All Forum Posts by: Kumar Paj

@Mehul Patel Welcome to BP, you are at the right place at the right time. BP is the perfect place to learn and network. Re your que, I would suggest you to find an investor friendly Realtor. Investment property is totally a different game and most of the regular agents either not much interested in it (small commission checks) or they are not good with the numbers. Better you find and go with an agent who himself is an investor and/or has experience working with investors. Also, if this will your first investment property, it would be a good idea to buy a SFH rather than multifamily....just a thought...

Good luck and happy investing...

@david 

@David Ocampo welcome to BP.  Use BP calculator or PM me, I can send you a custom Excel tool I created with all metrics in it. It is very important that you calculate right metrics in the right way..else you can get stuck with a wrong deal....

Zip code is a too large of an area from RE perspective. Sometimes, RE changes block-by-block so don't rely too much on zip code search. 

you are right, it is not easy to find good deal but you will for sure find one....keep looking and take action, as needed. Good deal goes very fast.

thanks and good luck...

@Arpan Patel are you guys investing in NW Indiana and/or western suburbs? 

@Account ClosedAND bank account for each Series in IL OR I can have only one EIN for master and one bank account?

- In either case, do I need to file only one IRS Return or separate returns for each Series?

Can we connect?

Thanks,

@Bill Gulley  Thanks for the reply...

Yes, there are two owners/members of the master LLC and each of the cells/Series. If I understood correctly, you meant to say, using one bank account and keeping separate book of account/debit-credit for each of the Series so at end of the year, we know the exact financial status of each of the series..right?

With regard to tax, not sure what you meant and how to file tax returns, one for master LLC only or for each series AND Master???

I checked with my tax/accounting guy but he is not familiar with Series LLC so trying to figure out the right way to handle this.

@Jim Biggs  @Bill Gulley  

thanks for sharing useful info. I am still little bit unclear about bank accounts/EIN and IRS requirements. (I am referring to Illinois Series LLC).

(1) Do I need separate EIN number and separate bank accounts for each Series in IL OR I can have only one EIN for master and one bank account? 

(2) In either case, do I need to file only one consolidated IRS Return or separate returns for each Series? Each of my series as well as master llc will have two members (me and my wife).

will appreciate your inputs. 

@Angie Rom  Welcome to BP.

I am an investor, landlord and and Realtor in Western suburbs. What specific area and type of properties you are looking for? 

Welcome to BP @Account Closed. You are at the right place at the right time.

Let me know if I can be of any help.

Good luck.

@Bob Green would be interested but as of now we invest in specific areas. Please PM me with your questions and I will get back to you with my response.

thanks! 

Hello BP team...

Happy Friday.....

I am excited to complete my first 3 projects in NW Indiana and ready for Cashout refinance (BRRR....). Anyone can recommend me an lender /bank who does this in NW Indiana?

Will appreciate your help...