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January 21, 2022, 08:37:56 pm
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Author Topic: Is it necessary to start a business entity immediately when wholesaling?  (Read 3243 times)

Offline Sierra

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I'm just wondering what other wholesalers have did to get their business up and running. I'm a newbie to the game, and I want to get my ducks in a row before I put my feet in the water. Should I approach this business setting up a LLC first with business cards and what not, or should I just start with my name and gmail account....a little less professional. Any feedback would help...

Thanks,
Sierra

Offline justin0419

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I'm not a wholesale investor, but I don't think there's really anything to protect liaibility-wise when wholesaling.  I would check into just filing for a doing business as (DBA) name if you want a business name.  It will be a lot cheaper and less work than starting an LLC...not that LLCs are really that difficult either.
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Offline kelle711

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I started an LLC because I want to be able to get business credit in my business name only. I am looking for business credit so I won't have to use my own cash to expand my marketing. Also, as I learn more about other RE strategies, it is good to have business credit available in case I want to try something else.

Like I am thinking: what if I get a property needing only light rehab with seller financing? If I had the business credit available to cover the repairs, it would make a great first flip. Anyway, that is why I got an LLC.
Goal set. Plan. Execute.
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Offline the maestro

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Depends on what you're looking to do.  If you're like Kelle, then yes.  But, if you're like most wholesalers starting out, then no.  I, personally, did not start a business till I had a few flips under my belt and decided this was something I was going to pursue as a career.  If you start up an LLC now, and then get frustrated in 3 months and quit, then you're out a few hundred bucks for nothing.

But, it's your call.
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Offline mcwagner

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@ Sierra:  Why do you think you need an LLC?
Mark Wagner, CPA, LLC
Certified Public Accountant
http://www.facebook.com/MarkCWagnerCPA

 




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