All Forum Posts by: Heather Kiddoo

There are many states that define this which is great. We have a document in our mentorship that guides on each of the states laws. 

That being said, we are predominantly creative finance TC's. There is a big difference in the roles between a TC working for a real estate brokerage or agent, and a creative finance TC. Unless we are partners in a deal, we do not draft PSA's either.  

yes. Correct, probably not "illegal" per say but out of scope would be a better word. For our TC biz, we don't want the liability of writing PN or DOT. We have read 100's, we are real estate investors ourselves, and understand what they say. Sometimes things go wrong and when they do, the TC is the often the first one to be looked at. So, we choose to stay away from it. Some TC's don't and that's ok. They can do them - we will do us. Most of the title companies we work with have an attorney they work with to do these things for investors, and if not we have a huge referral network.

Hi Sheila - agreed. I just lost a file because I refused to write the promissory note and deed of trust for the investor I was working with. It was on a private money lending deal where he was lending on construction. 

Apparently, someone had told him that's what TCs do - the write contracts. So when I explained otherwise - he "fired" me :) and said he had many other TC's who said they would do that for him. 

 Thanks Jorge. We will look at creative deals in Tampa if you come across any! 

 Potentially. Currently my investor is looking for creative type financing, seller finance or subto. 

SUBTO or seller finance 

We are also looking for multifamily creative deals if you run across any. 

Thank you!

Any wholesalers that work in the below markets??? 

I am a fractional COO and TC for an investor who is looking for creative finance properties that cashflow as a STR in these markets:

*Dallas Fort Worth TX

*Atlanta GA

*Charlotte NC

*Raleigh Durham NC

*Tampa FL

Here is our buy box: 

• -Must be a single family home
• -Must be within 10-12 minutes of major metro or major attraction
• -NO HOA
• -Minimum 2k square feet
• -Minimum 3 bed 2 bath
• -Never over 5k per month PITI
• -<$600K
• -Primarily creative deals, Will consider other purchasing methods depending on ARV vs. PP
• -Cash on Cash >15%

We would like to buy 2-3 STR's per month. We have money for entry and can close fast if the property fits.

 Hi Mike. I just realized I didn't answer your question. We are a 3rd party administrator hired by an investor to help with communication, paperwork and deal flow throughout the transaction. 

We don't fill out contracts, or write promissory notes/deeds of trust. We are not legally qualified to do that. If a real estate agent has a TC in office - that TC is likely a licensed real estate agent in that state and they are able to fill out contracts for the agent. 

We are creative finance TC's and don't work for agents so we do not fill out contracts and are not licensed unless the state requires. As of now CA is the only one. My partner is licensed in CA and transacts all of our CA files for investors. 

We don't have a legal liability to the buyer or the seller after closing as we are not a JV or partner in the deal, unless of course we are, then we do have a legal obligation.

Investors who are very busy benefit from a transaction coordinator in the creative real estate space as there is a ton of communication that needs to take place. Additionally new creative investors who have no idea what is going on benefit from us. We don't fill out contracts but we are able to explain what they mean so newer investors can understand what is going on. Additionally newer investors often don't have any idea what to do once they have a signed contract and we walk them through that process. 

We work with attorneys, title and escrow agents, buyers/sellers and agents during the deal flow. Examples would be if our clients need inpections, if attorneys documents signed, we help get insurance quotes, we are the main line of coummunication between the above parties and the investor which streamlines the entire process. 

Many investors don't use or need TC's but there are a ton that do. Cash wholesaler on the A-B side won't need them. Additionally if an investor is working with an attorney predominantly, that attorney may or may not request a TC to help out. 

I'm happy to jump on a zoom and talk about what TC's do in the creative real estate transaction if either of you are interested @Account Closed

 Hi Billy - Molly Tennant. It's a Transaction Coordination Certification for creative finance.