All Forum Posts by: Rose M.

@Account ClosedThanks for the great advice.

@Account Closed  Thank you for the help and comments. The HVAC unit is quite old and only 1 unit in this duplex has central a/c. Any recommendations for best place/website to find approx pricing for new heating unit and adding a/c to second unit?  

I am interested in purchasing a duplex. I noticed that the basement of the home had new concrete all along the edge of the tire basement. It also has a "mesh" material right above it. Looks like a vapor barrier. When I asked the agent, he said a new drain tile had to be installed. Is this something that would be a deal breaker even though it has been fixed?  

Buying turnkey. Have you done business with them?

I am considering investing in this company but wanted to get some feedback. The only posts I found were about 3 years old. Any recent good or bad experiences with WC Equity Group?

@David Stafford and @John Leavelle - Thank you so much for the advice.  I will keep on with what I am doing.  Glad to hear that I was not incorrect in my analysis.  

I started using the calculators to run the numbers of some deals but thus far all my results have been negative numbers. I'm not sure if I am being too conservative, not running the numbers correctly, or just that the deals I am looking at are not deals. When I receive the rent roll from the sellers, I will not see Capex included, low numbers for insurance, repairs, etc., 3% for property management, etc. Any advice to become more confident with the numbers?

Linda - thank you so much!  I followed your advice and it worked.  Thank you again.

I formed an LLC back in August 2014. I did not do anything with it. Recently, I decided to try again so I applied for an EIN # with the IRS for this LLC - never got one when I first formed the LLC. Well I got the EIN number but I also got a letter that stated I needed to file Form 1065 for tax year 2015 and 2016 and needed to do this prior to end of next week - May 1!! My LLC has 2 members and has not made any money (actually no activity either up to now). The accountant that handles my personal taxes each year is the first person I called but she is stating that I need to file an amendment, issue K-1s, and write up an LLC agreement?? I could really use some help from a tax expert/financial person/CPA, etc with experience in real estate or LLCs. I am in the Chicago area. Please help - I am worried when the IRS is involved. Thank you. Rose

Thank you. I am planning to invest $ into a large multi family deal as a LP with many other passive investors. I am also looking to purchase a 2-4 flat in the Cook or Lake county area. When I went online for the EIN it stated that ad a single member LLC, I was to use my SS #. Any advice you can offer would be greatly appreciated.