So I'm just getting into real estate investing. My professional experience is in avionics. However I would like to start building a portfolio of cash investors and seeking out prospective properties for them (wholesaling). So my question is: If all I am doing is getting homes under contract and either assigning that contract or possibly going thru a double close do I need to have an LLC or S-Corp entity in place first or even at all? Would anyone happen to know of a good Washington real estate attorney? Also are there any successful tips to building a good cash buyers list?
I have a method that is sort of a trade secret that not very many people picked up on the forum post-oh well! I guess I can keep it a secret...he he. (Yeah right, there are no secrets by the way!). Check out my forum post that will tell you all about a method that works really well for us! Good luck.
Thanks Stephen for the article...
Hi @Lawrence Eddy,
Welcome to BP :-)
If you're just starting out in real estate doing anything, you don't really need to have any type of corporate entity. Even more so if you're wholesaling or flipping. I don't believe it to be worth the cost, unless you have a few thousand freely lying around, but it's probably better to use that money as earnest money to get properties under contract. Once you get a few deals down, then maybe you can start looking into an S-Corp for tax-saving purposes. But if you're just starting out... focus on the activities that will actually make you money as opposed to spending it.
You can see my post here for the attorney referral:
As for the cash buyer's list... I really don't think you need it. The Greater Seattle area is a hot market for investors. If you have a good deal, it's going to be easy to get it sold. If you're having a hard time finding people to buy it, then it probably isn't a good deal. And it sounds like you're a part of REAPS; if you have a good deal, just make a post in the Deals Forum and 700+ people will see it.
But if you want to start building a Cash Buyer's List anyway... feel free to add me to it :-)
WAIT WAIT @Lawrence Eddy CALL ME WITH YOUR DEALS!!! Seriously, add me to your buyer's list.
@Nghi Le is 100% correct that you don't need a cash buyer list to sell a deal....if it's a deal. Be sure you have reasonably accurate ARV with comps to support it, and realistic RCE....then call me: 425-610-7031 and email me [email protected]
You should get some recommendations on lawyers in your jurisdiction and then discuss.
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