Quick question please!

[yoshi07]

Is a LLC needed for Wholesaling?

[Lamar]

No, unless your keeping the homes for yourself, then you may want to consider it.

Disclaimer: Always seek legal advice from your attorney

[herbster]

Lamar is correct but there is something else. You may want to put a property under a Pocket LLC to sell it. Herbster

[WholesaleKid]

do you plan to get an LLC for every deal you have???? IT A WASTE OF TIME!!! and MONEY!!!

[herbster]

Red, you get an LLC for your own liabilities and LLC's you get a property under and sell the LLC. Herbster

[WholesaleKid]

Red, you get an LLC for your own liabilities and LLC's you get a property under and sell the LLC. Herbster

Ahhh..Ok

[BLL]

Red, you were right the first time.

[WholesaleKid]

Hahahahaha....Give me a break...HAHAHA...I'm just 16 and just from a 3rd world country...yahaha...(Philippines)

[ericmedem]

Lamar is correct but there is something else. You may want to put a property under a Pocket LLC to sell it. Herbster

Right on, it seems I recognize that term from somewhere...lol


Like herb so eloquently put it, I would recommend setting up several pocket llc's in advance then if a great deal comes along and you want to put it into an llc and sell the llc rather than doing a double closing or assigning you will have that option.

If you holding property then put each property into it's own llc, so as not to risk your entire portfolio if a legal discrepency should arise.

eric