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Hey guys, I’m just staring out in Texas and don’t have an entity set up. I’d like to write some wholesale offers but unsure how to label myself on the contract? What are my options? Land Trust, LLC, or something else?
I understand the benefits of taking title to a property in a land trust (Ease of transfer, anonymity, etc), and I also understand the asset protection of an LLC. But in a wholesale deal, if I’m not the one closing (unless it’s a double closing), which offers the best protection and ease of transfer?
I’d like to be able to have the ease of transfer with the land trust and the protection of an LLC. I don’t want to spend to much expense on LLC fees on setup and yearly cost at this point unless absolutely necessary.
Let me know what you guys use and what options may be best for me.
Thanks
Initially, just be you!
make some money first then start thinking about entities.
A land trust is good for properties you want to hold on to. You don’t really need it for a quick wholesale
An LLC taxes as an S corp is usually the best way to go but I have not studied the new tax laws enough to know if a C corp might be better now.
How risky would it be to offer to buy a house in the following situation?
Husband and wife are in the process of getting a divorce, the wife has control of the house, the husband wants to buy her out but she won’t sell to him. I don’t believe the divorce is final yet.
Is it worth it to offer to buy and then assign, or double close with the husband? I’m not sure she would accept the assignment to her ex-husband.
This is why I was thinking land trust for ease of transfer.
Let me know your thoughts?
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