All Forum Posts by: Dustin Verley

This, I believe, has been a much-discussed topic, however, couldn't find a solid answer and would simply like some reassurance.

So, I'm looking to start wholesaling, eventually getting into other strategies of REI at a later date, but am curious how wise it would be to create an LLC prior to wholesaling. Now granted, I've heard two circumstances here:

Circumstance A: Create an LLC to use on the contracts so as to limit any personal liability.

Circumstance B: No need to create an LLC as wholesalers typically do not hold any property or possessions long enough for a suit to incur. (Not really sure how this is, but I've read this on a couple posts around BP)

Conclusively, I considered just doing an LLC prior to doing wholesaling to limit my liability as, contraire to Circumstance B, if I were to put my name on a contract, it could still open a gateway to personal liability.

Would love input and feedback on this matter. 

In the midst of researching recently, one thing I've learned is that an individual is typically able to access their county recorder of deeds online. However, I am curious at this point if my county is the only county that requires to pay for such service? I went to my county recorder of deeds website and learned that in order to access the information, it is going to run $50.

That leads me to the question, is this standard practice, or is this a rare case?

@Erica Burton Welcome to BP. I'm sorry to hear about your daughter and will pray for her well-being and getting better.

Congratulations, the first deal always feels the best. Can't wait to close my first deal. ;)

Very motivational Wendy. Great work and keep at it. Sounds like you're pretty busy with a full pipeline and, as evidenced, word of mouth is a VERY powerful marketing tool.

Nice, congratulations on a job well done. Wish I had started when I was 18. ;)

Sharyn,

Have you searched Google for any sample scenarios? Maybe someone has some here as I found a couple a while back, or you can always create your own scenarios that allow you to play around with the numbers and learn how to analyze.

Good luck! :)

@Jay Raught I've inboxed you.

@James Stockton I'll be trying to attend the one in Newark at the beginning of July, however, their next meet up is in Dover, not too far from me around the end of June. If you'll be there, wouldn't mind catching up.

@Alex Hobbs Definitely will reach out. How long have you been in REI? Do you normally participate in the meetups.

I was curious how the two compare. I'm aware that in wholesaling, one must tread lightly on the side of "brokering", especially without a RE license as this opens up potential doors for legal issues. But how does this compare to "Note Brokering" - or clearly the practice of connecting a note seller to a note buyer and collecting a commission.

With that said, does note brokering pose a legal issue as well if you're not in possession of a RE license? Granted, you are brokering a promissory note and not the physical property, but the note is secured by that particular note.