Flipping REO properties - Posted by Dave (MI)

Real Estate Investing
1

Posted by JoeS on March 08, 2002 at 16:25:07:

If you have a legit corp. with the papers to show who is who in the corp. the bank should have no problem with that. They have to sell to a legal entity, so this is their main concern.

2

Flipping REO properties - Posted by Dave (MI)

Posted by Dave (MI) on March 08, 2002 at 09:50:12:

I’ve just completed steve cook’s flipping course. Found a couple agents to work with. One big question: steve suggests writing offer as an LLC to get around the bank’s reluctance to accept any offers with an assignment clause.
Talked with my agents-they are open to this but think bank might question the unorthodox nature of submitting an offer as “123 main st LLC”

Should I persue this strategy anyway? It’s only $50 to set up an LLC in michigan, so the cost is minimal. What are others doing when making offers on REO’s they want to flip.

Thanks for any insight.

Dave (MI)