I am newbie in Wholesaling and i want to start soon. In order to start contacting those land owners and builders , do I need to have any business license first ?
Could I those those purchase agreements under my SSN personal number?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
2y
@Lucero Cruz Narino I mean, you don't HAVE to form one...but I think everyone would recommend for you to create one. Then you have a separate entity, separate bank accounts, and it will certainly be easier come tax time.
I am newbie in Wholesaling and i want to start soon. In order to start contacting those land owners and builders , do I need to have any business license first ?
Could I those those purchase agreements under my SSN personal number?
any recommendation is appreciated .
Hey @Lucero Cruz Narino , welcome to the game! First word of advice; always consult legal pros for final say in legal matters. When it comes to legal liabilities it's always better safe than sorry. In general though, conducting business through an LLC is the right move. Filing for a legal entity is fairly affordable and straightforward in most states. There are a zillion variables at play here so that is a broad generalization and why it's always important to verfiy from a pro.
Feel free to connect or shoot me any further questions...always down to help!
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
2y
@Lucero Cruz Narino I mean, you don't HAVE to form one...but I think everyone would recommend for you to create one. Then you have a separate entity, separate bank accounts, and it will certainly be easier come tax time.
I am newbie in Wholesaling and i want to start soon. In order to start contacting those land owners and builders , do I need to have any business license first ?
Could I those those purchase agreements under my SSN personal number?
Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
2y
While it's not strictly required, creating an LLC can bring significant perks to your wholesaling venture. For starters, it shields your personal assets from any business-related debts or legal troubles. There's also the potential for tax advantages through something called pass-through taxation, which might ease your tax burden. Plus, having an LLC gives off a more professional vibe, building trust with potential buyers and sellers. While it might not be urgent at the beginning, forming an LLC becomes pretty crucial as your business grows. It's a good idea to chat with a lawyer and an accountant to figure out the legal and tax ins and outs that fit your situation. As for a business license, the necessity depends on where you are, so look into your state's rules and reach out to local authorities for some clarification. And here's a tip: try to steer clear of using your personal Social Security Number for business transactions. Instead, grab a separate business tax ID (EIN) for your LLC. It not only safeguards your personal finances but also makes tax filing a bit more straightforward.
While it's not strictly required, creating an LLC can bring significant perks to your wholesaling venture. For starters, it shields your personal assets from any business-related debts or legal troubles. There's also the potential for tax advantages through something called pass-through taxation, which might ease your tax burden. Plus, having an LLC gives off a more professional vibe, building trust with potential buyers and sellers. While it might not be urgent at the beginning, forming an LLC becomes pretty crucial as your business grows. It's a good idea to chat with a lawyer and an accountant to figure out the legal and tax ins and outs that fit your situation. As for a business license, the necessity depends on where you are, so look into your state's rules and reach out to local authorities for some clarification. And here's a tip: try to steer clear of using your personal Social Security Number for business transactions. Instead, grab a separate business tax ID (EIN) for your LLC. It not only safeguards your personal finances but also makes tax filing a bit more straightforward.
it seems like would be smarter if i buy and sell it instead been the middleman, right?
i have plan to buy cheap land and just re-sell it.
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
All the best
you mean .. get good deals from them ( those wholesalers ) and just sell them on MLS ?
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
All the best
you mean .. get good deals from them ( those wholesalers ) and just sell them on MLS ?
If the numbers are good you can sell on MLS, I flip all mine to investors that want rentals. I keep many as well
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
All the best
you mean .. get good deals from them ( those wholesalers ) and just sell them on MLS ?
If the numbers are good you can sell on MLS, I flip all mine to investors that want rentals. I keep many as well
that sounds great.
do you recommend any wholesale that can help me getting good deals in land by any chance ?
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
All the best
you mean .. get good deals from them ( those wholesalers ) and just sell them on MLS ?
If the numbers are good you can sell on MLS, I flip all mine to investors that want rentals. I keep many as well
that sounds great.
do you recommend any wholesale that can help me getting good deals in land by any chance ?
i found a app called "Investorlift" but it is $5,000 just to get their membership yearly.
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
All the best
you mean .. get good deals from them ( those wholesalers ) and just sell them on MLS ?
