Do You Need an LLC to Wholesale a Bank Owned Property?

Hey,

Today I wanted to answer some questions that came in.

First question...

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.

~Roderick


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
necessary? No.

Next question…

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?

~Veronica


Jamel: The short answer to this question is yes. But again, it
just depends.

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?

~Rosalind

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
pocket.

This video explains it all… Check it out >>

That's it for Today.

Later!

Jamel

2 thoughts on “Do You Need an LLC to Wholesale a Bank Owned Property?

  1. Banks are currently requiring the 90-day seasoning rule. It is becoming very difficult to flip REO properties at this point unless you are planning a rehab. How can you get around this problem?

  2. Great question Kim,

    The only time you will run into this problem is when you are dealing with Fannie and Freddie properties. I never run into this problem with regular bank owned houses. With that said, you can always ask for the deed restriction to be removed. This is just one of the things that I address in full detail in Module 3 and 4 of the Real Estate REPO Riches system.

    Check it out here >>

    Thanks!

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