I have located a REO property that another wholesaler has found an end buyer for. The co-wholesaler has already gotten earnest money from his end buyer which is now with the closing attrny, but no contract is in place since I have not placed the bid.
Can I assign, double close, or sell my llc? Could I just place the offer my self, assign to end buyer, and split the profits with co-wholesaler?
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y
You can in Michigan. Don't know the cost or how fast you can in Michigan. Here, you just go online the the state site, to the business section where the link to set up the LLC's are. Go to the Fed site to get your EIN. It takes a few days to get the paperwork sent to you, but you can call them and they can usually give you the I.D. numbers you need right away.
Investor · Riverview, FL · Member since 2014 · 114 posts · 33 votes
11y
Most lenders wont allow you to assign the contract, and if the have 30-90 day seasoning on it. Then buying in the LLC and selling it is the only option to flip it