All Forum Posts by: Seyi A.

@Dolan Jablonski

Yes please!

Hi all,

I'm looking to get some commercial insurance quotes on 10-20 unit multifamily buildings in and around Chicago, primarily in Bronzeville.  Can anyone recommend an insurance agent they like working with?  Thanks in advance!

S

Got it.  Many thanks for the input everyone!

Well, it depends how the employer chooses to classify you.  Depending on the role/job and responsibilities thereof, they can choose to classify you as an independent contractor as opposed to an employee.  It's actually rather common these days.  My question is more geared towards if there are any potential negative consequences vis-a-vis my real estate investment business and getting financing;  as in, will a bank care if I am the sole employee of my C-Corp and, on paper, derive most of my income from that C-Corp?

I recently started my real estate investing adventure and, like most people, one of the challenges you encounter early on is financing.  I'm not quite at the stage where I want to bring on investors, so I am relying on my W2 income get approved for a loan.

I am considering starting a new job and am wondering whether it would be a good idea to have the new employer pay me as an independent contractor (i.e. I'll get a 1099) instead of a W2 employee.  My rationale is that I already have a C-Corp set up for my active real estate investing (wholesaling, flipping and property management), of which I am an employee and receive a salary, that has a 401k and I have health insurance via my spouse. Having the new employer pay my C-Corp would allow me to increase my salary from my C-Corp and make my income "cleaner" to potential lenders.  One other thing I like about this is that my C-Corp's 401k is much more flexible than what most employers offer and I can potentially use it for real estate investments via purchasing qualified employer securities in my C-Corp.  Naturally, the "fee" I would negotiate with the new employer would be higher than the equivalent salary to compensate for all the benefits I'd be giving up.

Are there any downsides/pitfalls to this?

Thank you Kory. 

Hi BP Fam,

I've been listening a lot to Michael Blank's podcast, and have read his book "Financial Freedom with Real Estate Investing".  I am now considering joining his program "Deal Maker's Mastermind", and I was wondering if anyone has had any direct experience with the program.  If you have but do not feel comfortable with providing your thoughts on this most public of forums, please PM me.  Thanks in advance!

@Jonathan Schwartz thank you so much! Sending a message your way in a mo.

Does anyone know of where I can get hold of current and historical data, preferably on a census tract level, of demographics and employment trends?

 Thanks Linda.