llc???

Talk to your attorney and tell him what your real estate goals are. He can tell you what is better with what you want to do.
Yes you can still do assignments of contract with our having a business set up. You will do it under your personal name and the money you make will count toward your personal income for tax purposes.

I surely wouldn't purchase any property without it being in the name of my LLC. If you don't buy title insurance for each property, then you won't be sure if there are any outstanding liens, back taxes or encumbrances. Then if you later discover any, you will be PERSONALLY liable for these, and that could blow any potential profits right out the window.

One of Dean's first lessons is to form a LLC or you could literally be wiped out financially.

And I wouldn't let that attorney form my LLC. He'll charge you SOO much more money than the online way. If you want a great online company, PM me and I'll recommend the best, which is under $500. No attorney will form a LLC for that amount, trust me, and Good Luck!

I would like others to way in on this. I've heard LLC's were not neccessary to get going, and if you are only assigning can you still run into trouble that could wipe you out financially???

Oh Gosh, my banker at CHASE in Avondale wants my business so bad, he's willing to set up the LLC for me! Had all the papers in his desk... it's all so easy anyway. I'd have a Paralegal do the set up in either case. They are the ones doing it for the attorneys anyway. Almost all Law Offices have Paralegals attached to them to do many of the mundane legal work, like setting up corporations and such. Independently they charge $500 + you pay the filing costs at all levels. Now this holds true - about the same prices - in California, Oregon, Washington and Arizona... and I suspect these prices are fairly standard around the country. And yes, when you go to the attorney it's more because they will mark up their costs, which includes the $500 for the Paralegal, about $250-$395 in most states in various fees: Add 100% market up and you can see why most Attorneys charge about $1,750-$2,000. Those that "make a market in it" routinely charge about $1,200-$1,500 because they have their Paralegal "in house at a reduced rate" or they have an in house staff person doing it. ANYBODY CAN DO IT> I HAVE STARTED 60 CORP'S and most of them before I was 30! In LA - as in other states I'm sure - there are those that just do that, and charge $900 for everything! But again, this is ALL they do: Set up companies!

joseph with a smile

Hey Adrian, go read the private message I sent you... joseph

jenny, could you please send llc info to me also thank you chuck

You don't need a llc or corp to assign deals and lock them up under conract. See attorney and they will tell you what is best depending on what you want to do in the future with purchasing property, etc.

Jeremy

Can do real estate without an llc, but you better make sure your homework results are actually true. If you can start out with an llc that's really great, but not everyone can do it. So its allright to go without using an llc until you can start paying for it with your deals.

RENinja

You can form a LLC here http://www.mynewcompany.com/

That's where I got mine and it was pretty quick.

If you are interested in just wholesaling, an LLC is not necessary. Don't spend the money.

If you decide to buy and hold (or even have temporary ownership, like flipping) I would strongly recommend setting up LLC('s). Depending on the state that you live in, you may be able to set up one "series LLC." This is what we have done. We have one LLC and our properties are kept distinct from one-another by using different series within the LLC. This keeps our costs down from having to form a new LLC with every property and they are still protected separately. The fee to set up the LLC was about $850 in Illinois and only $50 for every property we ad from now on. Much cheaper than forming a new LLC every time.

Do not own property without an LLC. If it's in your name, you are liable. We spent enough money on very intelligent attorney's to tell us how to protect ourselves. Don't risk your personal assets with your business.

With no LLC, someone breaks a leg, they take YOUR home! This is extreme but can happen. With an LLC, the business is liable, not you.

You can use Legalzoom.com, they're a good alternative if you don't have much time on your hands.

new REInvestors QUIT/FAIL, I would say after you do a couple deals and REI is for you, then spend the time/money and set your business up