Is there a need for an LLC for wholesaling? I plan on moving into other forms of real estate and figure it may benifit me to set an LLC up now to have it established for when I am ready for other forms of REI.
I think it is important to have the LLC setup before doing any business. Too many things can happen and you will need the protection. Call your Real Estate Attorney and ask them.
tsimpson
I dont personally use an llc when wholesaling, but I am in the process of putting my wholesale deals inside of a S-corp for tax purposes. I do put the homes that I buy under my 2 million dollar umbrella policy, that costs me like $180 yr. If you buy in an llc for protection from risk be sure not to have your other big equity properties in the same llc or they can go after those if you get sued.
if you get into buying properties, regardless of the state you’re in, look into setting up a nevada LLC…google “nevada llc real estate asset protection” or similar…Nevada is kinda like swiss banks…it’s a state of anonymity…protects your assets…and your ass.
Havent Nevada LLCs gone the way of Delaware LLCs?
if they have, the mutli-millionaire investor who led a seminar i atteneded 8 weeks ago wasn’t aware of it. he never mentioned deleware llc’s though.