All Forum Posts by: Giedre Basov

I need fast advice on what options I have. I have a commercial lot that has a small one story building that's been there for years. I was planning to rebuild in the same spot. Now someone has filed a complaint because they don't like they way it looks (the lot is in a route that has no other businesses it homes next to it) and county decided that it needs to be demolished in 21 days or I'll need to pay $500 a day until it's away. I don't have money for the fee or to demolish the building. On top of that it's winter and everything will be frozen. Can and if so how can I get maximum time extension? The lot is in an unincorporated Will county in Illinois. Any suggestions would help. Thank you in advance.

Hello, I know it's late in the game...  however, am now addressing the issue.  Looking to find an accountant who works with investors and agents.  I'm looking to do my personal taxes as an agent with various income sources of side hustles (no W2) and my business taxes - with investment properties.  Thank you in advance for your recommendations.

Hello ladies,

I'd love to connect as well.  I'm a realtor and an investor and a women's investment club would be great to have!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $25,000

Bought through an auction. Needs full interior gut kitchen and baths renovation. Full cosmetic update and outside upkeep and garages. Great investment, easy value add, and good estimated cash flow. Currently saving funds to start work on it.

What made you interested in investing in this type of deal?

My current way to afford to get properties. Saw an opportunity for great value add. House has been vacant for 20+ years.

How did you find this deal and how did you negotiate it?

Auction, highest bid.

How did you finance this deal?

Cash.

How did you add value to the deal?

Future value-add, complete cosmetic remodeling; full kitchen and baths remodeling. Changing windows, doors, clean up - update outside, garages.

What was the outcome?

Time will show.

Lessons learned? Challenges?

House sits on a small part of other people's vacant lot..... (currently dealing with unpleasant people )...

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I'm an agent.

@Mindy Jensen

I’m a pro member please send me the link for the boot camp

I have just begun this so not sure how that works- I would check with the lawyer and accountant. But I think you can do business with holding company too. 

Hello Christopher, what state are you in?  I’m from Illinois. I’m also a licensed realtor and would be interested in working together and splitting deal, but it depends where you are at.  As for legal entity it depends on what’s most important to you - I my self just incorporated under series LlC. Let me know if you need more information or if I can be of help in any other way. 

The information provided is for IL - I do not know how it works in different states. I would check with the secrets of state In Delaware 

Yes that is what I was told by the Secretary of State when I called (in IL) My company that I started is Custom Design Homes LLC, (parent company) I'm in the process of forming the child company and it will be Custom Design Homes (for example) for rent LLC. By my understanding it will have its own protection and separate LLC. Also from what I have learned - the (S)LLC you can apply for online and get that and EIN electronically. For the child company you need to download form and send it in - can't do it online.

Hi. I’m a real estate agent and an investor starting out. After years of trying to decide how to go about the investor side of the business not long ago came across series llc and for me it sounded like the best option as you create the parent (holding ) llc and then can create separate (child) llc’s under it. One thing you should know is that the child llc must start with the name of parent llc see. So If parent llc is agent homes- the child llc would have to be agent homes and mortgages.  All this is new to me too but feel free to reach out with questions and I’ll help where I can.