Buying Flips from Wholesalers with a Different LLC Name

[Francis I.]

Hello everyone,

To active flippers out there with one main LLC (S-corp LLC for flipping purposes), how do you deal with properties purchased from wholesalers that are under a different LLC name (usually named after the property address) but you want the property under your main LLC presumably for tax/accounting purposes? I recently purchased a property through wholesale. After closing do you deed the property to your main LLC via a quitclaim deed (this may involve transfer and recordation taxes)? What happens to the empty property LLC afterwards? Any recommendations for best practices would be appreciated.

@Ian Barnes

@Ned Carey  

@Jamal L.

[Wayne Brooks]

Simple, you buy the Property under your llc....as opposed to "buying the llc that owns the property". Very few advantages to "buying the llc"...unless this an REO type who,resale where The Who,sea,er Can't sell/assign the property, hence the "buy the llc" route. If so, then yes, you'll have sell/transfer the Property to the entity you want, with any required transfer fees (which you may have avoided on the first transaction, or not).