Offlineok so here is my status. Im in the success acadamy working toward getting my first deal done. Found a private money investor who is willing to do a short term loan. I have another private money investor who is willing to help me out with about 63k for now but im sure he has more funds than that. This opens up my funds to do a quick close of about $200k if I needed that much. That should give me more leverage. So this is exciting! I haven't quite gotten my business cards done. I know this sounds silly but I am having a hard time figuring out what my business name should be. Can anyone point me in a direction to get ideas?? I remember watching watching a lesson that gave ideas but can't remember which one it was. Any suggestions would be great!!!. The title company that i have been working with told me they could do double closing but now them and my realtor are making it sound like its merely impossible because of so many factors, one had to do with underwriting blah blah...... The issue here is that their really aren't very many title companies where I live and of all the companies, american title is the one that understood what I was trying to do and claim they have done double closings. Where do I go from here?
. The realtor suggest that if I do a double closing I should have an "in house underwriter" and everything needs to be in order ready to go the day of closing and we CAN NOT miss a single beat. I didn't fully understand that as she was trying to explain it. Can someone elaborate on that for me?? The lesson on assignment of contract says that both party's need to close on the same day.
Thank you DG Family!!
Josh
You can get a good deal on business cards at vistaprint. Keep it simple, you can put your name on it if you don't have a llc or corporation, Have Real Estate Investor, write We buy and sell homes, have your email and contact number and that should be good.
Don't let your realtor discourage you, it seems that your realtor would be willing to work with you tho, he is not saying you can not do it, right?. You can use American Title, I would encourage that, especially if they have done many things like this before and fully understand the process.
It sounds like you are on the right path, and having access to about 200k in private money??!!! That is wonderful!
Jeremy
This train, Dreams will not be thwarted
This train, Faith will be rewarded
Big wheel roll through fields where sunlight streams
Meet me in the Land Of Hope And Dreams
Bruce Springsteen
I think it has more to do that your realtor doesn't understand the details of a double and to save face rather than try and look amateurish.
Look up 'title companies that do double closings' in your area. You might find a company that does it
Thanks for the advice Jeremy. I have heard of vistaprint giving about 250 free on your first order. So that should work out really well. I think Ill just use the name of some land marks in town. That sounds pretty simple. My realtor is more than willing to put any low ball offer in that I want. She encourages low offers which has made it easy to get along with her. I have explained everything I am trying to do with RE investing to her. Like your saying Elix I don't think she understands all the nuts, bolts, and details of a double closing. I guess Ill go in and double check with the title companies. Has anyone every used a RE attorney to do a double closing?
I WENT TO SEE MY RE AGENT TODAY AND HE TOLD ME THAT THERE WAS ONLY TWO WAYS i CAN DO THE ASSIGN THING HERE IN VIRGINIA. 1# WHERE IF I WAS DOING A SHORT SALE I HAVE TO OUT $500-1000 DOWN TO PUT DOWN AND IF I WAS PURCHASING THE PORPERTY THAT I WOULD HAVE TO HAVE THE FUNDS OR HAVE MY INVESTOR HAVE THERE FUNDS READY AND THAT I CAN ASSIGNS BECAUSE MY NAME CAN NOT BE ON THE DEED I GUESS, 2# I HAVE TO PUT IN ANOTHER CONTACT BETWEEN ME AND THE INVESTOR STATEING THAT THEY WILL PAY ME AFTER CLOSING AND I CAN GET PAID FOR A FRINDER FEE BUT I CAN ONLY GOT PAID AFTER THE CLOSING AND THE MONEY CAN NOT COME OUT AT THE TIME OF CLOSING, I HOPE I AM MAKING SENSE TO YOU ALL,
SO DO I NOW I GO BACK AND ASK MY INVESTOR TO DO A CONTACT BETWEEN ME AND THEM FIRST OR CAN I JUST USE HARD MONEY LENDING TO GET THE DEAL DONE AND STILL GET PAID AT CLOSING,
PLEASE HELP CAN THIS BE DONE OR I NEED TO GO ANOTHER ROUTE.
Tracey Brown
Well Doesnt matter what the agents says. In fact if you plan to do a double close, the agent doesnot need to know, so don't mention you are assigning or doing a double close. Your giving away more infot ahn needs to be given. In 2x close You close with with your investor and then your seller. Your agent may be around for the closing between you and the seller. The contract between you and you investor is something you get done once you know your offer has been accepted. You now have your investor agree to buy at your price, write up contract. His or her money pas for house and you get the balance fromt he deal. Or you can write up an assignment contract between you and investor to pay you your fee up front and just have him go to closing because you assigned him to close the deal and be owner instead of you. So just make your offers through your realtors, don't get into how you aregoing to close and that you are assiging. Just if you are going to go this route, make sure you have the paper work done between you and your investor so you can get paid and so that your dealcan get closed and paid for by your investor. So the important part here is having your buyer in place ready to buy and close. Ask your title companies if they do double closing, If yes, let them know you will have a double to be set up pretty soon. After contracts between you and investor are signed, you then submit them to your title company not agent. Title compnay will take care of everything their after, all you do is set time for everyone to show up. Schedule both closing some time apart. Maybe 30 min-1 hour. Depends on your needs and comfortability levels.
I got my mind made up.....
www.Kingjussinvestors.com
www.jussinvestors.com (buyers site)
Hmm.. So tracy that sounds almost exactly the same as what my real estate agent told me. Keep me posted as to weather find out anything different or not. And kingjuss what if I am doing the offer through the real estate agent because it's listed ? They are the ones who control all of the paper work in that situation