Should l use an LLC to wholesale deals?

9 Replies

Doesn't matter really. If you're putting "or as assigns" after the entity (or you) making the offer, you could easily assign the contract to your LLC if you chose to do the deal.

I think if you are only turning properties over for short term profit and ordinary income, why burden yourself with the expense of an LLC? An LLC does not impress anyone, in this case it just a waste of money.

Charles

Originally posted by Charles Parrish:

I think if you are only turning properties over for short term profit and ordinary income, why burden yourself with the expense of an LLC? An LLC does not impress anyone, in this case it just a waste of money.

Charles

He asked if he should use his LLC, not create one. IMO, it doesn't hurt to provide extra liability protection in case anything goes wrong.

I work with/for an investor who wholesales at the high end of the market. He takes a property as an LLC, and then... sells the LLC, not the house.

To clarify a little... the houses are in the Disney area, are 4 bedrooms and up pool homes, and are short term rentals. He is saving his buyer's a step by having the "business" set up and passes the cost along.

Just sharing a thought...

Originally posted by @Chris Soignier :
Originally posted by @Charles Parrish:

I think if you are only turning properties over for short term profit and ordinary income, why burden yourself with the expense of an LLC? An LLC does not impress anyone, in this case it just a waste of money.

Charles

He asked if he should use his LLC, not create one. IMO, it doesn't hurt to provide extra liability protection in case anything goes wrong.

Originally posted by @Juan Duque :

@John Rogers does your friend sell any vacation homes in Orlando? I am interested in purchasing vacation homes in Orlando. Also do you know if you could potentially use this method to sell any property, just selling the LLC.

 I just sent you a note...

We have a very upscale, profitable short term rental for sale right now.

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