All Forum Posts by: David Noskiewicz

You absolutely Do Not NEED to have an LLC, but if your planning on buying more than let's say 1 property a year, I absolutely would. Nothing say's you can't put the home under contract in your name, however, I simply wouldn't recommend it, even though the amount of time the property sit's in "your name" is marginal, I personally just wouldn't. Setting up an LLC is super easy, but an attorney may still be a wise choice if your unsure about anything. Your States website should have some sort of "Start a Business in 5 easy steps" sort of thing to show you step by step how to create one and register it with the state. I personally think you should also speak to an accountant on how you will be filing, Schedule C or as a S-Corp (just my opinion, but it's state specific on which one would be wiser) Hope this helps.

Good Luck!

@Daniel Raposo , Thanks a lot, that is the plan without a doubt. Keep trying even if I'm the one not following "normal" procedures in my area. I'll be the "different one" any day. 

Yes I realized that. I am ready to go in terms of an entity, a (possible) small but "on it's way" buyers-list,  I have a few flippers that I'm friends with, a system for 4 different "niches" in terms of how and what type of sellers I am shooting for, and I have already spent money and haven't even put a property under contract yet, so I know it's not free. I also had many opportunities when I thought "screw it, it's too hard, let's try something else, if it's not easy I'm not doing it' etc. 

I feel like some past wholesalers have given this aspect of real-estate a bad name in my area. What I won't do is attempt to put 20 properties under contract and hope one sticks, then have a clause to back out of every other one that doesn't work. I intend on ensuring everybody wins, at least that's my plan. To be blunt, I think there are some scumbags out there who don't operate from an ethical standpoint and in-turn made even the term "wholesale" quite "taboo" to say the least. 

I appreciate the insight, thank you. 

So here is what I have witnessed and heard from attorney's, CPA's, and agents in terms of wholesaling...

"well, I could get draft you a shorter, to the point PSA (as to not scare a seller who might have just inherited a property through probate and just wants to sell their property for cash only, as-is) and Agreement to assign but there is no point. Wholesaling is not what you may think it is here in CT, it just doesn't happen often."

'Double closings are illegal"...-are you kidding me...

" If a seller notices your PSA state "This contract is assignable", they will freak out and deny you"

" A wholesaler can ONLY GET PAID at the closing table" - What about as soon as you assign the contract to your end-buyer since that is the only thing of value that you have in this deal?

So as you can see, frustration is the only word I can describe my situation as being.

It seems like every other state other than CT has wholesalers making a comfortable living putting in the hard work and marketing, networking, researching, systemetizing their business, and can actually carry a PSA on hand and not be labeled as a crazy person...

Any wholesalers (not only in CT, in general) that have some insight and want to let me know if yes, your wasting your time, or no, just don't quit, keep at it, would be greatly appreciated

So here is what I have witnessed and heard from attorney's, CPA's, and agents in terms of wholesaling...

"well, I could get draft you a shorter, to the point PSA (as to not scare a seller who might have just inherited a property through probate and just wants to sell their property for cash only, as-is) and Agreement to assign but there is no point. Wholesaling is not what you may think it is here in CT, it just doesn't happen often."

'Double closings are illegal"...-are you kidding me...

" If a seller notices your PSA state "This contract is assignable", they will freak out and deny you"

So as you can see, frustration is the only word I can describe my situatinon as being.

It seems like every other state other than CT has wholesalers making a comfortable living putting in the hard work and marketing, networking, researching, systemetizing their business, and can actually carry a PSA on hand and not be labeled as a crazy person...

Any wholesalers (not only in CT, in general) that have some insight and want to let me know if yes, your wasting your time, or no, just don't quit, keep at it, would be greatly appreciated

So here is what I have witnessed and heard from attorney's, CPA's, and agents in terms of wholesaling...

"well, I could get draft you a shorter, to the point PSA (as to not scare a seller who might have just inherited a property through probate and just wants to sell their property for cash only, as-is)  and Agreement to assign but there is no point. Wholesaling is not what you may think it is here in CT, it just doesn't happen often."

'Double closings are illegal"...-are you kidding me...

" If a seller notices your PSA state "This contract is assignable", they will freak out and deny you"

So as you can see, frustration is the only word I can describe my situatinon as being. 

It seems like every other state other than CT has wholesalers making a comfortable living putting in the hard work and marketing, networking, researching, systemetizing their business, and can actually carry a PSA on hand and not be labeled as a crazy person...

Any wholesalers (not only in CT, in general) that have some insight and want to let me know if yes, your wasting your time, or no, just don't quit, keep  at it, would be greatly appreciated

Just had to let my attorney "go", If anyone has a referral to an attorney who responds to his clients at the very least within 24 hrs. I think that is reasonable. Anyone can help I would greatly appreciate it. I have great connects for anyone in need of financing. My guy is awesome. Hope I can help in return. 

@Rick Santasiere, @Kevin Hunter thank you, I have set up an LLC for my remodeling company a couple years ago, and I thought that it might be the same steps to form a LLC, or rather fewer steps than I had to take, IE. visit the Consumer Protection Office in Hartford, notify your town hall, and obtain the proper licenses. I went to the S.O.S. and they said all I need is to fill out the Articles of Org., then file for an EIN, then notify the town hall. That's it. I simply thought that since it's real-estate, there may be something extra I need to do, since I may be purchasing properties under the LLC in the very near future, if I do not have a separate LLC for each property (I was told that's the way to go) or have a large umbrella policy and cover multiple properties. Either way, I needed one to get a website up and running which is in the works, I know there are ton's out there (obviously, we're on one) however there aren't any informative ones really proving that anyone can start investing BEFORE the fact, before their first purchase, showing what to do as you do it yourself, and help those that really need it explained a little bit more straightforward in terms of financing, analyzing, raising money, and even help with the "real-estate lingo" which is something that takes some studying and practical application. This is geared towards veteran's like myself who did not learn what "passive income" was till after any bonuses or cash saved up from four tours oversea's has already been spent on liabilities and not asset's. So basically needed an LLC to get that going, and be able to obtain a legal name, url, etc. Anyways, thanks gentleman, and Kevin Hunter I will definitely be reaching out.

I am a new investor and about to obtain a LLC for a couple purposes , one so i can put future properties into this company and also to create the LLC to be our real estate brand create a website and help other become successful. I am looking for any tips anyone has about having a LLC PROS ,CONS, are there fees even if I do not have any properties into the company just yet ? any legal issues anyone has run into that I should be aware of? ECT. Thank you in advance !

I am a new investor and about to obtain a LLC for a couple purposes , one so i can put future properties into this company and also to create the LLC to be our real estate brand create a website and help other become successful. I am looking for any tips anyone has about having a LLC PROS ,CONS, are there fees even if I do not have any properties into the company just yet ? any legal issues anyone has run into that I should be aware of? ECT. Thank you in advance !