Advise on completing my first flip

Bird Dogs, Wholesaling
1

I am a real estate agent. I have a short sale that I have listed. I created an LLC to submit an offer on the short sale. The short sale is with IndyMac and they have a for that state no arms length transaction allowed. How do I get my offer accepted with my LLC without doing anything illegal? The owners of the property are friends and business partners on other deals.

2

Get an earnest money from your end buyer, submit an offer through the LLC. Once the offer is accepted, sell the LLC to your end buyer, and collect your fee. :beer

3

Hi,

 You can not be the listing agent and buyer, so if you want to buy it, ask the sellers to drop the listing and either sell it to you outside of the agency (Make sure your broker is ok with this as you could lose your job if things are not done above board.) or list it with a different agency and you make an offer.

You can not legally be the listing agent and buy the property in any entity! (Corporation, LLC, Trust, etc.)

        GR
4

I have a new plan after the responses.

Steps:

  1. I am the RE Agent. I find the property in get it listed.
  2. Business Partner of mine has an LLC and he is the only officer in the LLC.
  3. I submit and offer to the bank from the LLC purchasing the house.
  4. I find the B-C end buyer.
  5. The LLC sells to the end buyer.
  6. All this coordinated through a back to back closing with transactional funding.

Please advise if I’m on the right track. Did I leave anything out?

5

Hi,

I need to re-word this after I have slept as I have been mis-reading postings all week!

        GR