All Forum Posts by: Don Ireland

All good info.  Thanks everyone.

Ok thanks.  I'll talk with them some more and see what happens. 

Somehow always leaning on an RE Agent for comps every time I'm looking at a wholesale deal KNOWING that I have no intention of using their services just doesn't seem right. 

So how should I go about finding comps? 

How does a wholesaler deal with a seller wanting to see Proof of Funds before agreeing on a contract?  

Is the info that RealtyTrac.com provides accurate? 

Does that include comps? One of the things I'd like to use it for is to pull up comps for my area without having to wait for an RE agent to get back to me. 

Also will it let me see MLS listings? Id like to see things like how long a prop has been listed, what price changes it's had etc. Again - without waiting to hear from an agent.

TIA! 

I've done some research on the SLLC and I'm having trouble seeing the benefit of using one (at least in MO anyway). MO requires that you file the same forms & fees for each series as you would any other LLC.

The reason I like the idea of naming the LLC based on the address: ease of keeping track which property goes with which LLC. I'm hopeful that this will be the first of many.

I know I don't need an attorney to do it. In MO, I don't even official need the Operating Agreeement. But I've read too much about how easily the corporate veil cN be pierced without a well written OpAgreement. With that in mind, I'd like to at least use an attorney on the first one. I'm leaning towards filing online myself to create the LLC and then have attorney provide the OpAgreement after the fact.

Which is the point of my question. It's a bit of a chicken-vs-egg issue. 

My intention has always been to put each property in an LLC. But the LLC doesn't exist yet.

For those who use LLCs for their properties, how do you go about this? Its pretty common to make the property address be the name of the LLC and that was my plan but that involves not creating the LLC until at least after FINDING the property.

I don't even have a lawyer yet. I suppose I could use the boilerplate forms to create the LLC and have the (eventual) attorney create a an operating agreement. MO doesn't require filing the actual operating agreement - - just the Articles of Organization.

Briann,

You understand me correctly. Each property will be wholly owned by a separate LLC. The only purpose of the LLC is to hold the real estate. Each LLC will have a single member (the 401k trust).

The 401k MIGHT also be used to invest in other items (stocks, bonds, tax liens, RE Loans to others are possibilities that come to mind) directly.