Do I need an LLC to start Flipping - Wholesaling Houses - Properties or Real Estate?

[RealEstateInMD]

Do you have an llc for each property?

[benquicks]

I don't need an LLC to make deals in real estate thank you.

[Ednyce81]

ok my question is this. why do you prefer having an LLC ? for tax benefits ?

[perfectochico]

Thanks for the information!! I really appreciate that.

[rahshawn7]

mann thinks for keeping it real !! you go brother!!

[moremoon2]

thanx for honesty on llc

[lollilamerica]

Hey , thanks alot for the information ! You have been of great help to me . I hope that your business takes you were you want to go .

[TeachMeFlipping]

thank you

[rolyat14]

hey ty-

where do you find your comps? and how many do you normally use before your confident with a properties Fmv?

[TeachMeFlipping]

real quest, normally 3 or more of the highest most consistent comps

[cindysibo1]

i so much appreciate your honesty on this biz...i am very capable with real estate knowledge but have some reservations because of the lack of money...im still lost as to how to get a home with absolutely no money

[TeachMeFlipping]

keep watching the vids, more than 50 here on youtube

[peachtree05]

can you flip contracts on properties with mortgages? i heard that some banks wont let you flip a contract if you dont have any credit, money ect b/c their contracts will have a clause or something that will specifically say that the title cant be given to some1 w/o any money, credit ect. so in a case like that wld you need an LLC?

[TeachMeFlipping]

i think you are referring to reos or foreclosures but yes you can wholesale houses with mortgage balances because the seller still owns the property

the numbers simply have to work

[dxhowe2k]

I just started my LLC here in PA. I'm a newbie and I never made a deal yet. Doing a lot of reading and watching a lot of your videos. Do you have any tips on GRANTS for veterans (non-disabled) and minorities? Is the LLC in the way of these grants. Do I need a business plan to get a loan to get started? I opened my LLC bank account last week with $100. Maybe all I need to do is find that first wholesale deal huh? My goal is to flip and rehab, no rentals.

[TeachMeFlipping]

yeah, that first means everything

[income101]

SLim: You can get POF Letters - but the deal-e-o has to be done the same day - and your gonna pay on the backend to the POF company (about 3 to 5% on the final deal) - with that said, if you make $10,000 at closing, you will end up paying out 300 to 500 dollars to the POF company. Better than not doing the deal at all.

[NoTee2009]

Is there POF company?

[SlimSexy33]

Hey Ty- I found a deal (well this realtor that has been sending me deals for months now actually found it. I made an offer based on your formula everything went good UNTIL he asked for POF. How do i get by this? I am actually glad this happened so i know what to do in the future.

[TeachMeFlipping]

Tuff to do unless you have mortgage broker or lender that produce a Proof of Funds doc. That's one of the reason why I don't recommend going thru realtors to do deals.

It can be done but understand the hurdles of dealing with a gatekeeper aka a realtor.

[jrnyc111]

hey tyrone how can i do my own hud1 and add addl fees to be able to get the most of what i asking.

[TeachMeFlipping]

Help me understand what you're asking because the title company or closing attorney is responsible for the hud1

[kt1stson]

hey tyrone how would u suggest someone go about setting up an LLC?

[TeachMeFlipping]

I would recommend doing it yourself. You should be able to do a search on google for your state to download the forms and instructions

[nmr20067]

An LLC can save you money on your net profits right?

[TeachMeFlipping]

According to my CPA, yes -- How much I'm not sure?