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HI:
Am a Calif licensed real estate agent/property management/and private investor……am now ready to make my own offer (s) on fsbo….will submit 3 different offers for same ppty….Hoping Seller will accept one of them.
I am in process of finding attorney/person to set up LLC for me….Am guessing that that process could take at least a week or month (?).
My questions are:
1.) Do I just go ahead and make my offer tomorrow in my own name ( probably as Me and/or Assignee…..?)…..If the LLC is created before the closing; will I be allowed to substitute the LLC name in the purchase documents or lease option documents (if/when Seller and I get to a closing) ?
Or, will it be possible to change the title after closing to the LLC name (ie after we get the LLC set up).
2.) Jackie has just recommended that I be sure to have 2 different ‘entities’ for my investing….ie one for ‘keepers’ and one for ‘flippers’.
Which one would I use for my Sandwich Leases and property management?Should I have a third one for my regular real estate sales business?
Any suggestions are deeply appreciated.
Thk you
DMy questions are:
1.) Do I just go ahead and make my offer tomorrow in my own name ( probably as Me and/or Assignee…..?)…..
You and/or assigns
If the LLC is created before the closing; will I be allowed to substitute the LLC name in the purchase documents or lease option documents (if/when Seller and I get to a closing) ?
Yes
Or, will it be possible to change the title after closing to the LLC name (ie after we get the LLC set up).
Yes. You can deed the property to your LLC later. You will probably have to pay transfer taxes. You could go ahead and have the closing attorney prepare the deed at the initial closing.
2.) Jackie has just recommended that I be sure to have 2 different ‘entities’ for my investing….ie one for ‘keepers’ and one for ‘flippers’.
Which one would I use for my Sandwich Leases and property management?Check with your accountant and/or tax attorney. Most recommend LLCs for holds, an S or C Corps for flips and property management.
Should I have a third one for my regular real estate sales business?
It depends on volume, income, overall goals, etc. But I can tell you from experience, don’t over complicate your life. You can always add things later easier than taking away; or, to quote a very wise investor, “don’t grease the wheel until it squeaks”
Any suggestions are deeply appreciated.
Good Luck
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