shackleton thanks for the suggestion. With that type of stacking do you need to have all LLCs set up prior or is that structure meant to give you the ability to add cards that would be still under the same account like authorized users? Or did I totally miss what you meant? 

Hi BP! 

I would like to get a credit card for expenses and want to ensure that I set it up right from the beginning. Am I going to need a credit card per sub LLC that owns the various real estate OR am I able to set it up under my holding LLC and manage all of the expenses through that single CC? My thought was to have separate checking accounts for each property and a savings for the holding LLC for ease of transfers and tracking.

Current setup:

Single member holding LLC

  • REI 1 - duplex
  • REI 2 - airbnb
  • REI 3 - duplex
  • etc.

    Thank you @Joshua B. & @George Skidis for the advice! I would definitely plan to have someone manage once I get to five state but just making sure I was on the right path for under that and it seems that I am! 

    Hey BP! Need some help here. I currently have investments in 2 states (Michigan and Wisconsin) with plans to continue adding in more states to my portfolio. I live in Illinois now but have plans to move around in the next few years. 

    So two main questions; should I set up a holding LLC? If so, where would be the best state to do that?

    Thanks in advance and I'm newer so totally open to any and all suggestions on how to best set up a multi-state portfolio!

    Nick