Patrick Buckley as soon I'll be there, sure thing Patrick 💪
Is it better to use an LLC or a Dba to buy vacant land?
Should I go the LLC route or DBA route when it comes to purchasing land?
Should I use LLC or DBA for selling?
If you're in it for the long haul, might as well commit to an LLC. I live in Texas and they make all spouses sign off when you sell in your personal name. Common property law I think they call it. Also, an LLC gives you a certain amount of anonymity in the public records. Yea, someone can still find out who owns the LLC but it's an extra step the common man wont take or know how to. And, once you become a baller flipping land and have assets to protect, you'll have it!
Andrew Flanagan thank you very much for your feedback!
And do you any pros/cons of using the same LLC to buy and sell?
I honestly think it can work fine either way. I use the actual LLC name to act as my "selling brand" and a dba to function as the "buying brand".
Honestly though, if I could do it over, I would've gone the other way (with the LLC working as the buying arm and the dba working as the selling arm). It's not hugely consequential either way though, as I've come to learn.
Also, in case anyone reading this isn't clear on why we're having this conversation, this blog post offers some more explanation on the matter.
Seth Williams What do you think about using an LLC for buying and selling? I feel like the people trying to sell their or buy land feel more comfortable when I answer "Prince Property Investments, how may I help you?".
But i can't do that if I have two companies and I dont know if their a seller or buyer before I answer.
Zachary Prince - you could set up two separate phone numbers, one for your buying brand and one for your selling brand, so whichever number they call in through, you'll know what they're thinking. You can do the same thing with websites, email addresses, etc.
Again, check out this blog post, I explain it more there.
I agree with Seth, it’s not super important but mine is sort of a hybrid. My “buying” side has no formal entity, it’s just a Gmail and URL that are similar. Once they agree to sell, I send the Purchase Agreement with my LLC as the Buyer and hold it in that name and sell it in that name. Nothing fancy.