All Forum Posts by: Vishal P.

For those of you that have loans where bank does not collect and escrow for property taxes, how do you put aside money? Meaning, did you open up a separate business account to transfer money into on a monthly basis? Any tips on best strategy is greatly appreciated. 

I'm looking for vendor to cut grass and remove leaves in the fall every other week for properties in Naperville, Aurora, and Plainfield. Also trying to line up a vendor for snow removal but it would be ideal to have one vendor provide both services. Any recommendations? 

Joe Holly Thanks for your input!

@Mindy Jensen  Is there a way to move this post from the "landlord forums & rental property questions" to "Chicago Real Estate" forum? I was intending to do that but not sure where I went wrong. Thanks in advance! 

I am trying to get a better understanding of owning properties in Naperville, Plainfield and Aurora, IL. If you own properties in these towns, please let me know the following for each towns:

- do i need rental license? (I know in Aurora you do)

- annual inspections? (i know in Aurora they do annual inspections)

- do i need to install fire extinguisher in the apartment building? how often to get tag renewed?

- anything else I should know?

Thanks in advance!

Originally posted by @Carl Fischer:

@Vishal P.

Probably just a w2 as payroll -why do a 1099 and then pay yourself unless there is some other tax benefit that you are trying to achieve? KISS -is a good policy that I try to use. 

If I go the payroll route, the LLC would have one employee (me) and I would have to cut payroll taxes on it. If I start doing that, wouldn't the LLC have to pay quarterly taxes? Requiring more work for only one employee? ....I'm not sure why there isn't a more streamlined way to pay yourself for self management while being able to write off the expense.

I own various rental properties under a LLC partnership and I self manage those units, what is the best method of writing myself a check every month for property management? Do I issue a 1099 to myself or am I forced to do a payroll to myself since I'm one of the owners? The monthly property management should be considered an expense and not a distribution even though one of the owners is managing it.

I am looking for recommendation for business loan brokers that I can add to my team near Chicago and St. Louis areas. Please let me know if you guys have found someone in these areas. Thank you in advance!

I am looking for a reliable business loan broker to work with and to add to my team for various real estate deals. I am looking for recommendations near Chicago and St. Louis areas. Thank you in advance!

Jason Bott my hoa policy covers all exterior and common areas. The units will have renters insurance. So what kind of insurance would I need to get to cover the rest?