Posted by JHyre in Ohio on July 05, 2003 at 07:26:02:
In most states (except PA and AL as far as I know), that is correct. A land trust will normally acheive the same result - and is cheaper given MD’s new/pending LLC fee.
John Hyre
Purchase Property In via LLC and then sell? - Posted by Brian(MD)
Posted by Brian(MD) on July 03, 2003 at 09:29:27:
I have been studying a course on wholesaling houses and it is taught to purchase the property on your offer contract in the name of an LLC and then sell it to your end rehab buyer.
How does this work? At closing you somehow have to sell the LLC to your end buyer at closing. This allows you not have to pay the assignment fees and transfer taxes twice.
Can someone shed more light on this process?