All Forum Posts by: Domonique Hudson

@Wayne Brooks Yeah Wayne I believe you may be right man about mentioning using my own title company up front.... This deal has been such a head ache from the start I possible looked right over it but I thought I made it clear to my agent from the get go...But hey I'm a team player so I'll take the blame because its my deal and I should have caught it...I think I'm going to stick to off market properties from now on though, motivated sellers are way easier to deal with... 

@Wayne Brooks A lot of times investors choose to use their own escrow companies because they do repeat business with them so they feel more comfortable with them and the title companies are more familiar with how the investors like their deals structured...Each state is different but in Missouri they give the buyer the option to use their own title co

@Mark Ferguson 

In my contract I stated that I chose to use my own title company as by that states law I was given the option, I would simply have to just pay the owners policy. Myself and the bank have already signed all the paper work necessary to close the deal. Both sides titles company gave us the green light with the simultaneous close. The listing agent I believe just isn't familiar with a simultaneous close. She thinks that I'm going to be closing the B-C transaction first and that the funds aren't cash. After explaining to her thoroughly the process and that I was still paying cash she said she believes its fraud. My agent who submitted the deal for me agrees the listing agent is wrong, but my agent just wants a check so she doesn't care how I close. I contacted an attorney and he advised me to take her to small claims court. Since I'm in California and the deal is in Missouri I don't even think its worth it but I'm definitely going to file a complaint with the board. My lesson out of all this and this is just for my own sanity I'LL BE STICKING TO OFF MARKET DEALS FROM NOW ON....

Hi Guys/Gals,

I have a wholesale deal in place on a bank reo. I got the property under contract at $54,500 and I'm going to wholesale it to my end buyer for 59k all cash using a simultaneous close. My escrow company has no problem doing the simultaneous close and neither does the banks escrow company as long as I pay the owners title policy. Slam dunk right? NOPE. Read below  the email the listing agent sent me as to why I can't do the simultaneous close.

Email: *The issue is not seasoning. The issue is that the original agreement was as-is, cash, non-contingent sale. You provided a proof of funds from one source, and now you want to change the source of your funds to have them come from the proceeds of another sale. In essence, you are making the sale contingent on the close of the other sale. The original agreement also says closing for the seller, at least, will take place at their designated closing company. You are now trying to change that part of the agreement also and have them close with another company they did not choose.*

So that's the email she sent me. She obviously has no idea what a simultaneous close is and that the deal is still going to be all cash, as- is, no contingency. But I'm tired of going back and forward with her about this deal. My agent is so passive that I have to defend myself with the listing agent ..Smh..So Now to close this deal I have to do a double close which is about to eat away at the profits. Talk about a bummer..Anyway, I'll just be happy to close this deal and I've sworn to never buy from that listing agent or her company ever again....

Ok thanks guys

Hello guys and gals,

I hope your 2015 is off to a great start. I wanted to know with California being such a competitive market and having some cash investors buying at up to 90 to 95% of ARV on some properties for buy and hold. Traditionally investors required that a wholesaler would get a property at 70% minus repairs but it seems like thats not necessarily the case any more. What do you think is a safe number these days or is that whole 70 percent philosophy out the window now and guys are buying anything as long as its anywhere between 80 to 90 percent?

Southern California's real estate market is booming right now. It seems as if investors are buying at 85% arv or higher. What has been every ones experience lately investing in this market. I'd like to hear from investors, wholesalers and lenders...

 Ok Man sounds good...

I'm looking to expand my wholesale business into the Saint Petersburg, Tampa  etc area....What part of town seems to be the hot areas? I would assume in Sunny Florida even the war zones would be decent buy and hold investments..

Hi Flaure,

I actually think wholesaling Reo's are a great way to begin wholesaling. No bank is going to allow you to assign a contract you have with them, and most hud homes have a seasoning rule that won't allow you do do a double close. What most wholesalers are doing is submitting contracts by using a Land Trust. Do some research on wholesaling using a land trust, and if you can get a reo at a good price you've found a gold mine because some people just don't do the education....Good luck!!!!