@Paul Thompson Since most of our acquisitions are actually creative and we have a supply of private money for cash deals, I haven't had to do a A-B, B-C closing in.. well it's been over a year. I am not aware of any LAW that says that this is the case. If I am wrong, please let me know where this law is stated. Most of the time it is the UNDERWRITER who creates these rules to prevent fraud. My original title company started not doing them AT ALL and this is probably a decision some underwrites decided to keep some business but cover their ***. Again, if this is a state law, please point me in the direction so I don't misinform others. I guess I could always call Stacy tomorrow and get her response. I know another investor who was doing this within the last year, but now that they have money, and understand creative structuring, I don't think they have had to do it either. I can ask him however. Food for thought, West Little Rock title actually will not under any circumstance close this transaction because their underwriter wont cover it.
It would be great to have a title company that is open to creative structuring. The important thing is that they have to be educated on the process. More importantly, they have to have underwriters who will hear them out and not shut them down at anything that isn't a normal closing. American Abstract and Title (with the right agent) is a good company but you have to stay on them.. well that is true for all Title Co's but I lost a deal when I last used them because of then dropping the ball. However, they were open to new ideas and at least asking the underwriters about new concepts and ideas. Sometimes they would say "no" other times they would come back and say.. "well we can do it like this." I have this same experience with Stacy.
I guess my point of the last paragraph is that in my experience, it's not so much what they know, but what they are willing to learn. If you can teach them how you want things done, then perfect! Obviously there might be others that are just as good or better locally, but of the ones I have tried, I have had the best results with these 2.
Wholesale for 3+ years now. I work a job that I love and really never got deep into it. I was making good money to go on top of wages. I've transitioned to working with others and having a larger expectation on me so I am moving away from a full time job and working much more in REI. Together we purchase 3+ houses consistently each month with 50%+ on creative or sub2 structures. With a large supply of private buyers we are able to purchase and rehab cash deals as well. I hold a few properties now (honestly, I dislike being a landlord!) and assist with the rehabs as needed. That said, my strong points are marketing, sales, and negotiation. That's what allows us to consistently get GREAT deals that convert really well.
@Michael Digman
I have 0 experience with them only because years ago I was told not to bother from another respected investor. It could have been he simply had a bad experience, but that's all I can say on that front.
When you start consistently making a title company money, they will do all they can for you!
