Investor Friendly Title Companies

[Brittney Jefferson]

Hello all!

I know there are some pro wholesalers out there and especially on BP. My husband and I just started up our business. We have a lot of information and are just trying to figure out where everything goes, basically trying to find order. I'm sure you all know that with a lot of knowledge and no direction, you can fall and fall hard. So with that, I was wondering if I could solicit some advise on

1. Some investor friendly title companies you all use that double close and assign in all 50 states.

2. The closing process in general. We know that we take the A-B contract and the B-C contract and give to the title company and advise we are collecting a assignment fee, but do we stay for the check until after the A and the C close together or do they send it in the mail? Also is it that easy...just drop off and collect?

3. Can you do deals in other places other than in your hometown? If so, how do you close and/or collect your fee? Do you close virtually? Do you send a representative? How does that work?

I know if lengthy, but I really do appreciate the imparting of wisdom to the newbies.

[Steven Stokes]

1. Some investor friendly title companies you all use that double close and assign in all 50 states.

Call, Call, Call.

Talk to someone in the title company. I can't tell you how many times I've heard such and such title company does X type closing and then I contact them and they either don't do it anymore or never did it.

Call and ask them pointed questions as to what they will and will not do.

And don't fall for calling one title company and hearing them say, "We don't do that because it's illegal." Don't fall for that because what one title company says is illegal another one down the street says its fine they do it everyday.

2. The closing process in general. We know that we take the A-B contract and the B-C contract and give to the title company and advise we are collecting a assignment fee, but do we stay for the check until after the A and the C close together or do they send it in the mail? Also is it that easy...just drop off and collect?

If you're new, my advice would be to stay and watch and learn everything you can about the process. You can close and not be there but being new it's best if you watch the process.

3. Can you do deals in other places other than in your hometown?

Yes. I do it all the time and many people on here do it all the time as well.

A couple of tips though:

1. Have someone on the ground there that you trust.

2. Know the market, know the area and know the seller. You can get burned in so many ways investing out of your area. Have all your eggs lined up and your exit in place before putting your money in the deal.

If so, how do you close and/or collect your fee?

Depends on the deal. It could be the title company that cuts you a check or if you're dealing with an investor or assignment you should get your money in advance of the deal. It really depends on the deal but don't leave it up to trusting someone to give it to you at the end of the deal. Know how you're going to get your money.

Do you close virtually?

Yes. You can.

Do you send a representative?

You don't need one unless, you're not getting a check from the title company.

How does that work?

You can use a real estate agent, attorney, or give someone a power of attorney to sign for you. Still every deal is different.

My recommendations is don't go outside of your local area until you have experience unless you absolutely have no deals in your area.

But I hope this helps!

Good luck :)