All Forum Posts by: Ray Harrell

LLC is not a corporation, and you don't incorporate an LLC. Keep that in mind. LLC and Corporation (Inc) are separate and distinct business entity types.

in illinois we have llc series so under one llc u can have properties or ventures separate. Reason for separate llcs or series is separation of liability and protection of assets. If a tenant sues ur llc and rhey are separate ur liability is limited to assets under that llc or series

Yeah, right before I moved to Rogers Park it was sketchy. People asked why I would dare move there. But I've been there over 4 years and never an issue. Worst thing are the few pan handlers you come across, but they have been there longer than me. It's almost like Mayberry there...at least where I live.

It would be very helpful to give a brief explanation when you mention a new term. Yes, we can google it, but when we post here we are looking for "answers" to questions, not cryptic hints and treasure maps. 

Is a wholesaler considered an "unlicensed broker"?

@Account Closed, what is a "Wrap"? Why use terms that the person asking the question obviously isn't familiar with? Speak to your audience. 

This is the thing all the real estate gurus don't tell you. You have to be rich to really get into real estate. They say stuff like "pull equity out of another property" not realizing that you JUST bought your FIRST property, and bought it higher than market value and have NO equity!

They post responses on this board like everyone has 50 properties and $8 million in liquid cash. That's very discouraging to those of us just getting started. Not all of us had trust funds from Mommy to buy our first 30 properties.

@Otto Freiberg, you bought at a good time. I think you did overpay for right now, but depending on the age of the property it will grow into itself. That is one of the up-and-coming areas of Chicago. I don't know if I would have paid that much for a building with not a lot of cash flow, especially with problem tenants. But you're in it now, so hold on and make the best of it. I see condo conversions coming to your area within a few years.

That would mean an 1,100 ft square property with cosmetic repairs only would cost $16K. That doesn't sound right at all.

Oh, I'm no expert in gentrification by any means. I just look at what history tells me from the time I was born here til I moved back 5 years ago.