Sole Proprietorship or LLC?

hi guys. this is tong, new comer. i hear and see you guys say " i close couple deals this month" i have a question. how do you close the deal? where do you get the money to close those deals in a month? who will lend you the money for the deal since you dont even have any money or credit at all. especially for the rental properties. i'm kind of missing something here. can any one explain it please. eg. i found a residential reo property 3bd 1bth on half ac. fmv is 96k. asking price 75k offer 65k for it. tanant still live in the proterty and would like to continue rent it. is it a good deal as a rental property? how can i get this deal done? i have no money, no credit. where can i get the money to close this deal? how does it work guys? anyone can help me understand here. thanks in advance.

My wife and I are getting ready to get into the real estate game and we have been wondering, should we have our LLC set up and going before we begin our investing? Or, is it a safe option to begin our investing and do deed transfers to our LLC later on?

Iri46304 - I've been doing this for years and can honestly tell you the best way is to have whatever entity you are going to use ready to go before you start. I invest in many states so I have different LLCs that are registered in that state to do business. Thankfully, my experience from running my 3 state public accounting practice gave me the insight on structuring my company for maximum tax advantages. Just keep learning different phases of the business and it will all come together in the long run

Thank you so much for your advise, Bill! Once we have our LLC in place, do you have any advise for establishing credit under the entity's name? I have heard that it is very difficult to buy real estate under the name of a new entity.

Shawn-
There is no easy way to get the credit process working in your favor except pay your own personal bills and selectively apply for company credit. Even if you are extended credit for your company, most banks still want you as the borrower. That is why I have been building my business through subject-to purchases, lease options, owner financing, private mortgages, etc. I've been doing this for 10 years and have found being in charge of your own financing is the only way to insure success.

Thank you very much for the advice, Bill! We're going to go ahead with our plan to begin an LLC, and then start our real estate adventure! Wish us luck!

I recently moved to florida on the se coast west palm beach area nad this is the land of foreclosure should I consider starting here

Hi Team,
Has anyone experienced transfer of real estate homeownership insurance to LLC business insurance? What are the going rates and who underwrites these in the DG network community?
Susan Boyd