Oregon - Title Company or RE Attorney?

Question

Howdy gang!In Oregon here. Wondering do I need a Title Company or RE Attorney? Also does anyone have a good referral they would like to share? Any help is much appreciated!!!Thanks all.

Jay Hinrichs · Answer

In addition if your going to flip houses you need a developers license.. IE your going to buy them for the purpose of reselling to the public.. by doing any amount of work on themcall the CCB they are nice there they will tell you what you need.. or you can get a GC license then you don't need the developers license and you need the developers license for the entity that takes title .. I got fined on that one .to get the license you need a bond and insurance.. Oregon is a highly regulated state. .they are nice about it.. but they will fine you lickedity split if you do not have the right license's or your selling or advertising properties you just have under contract.. that's a clear violation .

Jay Hinrichs · Answer

State of Oregon - Real Estate AgencyBefore you embark on wholesaling IE advertising houses you don't own see below and talk to the state first.. the way most do it its not legal.but title companies close escrows in Oregon.. Attornies can write contracts for you leases.. and other things that you may need.. however for vanilla SFR transactions most all folks just use a good escrow officer.Here is a response I got from the state when I wanted to know for sure if you could advertise property like wholesalers do so I sent in an add from a local wholesaler and this was the response I got. "Frances Hlawatsch | Financial InvestigatorBest regards,Thank you again for the information, if I have further questions for you during the investigation I will certainly reach out.The Agency is well aware that unlicensed “wholesalers” are rampant in our jurisdiction. Addressing the problems is like trying to put out small individual fires in a forest that is burning. The Agency’s investigations are complaint driven, so we rely heavily on the public, and our licensees to bring these individuals to our attention. Thank you for getting back to me. The advertising copy you attached to your email came out perfectly and will be very helpful. Thanks!

Jay Krietzman · Answer

Shouldn't be an issue for myself. Thanks for the recommendation.

Jay Hinrichs · Answer

Pro schools does a good job.. for Real estate license and GC... GC is super simple .the great thing about developers is no test no school just need good enough credit to get a bond and insurance.( which of course keeps many out of the game )))

Jay Hinrichs · Answer

YES you do .. if your buying a home with the intention or any property that has a structure on it with the intention of flipping it or selling It etc YES.. if you are purchasing a home to rent your self then I don't think you need it .. IE for your own portfolio.. but if your buying a fixer then for sure you need the developers license or you need to be a GC.you cant just hire a GC.... the entity that owns the property needs the license.. believe me I have been there done that and so has @Karen Margrave she may want to comment as well.. ..

Jay Krietzman · Answer

Interesting. Okay, so I I should just get both then? I'll add those things to my to-dos. Is one provider better than another on the training courses? I visited Oregon's list of pre-license educators and there is a long list. https://www.oregon.gov/CCB/licensing/Pages/list-pr...

Jay Krietzman · Answer

Confused on the Developers license vs GC license part... I'm assuming GC is general contracting, and CCB is Construction Contractors Board. If I am contracting the work out to a licensed Contractor do I still need to hold either of those?

Jay Krietzman · Answer

Thanks Jay! I appreciate the heads up.

Jay Krietzman · Answer

Well I don't know/haven't settled on one particular strategy quite yet I suppose. I have read some whole selling books and figured I could start there but I want to do flips, buy and hold. Kinda of in the building my process before executing that way I don't miss a step. Is that the wrong approach? Should I just dive in? So yeah trying to figure out all the pieces ahead of time... RE Agent, Title Co/Attorney, Financiers, Contractors, Property Managers, etc... So looking for referrals for all those really. If not I can look them up and interview but figured It might be worth while to reach out to everyone and get their 2 cents. Path of least resistance.

Jay Hinrichs · Answer

what are you trying to do.... ???