What’s the purpose of the LLC? Is it required legally? Or is it okay to work on getting one while I first work on getting some deals under my belt?
Your LLC is NOT legally required, but recommended… and no, you do NOT need it to start. An LLC costs around $230 / year to maintain, and probably around $800-1000 to form. It is mainly for liability protection, MAY have some tax advantages (depending on how it’s setup), and also to give you a “professional” business to run.
For some, it’s a mindset change. “I’m in business now, so I need to get my act together and DO something each day.” If you’re finding yourself not having trouble with that part of it, it shouldn’t be a problem to get some assignments under your belt to raise some cash before you form one.
However, definitely DO NOT do a back to back closing, in your personal name. You need to ensure you’re protected once you start closing on properties. Trusts are a less expensive option to do business through.
Hope you stay well!