Today I wanted to answer some questions that came in.
Question: Hello Jamel, do we need to setup an LLC first? I keep
hearing it is best to do this instead of wholesaling property or
investing in personal names.
Jamel: It just depends on the situation. I personally don't like
to spend money on the LLC until I know I have the deal.
Will it be helpful to have the LLC already? Yes, but is it
Question: In order to buy an R.E.O. home with no money, would you
need to have a buyer already in place to purchase the home?
Jamel: The short answer to this question is yes. But again, it
For years I've been teaching people the "reverse effect" method
which is to find your buyer first, then find the properties.
There's a method to the madness. And I truly believe this is the
easiest way to wholesale houses in ANY market.
One more question: (I got this one last night and it’s shortened)
Question: How can I flip an REO property without selling the LLC?
I’m in NY and it is so complicated to create an LLC because of the
advertisement requirement and expenses, etc. Is there another way
of assigning an REO property?
Jamel: You are correct! In NY it can get pretty expensive to set
up LLC's for properties, but there are 2 ways to look at it…
1. The profits are much bigger 🙂
2. There are 4 other ways to wholesale a bank owned property besides
the LLC strategy.
So do you need to use an LLC… No!
In fact, in my RRR system I show you those 5 methods in full
detail. I also show you 16 different ways to build an effective
buyers list and even 11 ways to do deals with no money out of
This video explains it all… Check it out >>
That's it for Today.