All Forum Posts by: Tony L.
Tony L. has started 1 posts and replied 3 times.
Post: How to not reveal you're the owner during tour?
- Real Estate Investor
- Orland Park, IL
- Posts 3
- Votes 4
If a property is put into a trust, is it readily apparent who the beneficiary is? If you told tenants you are a part owner, and also a manage the property, would this take some of the heat off of making all decisions on the spot?
My thought process is that you can still say "I have to talk to the other owners," while maintaining an upfront relationship with the tenants. Just trying to gauge whether or not this would be a good idea. It seems like trying to remain anonymous as the owner while living there would be difficult to pull off over a long time, especially in the case where you meet current tenants while looking at properties.
Something else I have been unclear about is who do your tenants address the rent check to when you are trying to remain anonymous as the owner? Do you need to create an LLC or entity in order to open the bank account under a separate name or is it just in your own name and you maintain you are just the PM?
Post: New from Chicago suburbs
- Real Estate Investor
- Orland Park, IL
- Posts 3
- Votes 4
Originally posted by @Jared B.:
Welcome to BP!
Sounds a lot like how @Brie Schmidt got into investing with her husband. (Just listened to your podcast, haha). Check out her podcast http://www.biggerpockets.com/show78
She's from Chicago as well!
Enjoy!
Just listened to show 78 last night, thanks for the recommendation. This podcast was very applicable to our situation and extremely helpful. I like the idea of hiring a handy man on retainer in case of emergencies while out of town.
Post: New from Chicago suburbs
- Real Estate Investor
- Orland Park, IL
- Posts 3
- Votes 4
Hi,
My name is Tony and I am from the Chicago suburbs. I am just getting started in real estate, don't own anything as of yet. My wife and I have been reading a lot of books in addition to BP for the last couple months and are looking to get involved with real estate investing in the next few months.
We both have full time jobs and I travel quite a bit for work. Our long term goal is to buy and hold both multi and single family homes. Short term, we are looking to make our first purchase a 2-4 unit multi-family owner occupied and stay in it for a few years. We are looking primarily in the west and southwest suburbs of Chicago (Downers Grove, La Grange, Western Springs areas). Our plan is to invest while keeping our full time jobs.
I came across Bigger Pockets while searching through podcasts and have gotten so much out of them and the site already.