Using LLC to purchase REO's and selling LLC with property as asset to end buyer!

General Real Estate Investing
1

Reposted from Forclosures, Short Sales:

Hi, I’ve been busy putting some deals together. I have done 6 Deals total, 2 already this year and one waiting to close, but I still need to learn more.

Someone suggested to me that the REO market might be an opportunity.

I have a partner that is willing to provide Verification of Funds and a down payment for interesting REO properties in my area.

I’ve heard that there is usually a holding period (60 days?) with REO’s, but I’ve also hear about buying the properties in the name of an LLC and then wholesaling the LLC with the property as an asset of the company to my end buyer in a double close.

I live in Northern NJ, does anyone have any experience in the process or even right in my area?

I’m running thin on Wholesale Deals and don’t want to lose my momentum on turning properties.

Any help or suggestions would be great.

Thanks. Dave

2

Like many other issues, everybody says it’s great.

I’ve yet to see anyone actually accomplish it.

Most banks financing to LLC’s want personal guarantees. This will muck up your plan to “just sell the LLC.”