Hi, my name is Hunter. I'm looking to start wholesaling. I have done a TON of research on it, so I feel like I have enough understanding to where it's time for me to start actually doing something instead of forever talking about it and never making a move. Also, I want to give a quick thank you to whoever replies to this, any help/opinions would be very appreciated. I also know this is all third-party advice and nobody can guide me legally, so I will take it all as just advice.
Now... I don't only want to wholesale. I want to wholesale to start, but eventually get to the point where I can rehab myself. I have plenty of connections and my dad has been in the commercial construction business for many, many years. Although I know I can wholesale without making an LLC, should I go ahead and do it now as an extra safety precaution? Don't look at is as me simply wanting to wholesale. I understand some people wholesale a lot without being an LLC, but with my future goals, I do know that I will eventually need to regardless.
I feel like being an LLC would make it more real. It would help people trust me more. In short, I would look more like a legitimate business than some guy on the internet trying to put a property under contract while promising cash for a property. An LLC would give a better appeal, but also be a safety net for me as well.
So my question is, should I become an LLC or not?
@Hunter Groover: Firstly, I am sorry no one responded to this question for months !!
Secondly, It is very important to have a LLC and its pretty cheap to set it up. But you want to do it from the money you make after your first deal.
I've seen a lot of people print business cards and register LLC ending up not doing anything. As far as your professionalism is concerned, its all good once you set up a reputation with the seller. They trust you, not the LLC you established for few hundred dollars.
Since this post is from August 2015, I am curious what did you do after all ? Did you set it up ?
Also, how many deals did you close so far ? and did you learn (or) start rehabbing/flipping ? :)
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing