All Forum Posts by: Duane Ortega

@Nicole Graves

Hi Nicole. I am a transactional funder who has funded REO deals for our clients and other double closings such as HUD deals as well. I have had clients say that my POF letters work and some said that it didn't work. I don't believe you will ever find a "one size fits all" proof of funds letter. As for recommendations, google transactional funding companies and if they have referrers, contact them via social media or other routes.

Good luck,

Duane.

@Jeet Sangha

The more meat you leave on the bone, the higher the probability of an investor buying it. SFH can be wholetailed easier than multi-family as those end buyers are mostly buying on emotion/home and not calculating their returns.

@John S.

Should you decide to go the double closing route, execute a purchase agreement with the seller, and execute a sale agreement with the buyer.  Then set it up to double close with an investor friendly escrow or title company.  Then find a transactional funder such as myself to fund the first transaction (purchase).  If you don't know of any investor-friendly closing agents, we can refer escrow companies in California with whom we've closed previously.  Just lookup my profile and email or call.  I'd be happy to answer any further questions you may have.

Good luck,

Duane.

@Mike Palmer

I think it's just semantics.  IMO, wholesaling in general means buying low and selling high.  Given this definition, double closing, assignments, rehabbing, and flipping are just all forms of wholesaling since one is buying low and selling high whether they fix it up in the middle or not.

I wouldn't get caught up with the way things are worded.

My answers would be pretty much in line with Jake's for your other questions, and that's why I thought it would be redundant if I restated again.

@Kanwar Sodhi

@Kanwar SodhiYou don't have to be physically at the closing.  You can certainly do a remote closing via overnighted docs.  Yes, attorney can send wires and receive wires.

Good luck,

Duane.

@Kathleen Nguyen

Yes, true, funding fees will make the margin smaller.  However, if you are buying the property for $20K or some small amount, 10K does not seem so small anymore.  It's relative.  But yes, you do need to make sure you are making at least 20% is what I would recommend.  We fund nationwide and consider 20% as a healthy mark-up.  We've seen less, and we've seen more profit margins.  With less, they make it up with volume.  I would suggest to build a satisfactory profit margin so that double closing won't be a problem.  Then you won't have to worry about other parties complaining about your profits.

Good luck,

Duane.

@Errol Watson

Sure, call us anytime.  Would love to hear from you.  We have a few folks answering the phones and emails.  Ask for Stefanie or me for details about your closing questions.

@John Ingram

Email us for title agents in PA.  I can't post my email.  Please click on my picture or name, it should lead you to my profile which has my email and office phone number.

@Errol Watson

@Errol WatsonI can fund your double close as we fund nationwide.  I am also based out of NJ.  I can also give you a list of PA title companies with whom we've worked on previous double closes (i.e. investor friendly).  They may be able to help you with investor-friendly attorneys.  Feel free to lookup my profile and email us or call us for this info.