If the numbers are good you can sell on MLS, I flip all mine to investors that want rentals. I keep many as well
that sounds great.
do you recommend any wholesale that can help me getting good deals in land by any chance ?
i found a app called "Investorlift" but it is $5,000 just to get their membership yearly.
and for me as a newbie , i think would be waste of money.
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
All the best
you mean .. get good deals from them ( those wholesalers ) and just sell them on MLS ?
If the numbers are good you can sell on MLS, I flip all mine to investors that want rentals. I keep many as well
that sounds great.
do you recommend any wholesale that can help me getting good deals in land by any chance ?
i found a app called "Investorlift" but it is $5,000 just to get their membership yearly.
and for me as a newbie , i think would be waste of money.
I am just trying to get in the business of Real Estate and cause i dont have too much to invest , i thought about wholesaling, but if i can start buying and flip cheap land, that would be great
there are so many wholesalers out there why not just get deals from them? I do zero marketing and can get as many props as I want. I just picked up 7 more last week, all with great numbers. I have done about 500 in my market with zero advertising. I just ask my network and get all I want.
All the best
you mean .. get good deals from them ( those wholesalers ) and just sell them on MLS ?
If the numbers are good you can sell on MLS, I flip all mine to investors that want rentals. I keep many as well
that sounds great.
do you recommend any wholesale that can help me getting good deals in land by any chance ?
i found a app called "Investorlift" but it is $5,000 just to get their membership yearly.
and for me as a newbie , i think would be waste of money.
I am just trying to get in the business of Real Estate and cause i dont have too much to invest , i thought about wholesaling, but if i can start buying and flip cheap land, that would be great
after watching few videos on youtube i see the most effective way to get those ( good deals ) leads are thru google advertising ??
i see ... but to start , first month, can i making offers without a business using only my personal information?
After mentoring for years and operating my own wholesale company, lending, obtaining a portfolio of rental etc, I HIGHLY suggest that you first start our buying in your own personal name UNTIL you have a few deals and some consistency.
If you're simply wholesaling in the LLC vs buying rentals, then it's a pass through entity anyway, so you'll be taxed the same. It will just be one more added expense (although very little) that you don't have to worry about when starting out. After a few deals, some consistency then I'd look into the LLC but talk with your CPA on how you want the LLC setup in the eyes of the IRS for the tax structure depending on your future plans with that LLC.
i see ... but to start , first month, can i making offers without a business using only my personal information?
After mentoring for years and operating my own wholesale company, lending, obtaining a portfolio of rental etc, I HIGHLY suggest that you first start our buying in your own personal name UNTIL you have a few deals and some consistency.
If you're simply wholesaling in the LLC vs buying rentals, then it's a pass through entity anyway, so you'll be taxed the same. It will just be one more added expense (although very little) that you don't have to worry about when starting out. After a few deals, some consistency then I'd look into the LLC but talk with your CPA on how you want the LLC setup in the eyes of the IRS for the tax structure depending on your future plans with that LLC.
great .. thats what I thought ... thank you very much
Realtor · San Antonio, TX · Member since 2023 · 276 posts · 42 votes
2y
I am not an attorney, nor do I give advice. Find one in the Yellow Pages and call one.
Everyone who isn't an attorney, tells me having an LLC will reduce the burden on your business, especially should you make a mistake and requires you to file for bankruptcy.
Many other non-attorneys tell me, you will significantly reduce your risk having an LLC. There are of course, other types, but do consult your local business attorney for thorough definitions of each.
Remember, taking no action for the betterment of your business production and revenue, is no action at all.
You don't need to have a LLC in the beginning but I would strongly recommend getting one after a few deals. You want to be credible investor and it's important to set up your business structure appropriately.
You don't need to have a LLC in the beginning but I would strongly recommend getting one after a few deals. You want to be credible investor and it's important to set up your business structure appropriately.
Investor · Roseville, CA · Member since 2009 · 1k+ posts · 583 votes
2y
@Lucero Cruz NarinoYou dont need a llc to wholesale. Go out and start contacting homeowners to see if you can find someone who wants to sell at a price that makes sense. You can write up the contract with your name and or assigns.