All Forum Posts by: Adam Slack

You also have to consider cost of repair once something does go wrong... my wife's 2007 trail blazer may have less issues than my 1995 Cherokee, but when mine breaks down the parts are cheap, easily accessible, and I do all the work myself saving hundreds on labor costs. My wife's car on the other hand takes special computers, more expensive parts, and the cost of labor because I don't have my own mechanics garage with all the latest diagnostic machines or dealer specific tools they started using in the mid-late 2000s. Just something to think about.

Thanks Jenifer Levini ! Great information. But perhaps I'm not fully understanding the function of an LLC. My initial thought was i would create the LLC first thing as an official business entity. So that every step of the process, from marketing to closing wholesale deals, could all be done under the company name. Would each deal have to be its own LLC? Or am I misunderstanding?

I was just wondering if anyone has had any legal troubles with wholesaling in Missouri?

Levi Thornton, thank you for the information. I should look more in to what all formalities are required to maintain legal status before making my decision, but it sounds like the way I want to go. In Missouri, it only costs a few hundred bucks plus the cost of a lawyer to draw up an operating agreement(which is legally required here). A cost I am willing to pay for the extra protection and asset separation. Not to mention, I would imagine there's a marketing advantage to having that "LLC" behind an official company name.

Reading through some of the discussions, I'm seeing a lot of mixed views on wether or not an LLC is necessary for wholesaling. As I enter the final stages of preparation, my initial plan was to just create an LLC right out of the gate anyway. Simply because I want every step of the process done through the company name from the very beginning. So, with the understanding that it may or may not be entirely necessary for me to do so, my question is are there any reasons why I would NOT want the LLC?

Hey Lance! I'm new to real estate as well, and located about 45minutes from St. Louis. Check out the BiggerPockets podcast. That's where I got started and I've learned a lot so far. Best of luck!

Hey BiggerPockets community! I've been lurking around the site for a while now, so I suppose it's about time to make my official introduction. My name is Adam Slack, I live just outside the Wentzville area in Missouri about a 45min drive from St. Louis, and im interested in Wholesaling to start with. Though eventually I want to move into flipping and rentals. Simply put, I'm unhappy at my current job. It was a necessary stepping stone to get out of bad circumstances, and now it's time to move on to even better circumstances. My wife and I are ready to start a family, and as you can imagine, there's not much home time when working night shift 6 days a week. Which is what led me to explore alternative methods of income, and eventually to the BiggerPockets podcast. I still have a lot of work to do to get ready, but if all goes well I hope to officially get started early next year. I'm sure I'll have plenty of questions over the next few months, and I look forward to learning from, and possibly working with some of you some day.

Since this thread has been revived. I'm about an hour and a half away from you all. About 45 min north of St. Louis, and wondering if there's much action going on in the east central/ northeastern Missouri region. I've seen a lot coming from the metro St. Louis area, which I am more than willing to adapt to. However, I'm much more familiar with the more rural northern areas. Any advice concerning urban vs. rural investing would be appreciated. Although I myself am not quite to the active stage yet. Just looking for a little insight to better steer my plans in the right direction. Thanks for any advice, and good luck to everyone.