All Forum Posts by: Pedro Guillen

Hi BP community,

I’m setting up my first Land Trust and have a few questions. I plan to take title in the name of the trust, I made my offer on June 10th in the name of the trust and drafted trust on June 12th when offer was accepted, closing will take place July 10th. It is my understanding that form DR-228 needs to filed and tax payment made as part of Land Trust setup.

For anemety I’m trying to keep my name out so wondering if the trustee name and info goes on this form or benefiary?

On the instructions of this form it says it needs to be done in the same month before the 20th following the execution day, is the execution day the day I sigh and get land trust notarized or do they refer to closing day?

Any one with experience in Land Trust that can share any wisdom I’d greatly appreciate your experiences.

Thank you

@Glen Friedmanthanks Glen

Hi everyone,

I’m looking for a great Real Estate Attorney, let me know who you recommend in Jax.

Thanks

@Rashad ReedI would start planning your exit strategy and work backwards from there, as long as you have skin in the game the hard money will be the easy part you just need to have a great deal, which can be a great thing too because if its not a great deal the hard money lender wont allow you to more forward with it, if you are planning to hold I would advise you to be prequalified with exit lender as hard money is usually short term 6-12 months.

@Kevin Duettwelcome to BP! Hard money can be great when used correctly, its convinient as you can close quick as if it was cash but expect to pay any where from 9-12%, if the deal has plenty of equity it might still work I would just insure you have more than one exit strategy plan and advise you that many experieced flippers are saying now is not the time to flip, good luck any questions were here to help each other out.

I forgot to mention that they provide an Escrow Agreement, not sure if this changes anything. ESCROW AGREEMENT THIS ESCROW AGREEMENT (“Agreement”) is entered into on ________________________ between (“Buyer”); and Giannell Title LLC (“Escrow Agreement”) and parties agree to the following: 1. Escrow Agent – Buyer and Meridian select Giannell Title LLC as the Escrow Agent under this Agreement to hold earnest money for use in real estate transactions between Buyer and Meridian. Any funds held by Escrow Agent under this agreement shall be held in non-interest bearing bank account. 2. Applying Escrow Funds to Real Estate Transactions – Any funds sent to the Escrow Agent under this Agreement will be held in escrow by the Escrow Agent until the Escrow Agent receives a fully signed sales contract or addendum authorizing the Escrow agent to apply funds held in escrow to a specific real estate transaction between the parties. After escrow funds are assigned to a specific real estate transaction, then the terms of the Agreement no longer apply to those assigned escrow funds and the release of. 3. Release of Funds Back to Buyer – The Escrow Agent shall release any funds being held under this Agreement back to the Buyer upon written notice from the buyer to the Escrow Agent. Consent from Meridian to release funds to the Buyer shall not be required unless the escrow funds have previously been assigned to a specific real-estate transition. 4. Authorized Users of Buyers Escrow Funds – The following list of individuals or companies are associated with the buyer and have authority to request the release information concerning the amount of its being held by the Escrow agent under this agreement to any of Meridian’s employees other than Employees of companies who are our controlled by Meridian: 5. Discourse to Meridian – The Buyer authorizes the Escrow Agent to release information regarding the amount of funds being by the Escrow Agent under the agreement to any of Meridians employees or any employees or companies owned or controlled by Meridian. Buyer Meridian Escrow

Thank you all for your advice, I greatly appreciate everyone for taking the time providing feedback. The wholesaling company is Propertyforce and they are using Giannell Title to hold escrow deposits. While both companies appear to be legit and have great reviews I still have a bad gut feeling about putting any money upfront before having a sign contract. Just for curiosity I will call the Title Company to see if they have done any deals together but that doesn't mean that they can't be both on this together. Thanks again and take care.

Thank you very much Lydia for your advise.

Hello BP Community,

I’m working with a wholesaling company and their strategy is to have their cash buyers lined up ready to go under contract the day they have a deal. They secure a buyer before they have a deal by having you wire earnest money to title company.

Few questions/concerns:

Should you wire earnest money deposit to escrow title company before you have a deal with wholesaler?

Is this common practice with big wholesaling companies?

Should I be skeptical or worried it might be a scam?

Wholesaler claims that investors that have wired their earnest money in escrow will have priority and first pick on their lists.

Any advise or bad experiences you can share would be greatly appreciated.

Thanks

Hello bigger pockets community,

I’m working with a wholesaling company and one of their strategies is to have their cash buyers lined up ready to go under contract on the day they find deals. My question is should you wire earnest money to escrow title company before you have a deal with wholesaler? Is this common practice dealing with big wholesaling companies and should I be skeptical? Wholesaler claims that investors with earnest money deposited in escrow will have first pick at deals they find.

Any advise or bad experiences you can share would be greatly appreciated.

Thanks

Pedro Guillen