All Forum Posts by: Duane Ortega

@Sharyn Mancini

I am not a PA resident, but funded many double closes in PA.  Best recommendation is to talk to title companies and or attorneys.  Feel free to lookup my profile, email us and ask for a list of title companies with whom we've transacted in PA.

Best wishes,

Duane.

@Amberle Farthing

I've funded multiple double closings in VA. Don't have anyone specifically in Hampton Roads, but you can lookup my profile and contact us for title companies with whom we've closed.

Good luck,

Duane.

If the deal is indeed this good and is a win win for everyone, I don't see why another buyer/rehabber won't bite.  Market some more is my 2 cents, and someone will surely bite at this opportunity.

Wayne, I agree with you IF buyer doesn't have an end-buyer.  However, the premise of our transactional funding is to fund those who will resell for a higher price.  Therefore, within this context, the proof of funds does mean that the buyer has the funds since they will double close by selling to someone who will pay higher.

Can't publish them here publicly without their permission.  Please lookup my profile and email me with this request.  We will send you a list of closing agents for those areas.

@Sharetha H.

If you are planning on rehabbing it, why not just go with a hard money loan vs. extended transactional funding?  From when I used to do extended transactional funding, I wouldn't allow any alterations to the property until AB and BC have closed.  It is just like a same-day but closing on the BC side is not on same day.  Also, depending on the lender, extended transactional funding may cost more.  Other cons for extended transactional funding is that (when I did it), if the C buyer falls through, I will proceed to foreclose on that property unless (and it's a big unless), there is another C buyer with a significant deposit down to replace the original C buyer immediately.

With a hard money loan, you can buy it and rehab it for X months depending on the lender.  You may have multiple buyers fall through which doesn't matter to the hard money lender as long as you fulfill your contract with them.  The con is that you usually have to put down some of your own money.

Good luck,

Duane.

@Ken Adkins

I have not heard the distinction of wet or dry states. However, the days where you can use the end-buyer's funds are long gone throughout most if not all states.

Regarding your goal to conceal your assignment fee from the end buyer since it may cause issues especially if it's large, there is a simple solution to this --- use transactional funding.

Transactional funding funds the first transaction (AB closing: A=seller, B=you, wholesaler) by lending you, the wholesaler, the funds to close with "your own" funds which you borrow from a transactional funder such as myself. The second transaction (BC closing: B=you, wholesaler, C=end buyer) will be closed with the end-buyer's (C buyer) money. The transactional funder gets paid from the payoff from the BC closing.

In this way, the C buyer doesn't get to see (at least not immediately) how much you are making if you were to assign the contract to them. 

@Danielle Levins

Sent you a colleague request.

Do not pay for POFs from transactional funders. They are free from most transactional lenders including us. I know several contacts have been swindled by unscrupulous people charging for our free POFs. And for those who say they are BS, not sure what their experience has been.

Please don't stereotype the whole transactional funding industry because of a personal negative experience or because you "heard" something bad about another transactional funder. 

Welcome Dre :)  Explore, learn and execute... then repeat.  You should be well on your way by this time 2017...