OfflineI was told that in Michigan that, being LLCs are only 50 dollars that instead of doing an assignment contract you can turn around and sell the LLC for what you want out of the property you found for one of your buyers. Then he/she goes in and buys the property and you walk away with money in hand from selling the LLC.
Does anyone know if this is possible or true.
Thanks Dan
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Hi Tell me where you can get a LLC in Michigan for that price.You can do wholesaling with out a LLC or even assign properties with out one, Jim
jbischoff
Yes, I have heard about this strategy, but usually it's used in instances where you can't do a normal assignment of contract or when you want to flip an REO where the bank won't let you do a double closing or assign the contract. It's only used in cases like this because it cost more, so it has to be worth it. I've never heard of setting up an LLC for only $50 bucks. Plus it takes time (in my state) to set one up, pay the fees, get the name legalized, publish the papers, etc. I've never used this myself at this point, but it can be done.
It's much easier to find motivated sellers that are individual home owners and then you can wholesale it or assign the contract.
Check this site out $50.00
Michigan Department of Licensing and Regulatory Affairs
Corporations, Securities & Commercial Licensing Bureau
Also, instead of creating/selling the LLC, if u know who ur end buyer is, u can buy it under both names (you and ur buyer as tenant in common)) and then when escrow closes u can quit claim to your buyer...
I setup an LLC here in Arkansas for only $45 and then applied for an EIN number for a business account. Its for my rehab/flips not for assigning wholesale deals that's just another contract that you send with your purchase contract for buyer to sign both then take to title co.
What took the longest was if the name you picked out matches or is real close to another one you have to start over, it took about a week for mine.
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Aaron