All Forum Posts by: Bob Floss II

@Robert Vanecek There is still of lot of work to be done explaining to newly licensed wholesalers about disclosure in marketing. I haven't seen any bandit signs in a long time, but there's always someone out there that doesn't want to follow rules.

As to your initial question, talk to Mark Skowron at Festival Properties or Zach Shepard at Braddock Investment. 

@Shuba Lodd It scares me that you paid "big bucks" for a series LLC and didn't know the mortgage you signed in your personal name would not fall under the LLC. Did you pay for an attorney or did you pay for an online service?

@Sharon Gillespie Honestly, $400 is pretty cheap for doing a partnership agreement. You might be able to find one online, but they are usually filled with stock language that look pretty and say nothing.

@Brya Freeland You don't necessarily need an attorney to witness anything, but if you are going purchase properties from out of state, you definitely want an attorney here. We can go to closing on your behalf with a poa and take care of everything short of signing a mortgage. If you have a mortgage, we can make arrangements for a mobile notary to sit with you the day before so it's at closing. Almost all real estate closings here are conducted by attorneys.

@James Wolfe I'll be in the office for a couple more hours if you want to reach out. 

@Riley Ricobene If you plan to rent out, keep a close eye on assessment as that's the profit killer on any condo deal. Look into the association and make sure they are healthy so you can get financing.

@Brya Freeland Reach out to Paragon Property Management. Been working with them for a couple years and they do a great job. Tell them I recommended you and they will be happy to set up a meeting. 

@Shaoqing Xu Hard to say without seeing the property. Can you post a link? Could be the building, could be your unit, could be a number of factors. 

The number of states that are allowing series LLC's is growing each year, but it's still not many. In states that don't allow it yet, we do it the old way. Essentially a parent LLC that holds assets with no liabilities. The parent LLC is 100% member in the other LLC's you set up. Those LLC's own the properties, pay the bills, etc. The profits from the LLC's flow up to your parent LLC. Use the cash flow in the parent LLC to get access to LOC's and keep adding new LLC's to shield the parent. The series LLC format essentially mimics the plan. The only difference is the old method does tend to allow more flexibility to enter into new partnerships and profits splits when you set them up and purchase properties (if you decide to bring in partners).

@Joseph A Henke Do you know about what area in the western suburbs? I have a lot of contacts out that way.