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Updated almost 3 years ago on . Most recent reply

User Stats

31
Posts
8
Votes
Kelvin J.
  • Rental Property Investor
  • Fort Worth, TX
8
Votes |
31
Posts

Closing dragging on. How can I remedy future closings/rehabs?

Kelvin J.
  • Rental Property Investor
  • Fort Worth, TX
Posted

BLUF: Was supposed to close an off market cash purchase in <10 days and we're now going on 3 weeks. The hold up is at the title company. How can I approach a deal to ensure the fastest close possible in the future (beside waiving inspection).

The property is a BRRRR and I'd lined up a contractor who'd lined up sub-contractors and I've just had to have him cancel the drywall team and a few others because I can't hand him the keys since I haven't closed. This means his initial quote and timeline may no longer be accurate when I am able to actually get him into the property to start work.

Is this rare? Or are closing dates frequently un-met? Should I not even talk to a contractor until I have keys in hand? What steps in a BRRRR can you run concurrently and what should be left sequential?

Feeling frustrated with myself. Any advice would be appreciated.

Most Popular Reply

User Stats

19
Posts
10
Votes
Brian J.
  • Akron, OH
10
Votes |
19
Posts
Brian J.
  • Akron, OH
Replied

Though sometimes pushed back, closing dates are usually very accurate. You lose a lot of insurances when you do not use an agent and it is an off market property.

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