Offline1) Make offer in the name of an LLC. Include the properties ADDRESS in the name of the LLC(525 walnut, LLC)
2) Once offer is Accepted, create the LLC. Check with an Attorney and/or department of state reguarding the process/procedures & costs for forming an LLC(it's easy)
3) Assign/Sell your ownership in the LLC to a buyer, once you recieve your Assignment Fee. Check with an Attorney reguarding the Documents required to Assign/Sell an LLC.
4) Collect your Assignment Fee in the form of CASH or a CHECK made out to the LLC & get it endorsed over to your buyer(the new owner of the LLC)
5) DONE!
6) Thank SULLY for taking the time to post this 
__________________
YOUR HERO, SULLY
Do this with a trust if you can't afford an LLC.
Thank you Sully!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
these days, i know...hhmmm, i cant remember the web site, but anyway they mail you EVERYTHING you need to start your own LLC for UNDER $150.00, if you stand to make a nice chunk, i'll spend $150.00 bucks any day...
YOUR HERO, SULLY
They're $450 in Alaska! That ain't cheap!! It varies from state to state.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
i guess i'm glad that i'm NOT living in alaska, hhmmm, i have never heard of an LLC costing $450.00? but whatever, my point was, i am just showing another way you can get around a NON-ASSIGNABLE contract, i can only vouch for the state which i live and the state which i live the cheapest ones cost APPROX $150-$200.
YOUR HERO, SULLY
I know, that's outrageous but it's true. Now in AZ it only cost me $50!! Ha! Gotta love that! But point taken, I was just saying for those who don't want to spend that much there is another cheaper route.
God bless,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
In the purchase agreement, so basically if I am trying to assign "123 Nowhere Street", I will write an offer with the buyer's name as "123 Nowhere Street, LLC". Please correct me if I am wrong....I am hungry for this knowledge.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
I've had a contract presented to me where the 'seller' signed his name as 122 Nowhere Street Trust so I'm sure you could also do it as the buyer... So that's exactly how it's done and I'm sure it's the same for the LLC too.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
There is a website www.legalzoom.com that is specifically for this sort of thing. I haven't done mine yet, but I got the information somewhere on this website. I did however check it out and it seems as if everything is taken care of on line and then the paper work is sent to you.Cost is around $150.00 and up. They offer different packages. Hopes this helps.
I CAN do all things through Christ who strengthens me.
Phil. 4:13
You can Use LLC, but when you sign the purchase agreement, you still have to sign your name and then transfer all the document under the LLC when you close the deal, but you have to inform all the parties involved that the property will be under LLC.
I just closed a deal today, horay! horay!. I signed the purchase agreement using my name. However, I let the bank/attorney know that the property will be under my LLC and they will do the documents accordingly. During the closing, the property will be under the LLC, but when you sign your name on the dotted line, you still have to sign as your given name, or other members or officer on the LLC. I hope this help.
Now i gotta go out and find another property. Good luck and happy investing!
LL
I've started with legalzoom which they advertise starting at $150.00, but it would cost me $550 by the time i checked all the items that applies to my LLC. After checking with my attorney, he was able to do it for me for $350, so he save me $200.00.
I never completed my application with Legalzoom because i was able to save $200, but they keep sedning me messages saying that my application was incompleted. I think legalzoom is great, but if you can save $$ from using an attorney in your local area, then more power to you. Having a local attorney really helps to go over you documents, do all the title searches for you and closing. Now go find a deal!
LL
Hi Everyone, I am new in REI I have not done any deals yet I was waiting to get my LLC open before I would do anything. I went to a RE attorney here in town but he will charge me close to $ 2K to open it, so I went lo LegalZoom.com and cost me $350.00 and it is almost done.
I wish everyone good luck and God Bless everyone.
I don't get it. I got lost after #2. Ok, so my offer for 123 Nowhere Street is accepted for $350K. So now I create 123 Nowhere Street, LLC. My appraisal report shows that the property's FMV is $400K. Mr. Buyer is willing to pay the full FMV of $400K. So what's next? How should the addendum or purchase agreement from Mr. Buyer look like?
You'd think I'd know this by now....but hey, I believe in learning something new everyday. And I thank you guys for helping me
It is highly appreciated.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
Mr. Buyer is financing this deal. So transfering my ownership of LLC over to Mr. Buyer, how would his purchase offer look like? Would it be for $400K or would it remain the same as $350K and its conditions ...and he is then required to give me my assignment fee cash/cashier's check outside of financing?
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
You are a pro at this!
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
there's 2 ways you can do it: 1) If your "END BUYER"(Mr.Buyer) did NOT want to give you your ASSIGNMENT FEE up front and wanted to wait until close, then you would have "Mr. Buyer" come to settlement & sign as OWNER of 525 walnut st, LLC. In terms of compensation, you would charge what you would normally charge for an ASSIGNMENT FEE.
