Flipper/Rehabber · Norton, MA · Member since 2019 · 31 posts · 15 votes
I'm going to start a LLC. I've yet to get my first deal. But I need the Corp to get a loan. Should I get a s or c Corp. I plan on flipping houses and using hard money loans. I was going to wait for my first deal but I don’t want to lose it while waiting for my Corp to start up.
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
6y
I agree with @Cameron Tope. Too many new investors waste time, energy, and money worrying about legal entities, website, logos, company names, a mascot, a YouTube channel, social media pages, and anything else they can do to avoid worrying about the meat and potatoes of the business--finding and executing deals.
I'm going to start a LLC. I've yet to get my first deal. But I need the Corp to get a loan. Should I get a s or c Corp. I plan on flipping houses and using hard money loans. I was going to wait for my first deal but I don’t want to lose it while waiting for my Corp to start up.
If your 1st deal is going to be a 1-4 unit property no LLC is needed. You'll need to buy it in your own name to get a 30 year residential loan on it.
Real Estate Agent · Mesa, AZ · Member since 2016 · 26 posts · 3 votes
6y
Hi Charles, I wouldn't worry that much about that. Why? You will figure out down the road what you gonna do from the legal protection point of view. Get the deal done and later you will figure out what's good for you.
Flipping ...you might need it for the tax purpose, but for now...just get that house flipped!!! I hope it helped!
If you check with your Secretary of States website it should give you the estimated time and fees associated with starting your entity. Also, look into your state waiving filing fees, Pennsylvania does for Veterans. So getting your EIN and LLC filed may cost you nothing and if I'm not mistaken this is a bare minimum necessity to have your separate entity from your person and then you could continue with your purchase. Hope it works out in your favor.