All Forum Posts by: Zoran Stanoev

I'd recommend finding other investors - they tend to hang out at REIA meetings, put up signs that say, "we buy houses," and have construction projects in your neighborhood. Good luck!

Why not get a larger building 5+ so that you can get a commercial loan and your personal income won't come into play? Good luck.  

I think David Greene, podcast co-host, has a meetup in the San Fran area.  I'm not familiar with the area, so I don't know if it would be close to you, but I've seen him post about the meetup on his Instagram page.  

If you're going to be doing long distance investing, I'd scratch Illinois off your list.  I think you'd be better served finding a state or city that has pro-landlord laws vs pro-tenant laws.  Illinois, and Cook County (Chicago) specifically are very pro-tenant and evictions can take 6-12 months.  

Good luck and happy investing!

First, I would recommend speaking with the attorney you're using to create the LLC. For the purposes of your question, if the LLC owns the business/storage facility/management company, the only way any of you can be held personally liable is if one of you personally guarantees the loan or if the corporate veil is pierced. To pierce the corporate veil, the plaintiff has to show that you didn't run the business as a business, but rather as a personal business. A big factor is the co-mingling of funds. I'd guess with 3 people, this will be hard to do.

@Zack Aboona

I’d recommend finding an attorney immediately. Even if you don’t evict the tenant, it sounds like you are very unfamiliar with the process and it will be a tremendous help in the future. Good luck.

Welcome @Steve Mahnke. Good luck in your journey. Don't forget to include meetups or REIA meetings to your list of to-do's.

@Dee Martin why the interest in getting started with wholesaling? I find that most people say that because they heard it somewhere. Is that the case? Or do you want to wholesale as a business?  If not, I'd recommend starting with whatever it is you want to actually do and not because someone said that's where you should start.  Good luck. 

You basically told her to break the law. Please be careful when sharing your thoughts and opinions about states that you are not familiar with. 

Awesome! Be sure to check meetup.com for REIA meetings. good luck

Sorry, but I have to ask a question to answer your question. How are you financing the purchase of the property? If you're using traditional financing, it cannot be purchased by an LLC.

Another thing to keep in mind, if the property is in Illinois, the laws of illinois will apply to just about any law suit you may face, so if you're going to use a NJ LLC, don't plan on relying on NJ laws.

Also, if you form an IL LLC, you will need to have someone local to act as your agent. This will likely cost money.