All Forum Posts by: Steven Devoe

I couldn't find this question anywhere, but can't imagine that it hasn't been run into before.

I am inevitably going to buy a property in the next 90 days. I am trying to decide whether I should manage the property myself or with a company. The reality is I travel for work, typically Mon - Thu. Does anyone have any experience managing while traveling for their primary job ? With a few properties it may work I suspect but beyond that it would become difficult.

Any insight would be much appreciated!

So I am looking at a short sale where the selling agent has told me the bank has rejected offers previously. Would it be considered rude or unethical to ask what the highest offer of those were? Is the agent even allowed to tell me that kind of information?

@Andy Collins

@Andy Collins

Can anyone speak to the effectiveness/value in the online LLC creation websites out there (ie LegalZoom)? They clearly seem like the cheapest route, but I have always been of the belief that you get what you pay for? Is that the case here?

Hey everyone, fairly new here. I have read more or less every real estate book I can get my hands on here in the last 3 months or so. A friend of mine and I are beginning to seriously consider buying real estate investments as a partnership here in the near future and I have been wondering if it is worth the time to set up an LLC already with only one property? We would be equal stakeholders and I seem more committed than him so I think an LLC would be a good idea in the event that one of decides we no longer want to continue. I live in Illinois so the upfront costs of an LLC are pretty high like 500 to 600 in filing fees plus whatever legal costs are incurred in drafting the agreement and operating agreement, and 250 yearly maintenance (have to pad the corrupt politicians salaries somehow).

Another question I have is what benefit does an operating agreement serve? It isn't required in Illinois.

What about if my partner backs out? Would you still LLC or leave it to later?

Hey, how's it going? Just getting into the real estate investing game with the intention of trying to retire far earlier than 65 or however old it will be by the time I get there (I'm in my early 20's). Located in the far NW suburbs of Chicago. Currently interested in buy and hold properties, but also trying to learn as much as possible as quickly as possible. Feel free to network with me but be sure to tell me a little bit about yourself as well and I look forward to meeting you.

Tags: Barrington, Cary, Crystal Lake, Woodstock, Lake in the Hills, Algonquin, Fox River Grove, Huntley