OfflineWhen puting in multiple offers on reos, do I put my name or creat an llc or a land trust. What is the quick route to go about it smoothly if you are wholesaling?
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PLEDGE ALLIGENCE TO THE SWAG
When puting in multiple offers on reos, do I put my name or creat an llc or a land trust. What is the quick route to go about it smoothly if you are wholesaling?
PLEDGE ALLIGENCE TO THE SWAG
I had trouble doing my first deal. It can be very frustrating trying to get to the first deal. There was times where the seller look motivated to sell and then all of a sudden they would change there mind for whatever reason. I got my first deal using bandit signs and I didn't get paid to about 5 months later. It was more like a $7000 referral fee. Instead of a assignment.
You have pick two niches to market to and eventually your phone will start to ring. There are probate, foreclosures, expire listing, vacant properties whatever you are comfortable with just choose two. When that phone start to ring its best if somebody picks up instead of having it send to your voicemail. A lot of times those hang up be deals. Where I'm at I don't try to hard to build up a buyers list cuz over here in New York buyers are a dime a dozen.
Wit that I remain and I hope it help you some. Just keep at it! You might want to try to team up with somebody to answer the phone for you or something. You need a team you can't do it all along.
Roll with the punces brother
One Love
God bless you welcome to the family business.
IM a Diamond in the rough looking for partners I would like to be apart of dean's elite team in the very near future my goal is 100 properties a year
P.S.
god bless all the members may we all shine bright like diamonds.
P.H.G.
Add us to your buyers and sellers list asap.
P.S.
Keep learning the family business your DG family now.
IM a Diamond in the rough looking for partners I would like to be apart of dean's elite team in the very near future my goal is 100 properties a year
P.S.
god bless all the members may we all shine bright like diamonds.
P.H.G.
I would use an LLC
That's what i use for my REO properties.
Then you just do a double closing.
Its great to have a lot of likeminded people posting on here. I takeit to heart. Does anyone here know how to create and use a land trust?
Thank you
PLEDGE ALLIGENCE TO THE SWAG
That's what i use for my REO properties.
Then you just do a double closing.
The point of buying in the name of an LLC id to keep you from having to DO a double closing and have all the extra expense. When you buy in the name of an LLC then you just sell the LLC to the end buyer for the amount that would be your assignment fee.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
Thank you
Carol Stinson is selling an ebook on doing land trusts (check out her blog) and there are ones on Amazon that go into even more detail.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
When you are selling the property under the LLC name that means you are constantly starting over filing new LLC's with the Assessor's Office, right? Oh, and does it matter what State you set up an LLC. I heard that costs are more reasonable for business in Delaware. Does it matter?
anita Page
Getting financing on a LLC can be quite difficult. This means that your buyers will be narrowed down. Plus there is additional cost in setting up a LLC for each property.
If you can find a local title company that is willing to handle a double close, this is a much easier option.
If you can find a local title company that is willing to handle a double close, this is a much easier option.
In doing a double close, if your end buyer is getting financing, in my experience, the mortgage company would not do the financing until the deed was actually in my name. Because of this, I had to get private money for several days or longer term transactional funding which was definitely NOT cheaper than setting up an LLC.
The cost of setting up the LLC is passed to the end buyer in addition to the assignment fee.
If it is an REO it would HAVE to be a wet double close, too, because they will not allow a dry close.
Usually when wholesaling props, you are looking for cash buyers anyway, to streamline the process.
Karen
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"