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Newbie here
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Hey guys, I want to get into virtual Wholesaling and i had a few questions. Also I don't have an RE license.

  1. Should I set up an LLC?
  2. Should i use transactional funding so that the sellers can't see how much profit i make? (There are other reasons too can't remember it was on YouTube ) But the disadvantage is you'd have to pay back the loan if the seller doesn't buy, and they give time to pay it back but I think it depends on the situation. It could be a year or 2 weeks or 2 days. Should I take the risk?
  3. How do I pay taxes?
  4. Who do I call to see if a state allows virtual Wholesaling without a license?
  5. How do I write contracts?
  6. How will a seller buy the house without seeing it? Do I need to have someone take photographs of the house?
  7. I was thinking of doing just the disposition part and partner with someone to do the acquisitions. Do you think I should do that in the beginning so I get some experience?
  8. What do I need to know before starting?

Any advice is appreciated, thank you.

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3 years ago