Do I need an LLC to start Flipping - Wholesaling Houses - Properties or Real Estate?

by Dave on November 7, 2009

The-Flip-Man.com ……… ……. http I will personally Teach & Mentor you on How to Flip Houses with no credit or cash. Enjoy the videos and audios of deals I’ve done and FREE REAL ESTATE INVESTING TIPS. Creative Real Estate Investing Mentor and Guide real estate property…

Tagged as: coach, flip a house, flipping houses, house flip, invest in real estate, mentor, real estate investing, trainer, wholesale a house, wholesaling houses

{ 14 comments… read them below or add one }

Anonymous 11.07.09 at 4:01 pm: i think you are referring to reos or foreclosures but yes you can wholesale houses with mortgage balances because the seller still owns the property

the numbers simply have to work
Anonymous 11.07.09 at 4:01 pm: can you flip contracts on properties with mortgages? i heard that some banks wont let you flip a contract if you dont have any credit, money ect b/c their contracts will have a clause or something that will specifically say that the title cant be given to some1 w/o any money, credit ect. so in a case like that wld you need an LLC?
Anonymous 11.07.09 at 4:01 pm: Is there POF company?
Anonymous 11.07.09 at 4:01 pm: yeah, that first means everything
Anonymous 11.07.09 at 4:01 pm: I just started my LLC here in PA. I’m a newbie and I never made a deal yet. Doing a lot of reading and watching a lot of your videos. Do you have any tips on GRANTS for veterans (non-disabled) and minorities? Is the LLC in the way of these grants. Do I need a business plan to get a loan to get started? I opened my LLC bank account last week with $100. Maybe all I need to do is find that first wholesale deal huh? My goal is to flip and rehab, no rentals.
Anonymous 11.07.09 at 4:01 pm: SLim: You can get POF Letters - but the deal-e-o has to be done the same day - and your gonna pay on the backend to the POF company (about 3 to 5% on the final deal) - with that said, if you make $10,000 at closing, you will end up paying out 300 to 500 dollars to the POF company. Better than not doing the deal at all.
Anonymous 11.07.09 at 4:01 pm: Tuff to do unless you have mortgage broker or lender that produce a Proof of Funds doc. That’s one of the reason why I don’t recommend going thru realtors to do deals.

It can be done but understand the hurdles of dealing with a gatekeeper aka a realtor.
Anonymous 11.07.09 at 4:01 pm: Hey Ty- I found a deal (well this realtor that has been sending me deals for months now actually found it. I made an offer based on your formula everything went good UNTIL he asked for POF. How do i get by this? I am actually glad this happened so i know what to do in the future.
Anonymous 11.07.09 at 4:01 pm: Help me understand what you’re asking because the title company or closing attorney is responsible for the hud1
Anonymous 11.07.09 at 4:01 pm: hey tyrone how can i do my own hud1 and add addl fees to be able to get the most of what i asking.
Anonymous 11.07.09 at 4:01 pm: I would recommend doing it yourself. You should be able to do a search on google for your state to download the forms and instructions
Anonymous 11.07.09 at 4:01 pm: hey tyrone how would u suggest someone go about setting up an LLC?
Anonymous 11.07.09 at 4:01 pm: According to my CPA, yes — How much I’m not sure?
Anonymous 11.07.09 at 4:01 pm: An LLC can save you money on your net profits right?

Do I need an LLC to start Flipping - Wholesaling Houses - Properties or Real Estate?

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