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7 March 2019 | 6 replies
You can also call offers2owners and they can hook you up with DataTree ownership records (First American Title's data company).
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26 January 2021 | 4 replies
GeoffCosts Due at Closing Points: 3% of loan (one time) [only financed at 70% of ARV]Origination Fees: $1,020 ($400 document processing + general administrative costs, $575 legal fees - preparation and review of all documents, $30 application fee (charged at closing), $15 flood certification)Appraisal Fee: $400 - $475 (paid directly to state licensed appraiser)Insurance: ARV x .45% -- (paid for 6 months in advance before you close; can choose any insurance company as long as it meets minimum requirements HML has + lists HML as mortgagee on policy)Buying Closing Costs: 1% of purchase price (title insurance + escrow fees)Outside Costs (Holding) 4 Month Flip (120 days): 2 months of construction, 1 month on market, 1 month in escrow/title; plan for 6 months Monthly payments: 1% of loan Utilities: $230/month (varies; $125 electricity, $60 water, $45 gas)Property Tax: $3,000/12 months x number of monthsRealtor fees: 4% of ARV (multiple realtors that will list for 1%)Selling Closing Costs: 1.5% of ARV---------------------------------------------------------------------------------------------Example of House:Buy at $120kRehab at $50kARV at $230kCosts Due at Closing Points: 3% of loan; financed at 70% of ARV ($230,000 x 70% = $161,000 loan) $161,000 x 3% = $4,830Origination Fees: $1,020Appraisal Fee: $475Insurance: ARV x .45% $230,000 x .45% = $1,030Buying Closing Costs: 1% of purchase price $120,000 x 1% = $1,200TOTAL CLOSING COSTS: $8,555------------Outside Costs (Holding) Monthly payments: 1% of loan $161,000 x 1% = $1,610 x 6 months = $9,660Utilities: $230 per month $230 x 6 months = $1,380Property Tax: $3,000/12 months x number of months $3,000/12 = $250 x 6 months = $1,500Realtor fees: 4% of ARV $230,000 x 4% = $9,200 Selling Closing Costs: 1.5% of ARV $230,000 x 1.5% = $3,450TOTAL HOLDING COSTS: $25,190-------------Out of Pocket Portion for Rehab: $9,000TOTAL OUT OF POCKET COSTS: $30,095TOTAL OUT COST INCLUDING REALTOR FEES AND SELLING CLOSING COST: $42,745Calculations-------------------------------------------------------------Buy at $120,000 + $33,745 (costs) + $50,000 (rehab) = $203,745Sell at $230,000 - $203,745 (costs + rehab) = $26,255 (PROFIT)Cash on Cash $26,255 (Profit) / 30,095 (Total Cash Invested) = 87 %Return on Investment $26,255 (Profit) / $203,745 (Total Spent including all cost) = 12.8%
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4 March 2019 | 1 reply
@INgo SchaerIn general it is good idea to use transactional funding; as few title companies and under writers are not comfortable doing pass through or assignment of contract.
5 March 2019 | 16 replies
We wont quiet title but just hold it til those apartments are through building.
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11 March 2019 | 3 replies
Looking for a good title company for wholesale deals in the Chattanooga area?
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25 May 2019 | 2 replies
Title says most of it.
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4 March 2019 | 0 replies
What else is important for the BC contract other then "Contract cannot be assigned" and "Cannot Market property until close and Title transferred" INSPECTION.
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4 March 2019 | 0 replies
What else is important for the BC contract other then "Contract cannot be assigned" and "Cannot Market property until close and Title transferred"INSPECTION.
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30 April 2020 | 18 replies
Yes, they must do a judicial foreclosure, but currently they must quiet title.
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5 March 2019 | 2 replies
Draft and handle who is familier with real estate laws in your area.If you getting loan from lenders as pure DEBT; then provide them title policy through title company.