All Forum Posts by: Tony Barwick

Hi Mike, I live in Knoxville and have four SF units here. Happy to connect with you. Shoot me a DM and we can take it from there. 

Hi Luke, happy to connect and help in whatever way I can. 

Thanks for all the help! Got it squared away and 10 days into the rehab! Appreciate all the help!

This is super helpful! Thank you! Going to do that this morning. 

@Jean H. Is dealing with your personal title attorney the same as dealing with the title company themselves, or different? I’ve been dealing with an attorney from the title company, so perhaps I should get him on the line tomorrow? It sounded like he was the one saying it wasn’t possible, and I was really taken by surprise.

@Wayne Brooks because it is a cleaner process. My lender just makes one wire transfer. And title handles is. I have an investor friend in California that does this with every deal and he’s buying a house a month. Are you able to share some insights one this?

@Caroline Gerardo the lender is a very close friend of mine. He is happy to send me the full rehab budget in one wire. I am purchasing the house for $100k and have a $58k rehab budget. We thought that my pvt lender (my friend) could put the full $158k into title’s account and that title would distribute $100k to the seller and $58k to me.

We will have a promissory note and deed of trust drawn up by an attorney for closing too.

@Rick Pozos

@Caroline Gerardo

Hi Caroline, I thought that it is possible for my lender to simply send the purchase cost and rehab budget directly to the Title Company in one wire transfer and then Title would send the remaining funds over to me. Is that not the case? Can you tell me what best practice is for this, and do I need to create two promissory notes for purchase and rehab? And will the total loan amount be on the lien's deed of trust? Or just the purchase price?