All Forum Posts by: Senica Evans

I'm a DIY'er too. We recently bought a fixer-upper SFH and initially decided to do all the work ourselves. We took great pride in our work but eventually we ran out of enough hours in the day. It came to the point where it made more sense to hire out certain parts of the rehab. The ones we really loved, we kept. I love gardening and landscaping so I did that myself. I love planting the flowers and tending to them. I too, just canned some tomatoes and made some pickles. It's a tough lesson but I've finally accepted I can't do it all if I want any degree of success. Time is money right! So I have to make good decisons with my time just like I do with money. I say pick and choose what you love the most and contract the rest out so you can focus on making your millions.

Thanks @Brandon Hall, I was mistaken in saying Form 8832 when it is in fact Form 2553.  For a C-Corporation classification, Form 8832 would be used while an S-Corporation classification would use Form 2553. 

Guess I shouldn't be posting at 5:30 in the morning.

Hi @Lucky B.

1. IF, you needed to elect an S-corp classification you would submit Form 8832.

2. This question is hard to answer for your specific situation without knowing how  much you earn on your regular job. @Dave Toelkes did a good job with his explanation. 

3. The short and simple answer is No. You will transfer the property to the LLC, make the proper adjustments on the books for the initial asset recording then continue to depreciate for the remaining useful life.

@Larmon Cummings Jr What an awesome story! I believe the best way to learn is through mistakes. You will remember the lessons from this deal over anything a course can teach you. I would also say its important to know the area where you invest. Looking forward to reading about your next deal.

@Clifford Pala Thanks for the welcome. Same here -- if you ever need anything related to the south suburbs let me know. I'll be happy to help. 

@Mark Ainley  I couldn't agree with you more about BP. It's really lit a fire under me and helped me get going and stay motivated. Thanks for the tip about the keywords. 

@John Weidner Thanks for the tip!

@rafael Congratulations on your first deal! I'm looking at a SFH in Markham right now to buy and hold. I'm in the early stages to see if it's even a good deal. I like the areas around Country Club Hills, Hazel Crest, Homewood, Oak Forest, Glenwood and areas more east such as Lansing, Calumet City, Thornton, etc. I work with another investor who primarily likes the south side of Chicago so I've gotten pretty familiar with neighborhoods in that area too.

@John Weidner Thanks for the welcome! I know there are people who subscribe to both sides of an investor getting licensed but I agree with you. I think it is well worth the time and monetary investment. Did you have a hard time finding a brokerage that was investor friendly?

@Rafael Velasco I love the podcasts too. I've been going back through all the old ones to pick up those great nuggets of wisdom. What area are you from? I'm in the south suburbs and since this is the area I know best, I'm focusing my investments here. 

Thanks @Desiree for the welcome. I haven't checked out the File place yet but I will be sure too. Thanks for the tip. 

Hi @Bob Green 

Nice to meet you. I'm a little late to the party but I love your energy. Being in Homewood, I'm quite familiar with Markham. Lots of great opportunities in this area as well.