Do I need an LLC to start Flipping – Wholesaling Houses – Properties or Real Estate?
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Duration : 0:3:20
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November 30th, 2009 at 12:24 am
i think you are …
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
November 30th, 2009 at 12:24 am
can you flip …
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?
November 30th, 2009 at 12:24 am
Is there POF …
Is there POF company?
November 30th, 2009 at 12:24 am
yeah, that first …
yeah, that first means everything
November 30th, 2009 at 12:24 am
I just started my …
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.
November 30th, 2009 at 12:24 am
SLim: You can get …
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.
November 30th, 2009 at 12:24 am
Tuff to do unless …
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.
November 30th, 2009 at 12:24 am
Hey Ty- I found a …
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.
November 30th, 2009 at 12:24 am
Help me understand …
Help me understand what you’re asking because the title company or closing attorney is responsible for the hud1
November 30th, 2009 at 12:24 am
hey tyrone how can …
hey tyrone how can i do my own hud1 and add addl fees to be able to get the most of what i asking.
November 30th, 2009 at 12:24 am
I would recommend …
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
November 30th, 2009 at 12:24 am
hey tyrone how …
hey tyrone how would u suggest someone go about setting up an LLC?
November 30th, 2009 at 12:24 am
According to my CPA …
According to my CPA, yes — How much I’m not sure?
November 30th, 2009 at 12:24 am
An LLC can save you …
An LLC can save you money on your net profits right?