2) Now, if your buyer "Mr.Buyer" didnt want to do it that way, or if "Mr.Buyer" is paying CASH, he could just "CUT" you a check or CASH for your ASSIGNMENT FEE, then you would just hand him over the ORIGINAL LLC DOCUMENTS and sign EVERYTHING over to him, done deal, period.
YOUR HERO, SULLY
So, Mr. Buyer wants to finance my assignment fee. Since lienholder/seller refused to accept the and/or assign, my escrow company suggested that I purchase the home through a "pseudo contract" and inform all parties that I will be reselling the property. Meaning, 2 purchase agreements back-to-back, funding same day, both closing the next day. Let me know your thougts.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
That's the way to get it done! A+!!
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
You are my official mentor!
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
I could probably learn plenty from you Ms. I closed over 40 deals in the past few months! LOL! Nothin' replaces learning from 'real' experience. Feel free to share some with us, I know you have plenty of it! Start a journal, I'd love to learn from you.
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
sheila!, Now thats a good TITLE COMPANY, cause there's quite a few that wont do "DOUBLE CLOSINGS" so thats great, you may end up paying a tad more in CLOSING COSTS, but hey, a deals, a deal. Glad i could help you, maybe if i encounter a SHORT SALE senario you can pass some thoughts my way. You little SHORT SALE SPECIALIST, YOU.
YOUR HERO, SULLY
I wouldn't be able to know the loops around this without the 2 of you! I feel bad that I have been MIA lately and haven't really posted anything. My career as a real estate broker is quite busy right now and I have to take care of things to keep the business running. However, as soon as I get my first relaxaion day, I will post my experience in closing these deals. I will look into starting a journal, I just have to learn to navigate more through this site. I think that would be awesome. Do you guys have journals of your own as well? Not really sure how it works on this site.
But what's really occupying my time is that my husband and I are an arm's reach away from closing escrow on the house we have been trying to get. It is finally built and so we are praying that our loan process goes thru smoothly.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
Just go to the left where it says >contribution and click on post and name is Sheila's Journal and go! I can't wait to read it, I know you've got a lot of great experience to share with us after all that negotiating. I will keep you in my prayers regarding your house as well.
God bless you,
Psalms 118:23 "This is the LORD's doing; it is marvelous in our eyes."
My husband and I have a revocable living trust and we are both the trustees. Can I do real estate transactions in the name of our trust or should I still get a separate LLC. Every property that we purchase in the future will be placed in our trust and deeded in the name of our trust. I am not sure how this will work with our assignment deals.
Do not fear, for I am with you; do not be dismayed, for I am your God.I will strengthen you and help you; I will uphold you with my righteous right hand. Isaiah 41:10
http://realwholesaling.com FREE wholesaling tips and resources!
To your success,
Carol Stinson
You should be able to do real estate transactions with your Trust. I am not a professional/licensed advisor, but I would get a separate LLC, just in case you run into a case that does not allow you to assign contracts -- if you are going to be assigning deals out.
Sully and Elena - please advise.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
I totally believe in prayers - thank you for adding us to your prayer list.
I will definitely take time in trying to create a journal. Not sure how much of a help I can contribute, but you never know.
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]
Got a little time to burn from work today. A couple of clients bailed from their appointments at the last minute. I am investing that time over to the course:) With that said and done, I have two questions that need answers.
1) I am looking to include a plumber, attorney, title company, and hard money man( investor ) in my network. I already have an accountant, carpet care/ janitorial maintenance professionals( that's where I fit in the mix ), a contractor, electrician, and a landscaper on the ready when I start investing into properties. Some of the higher-priority professionals( including myself ) are willing to travel up to two hours from my hometown, if need be.
What types of screener/ qualifiers should I be asking these people as a prerequisite of network inclusion for the long-termed benefit to both parties?
2) Starting from scratch, how do I approach fellow REIs for a piece of the action re: foreclosures listings and partnerships? What are the pros/ cons of working with other REIs, especially if they are newbies, as well?
As for finding a plumber and/or contractor, contact your local builder's association. They screen their members. In reference to attornies and tiltle companies there are two approaches: One,go to the courthouse check which attornies and title companies are doing the most real estate work. Two, join a local real estate investment club and ask the the advise of your fellow investors.
Tom
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
Hi Shiela,
Nice job on the LLC. Prayers be with you and your family on your new home...I can't wait to read your journal. Your are a wealth of information. Keep up the good work. I have learned so much here. Sully and Elena, you guys are great too!
Blessings to everyone...
Geri.
P.S. can't wait to complete my first deal!
The best way that i have found when putting my team together was: REFFERALS from other investors, word of mouth is usually your best bet, thats how i found my: RE ATTORNEY, PLUMBER, CARPENTER, PAINTER, CARPET INSTALLER, etc basically my whole team.
YOUR HERO, SULLY
(blushing)
"If you think what you've always thought, you'll do what you've always done. And if you do what you've always done, you'll get what you've always got" [Napoleon Hill]