All Forum Posts by: Avery Kelly

@Will Barnard and @Barry Pekin, it sounds like the process by which I obtain what I'm calling a "flippable LLC" vs. a "Main LLC" is no difference. An LLC is an LLC - it's just how you use it. I was hoping the "flippable LLC" was cheaper somehow. I appreciate everyone's input - as this will help me with my understanding and verbage when speaking with a real estate attorney.

@Jim S. - I will most likely check on all this with a real estate attorney to make sure I'm 100% confident and can ask further questions. Thanks for the advice. 

@ Lydia T. Thanks for sharing when this situation would be warranted. In addition, would this situation also apply if I was working with a realtor who already had a fixer upper under contract from a seller? The way I understand it - a realtor contract isn't assignable - so the "flippable LLC" would need to purchase the property and then sell the "flippable LLC" to the buyer to avoid a bank from forcing a 90 day wait period for the new owner to resell the property. The "Main LLC" would be for doing business for assignment fees (wholesale deals that are $10k or less) where I would have a permanent bank account for my ongoing business transactions.

@Barry Pekin That's exactly what I'm referring to - purchasing the property in an LLC and then selling the LLC.

I'm new to Real Estate and Wholesaling and have a question about obtaining LLC's in the state of Georgia.

How do you obtain a "Main" LLC from the state that has an associated business bank account vs. a "Flippable" LLC used for double closing a Wholesale deal?