Los Angeles, CA · Member since 2015 · 82 posts · 25 votes
Since i'm still waiting on my LLC to get set up, how do i go about wholesaling the properties that my offers get accepted on? I'm working with realtors in different cites as if i was the one to be flipping them. If accepted do i just have my 10day due diligence to try and wholesale it if not back out? Also does anyone have a copy of a Wholesaling contract that they use? Hope the questions all make sense. Thanks!
Los Angeles, CA · Member since 2015 · 82 posts · 25 votes
11y
I have the funds in my name, i just would like to purchase it under my LLC which is getting processed. Is it easy to switch it from my name to my LLC if accepted?
Real Estate Agent · Boise, ID · Member since 2015 · 193 posts · 70 votes
11y
@Elliot, I'm not sure how it will differ with wholesaling, but in residential REI purchases, my clients often file a Quit Claim Deed to switch the property from their name into the LLC's. If getting financing, the concern would be lenders likely include verbiage in their loan paperwork that allows them to call the note with that sort of activity. Commercial lenders are the ones who actually seem to watch it - residential lenders don't tend to call investors out, who commonly pursue this practice, but it's key to know that they can. I saw it happen once over some billing mix ups, but the solution offered was to simply transfer it back into the individual's name. Good luck!