All Forum Posts by: Michele Redd

@Todd Rizzardi Thank you, In reference to your comment "it is less common to buy homes with LLC's" Are you meaning as a retail homebuyer? If so, yes I totally get that. I'm speaking of buying homes to flip them or wholesale them, whereby I'm learning that to protect yourself and/or assets, that it would behoove me to open up an LLC and conduct business under the LLC.

Hi @Todd Rizzardi, thanks for your response. it's all starting to make sense now. Right now I am just flipping contracts as a wholesaler and wanted to open up a company business as I plan on moving into flipping homes and eventually holding properties..."not necessarily in that rigid order", but that's pretty much my goal. I'm going to go with the general LLC for now as @Jessica Zolotorofe stated, which, by the way Jessica thank you so much for breaking it down in detail.  Are you an attorney or CPA, noticed you mentioned "clients." I would like to discuss further if you are open to that.

Hi @Zahrah McFadgen, Thanks for the warm welcome :)

@Steve Wilcox thank you. In most of my deals I am selling/assigning the contract not the property under the LLC to my end buyer, correct. Are you saying if I BUY the property (double close) then resell the property under the LLC, which then I could name the LLC the property address? IDK, kinda confused, but I am consulting an attorney and a CPA.

@Jevon Cecil. Thank you....Yes I thought the same thing that an LLC provides asset protection, but I have also learned that you need layers (those umbrellas (lol)) so it will be tough to find the Members if being sued. Something like that.

@Jake Hottenrott  Thank you very much.  Better to do it right the first time to alleviate any headaches later.  I believe I better talk to both attorney and CPA.  I would gratefully welcome a referral in NJ please.   

@Paul Amegatcher Thank you.  Great information.  Would you know if Legal Zoom is a viable company as they say attorneys work with them?

@Ashley D. Thanks.  Good to know.  No, I won't be selling my ownership, just flipping/assigning the contracts to my buyers on each property I put under contract. 

Hello BP community, I'm a newbie New Jersey wholesaler to the community. Ok here it goes... so is it absolutely necessary to open up an LLC for my wholesale deals? I did about 3 deals without one (eeek) So I came across online a legal zoom website and thought I should breeze one up for $149 or more or should I sit with a lawyer and have one drawn up? I'm a little confused here. Do I open up an LLC under each property name I am wholesaling or do I create my own business name? I don't have any assets at the moment, so they certainly can't take anything, however, I do want to start out as a professional and do the right thing. All responses very welcomed! Thank you.

Hi @Brett Snodgrass,Thank you so much for the books.  Much appreciated!

@Odie Ayaga.  Thanks and thanks? I guess I have to figure this out somehow.