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CT Investor Friendly Title Companies & Closing Attorneys?

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Fab P.

Real Estate Investor from Central, Connecticut

Feb 07 '10, 03:09 AM
1 vote


Hi Guys,

First time posting here, some quick background info for all of you.

I have been a real estate agent since Sept. of 2006 and have decided to venture into wholesaling, build up some cash reserves, then wholesale and rehab combined. I am actively building a buyers list (2 buyers so far), my bandit sign order is about 3 weeks out (probably go with dirtcheapsigns.com, or banditsigns.com).

What I'm trying to do is structure a "full service" wholesaling biz.
So, I'm trying to find investor friendly title companies (double close, assignments) here in Connecticut, or that do business in Connecticut. Also, would like to find a few investor friendly real estate closing atty's. Anyone know of any?

The companies and atty's I've worked with in the past act like they never heard of what I'm talking about or flat out say no and conversation over. Yes, I will be joining my local REIA to network with other investors but that will be a few weeks away.

What I don't want to happen is to get a deal together and it falls apart because I don't have my sh*t together.

Any help would be appreciated,


Edited Jun 26 2010, 11:33


Scott Hawley

Azle, Texas

Feb 07 '10, 04:53 AM


Hey Fab!
Welcome to BP Nation!

You will find a lot of useful connections and information here.

Scott


Edited Jun 26 2010, 11:33


Jaremy Moritz

Real Estate Investor from Houston, Texas

Feb 08 '10, 11:28 AM


Fab,

I do exactly what you're describing. I've been in business for years and I still regularly encounter title companies, attorneys, accountants, and realtors that either don't understand what I do or those that do say it's illegal. Don't let that discourage you.

What I would recommend is to call the more established investors in your area and let them know that you've got some deals in the pipeline and that you would like to send some deals their way. If they are good investors (and also good people - that's all this is, really, is a people business) they should be willing to discuss their business with you. Gather as much info from them as possible, including what they look for, profit margins, type of houses, etc. Also, ask them what title company and attorney they use. Any investor that you will want to sell to shouldn't have to hide any of this info from you. Transparency is key - if they say they'd rather not discuss it or "I use several different companies", move on to the next investor. They most likely haven't done many deals anyway.

I would also recommend calling every investor listed on Google in your area. You should know who your competition is, what they do, and how they do it. If you're creative, you should see them not as competition, but as potential buyers for your deals. You might even get lucky and find great cash buyers this way!


Edited Jun 26 2010, 11:34


Fab P.

Real Estate Investor from Central, Connecticut

Feb 14 '10, 08:02 AM


Thanks for your responses guys!


Edited Jun 26 2010, 11:39


Raymond B.

Real Estate Investor from Wallingford, Connecticut

Feb 14 '10, 09:20 AM


I'm in Wallingford, Ct.

Monday, Feb 15th the local REIA will hold a meeting in Cromwell, Ct

Here is a link:
http://www.ctreia.com/index.php

Click on the link, and then click on: Investors Corner, and then click on:
Service Directory, and then click on:
Attorneys.

If you would like to chat with me, my email address is posted.

Take care,
Raymond


Edited Jun 26 2010, 11:39 by Raymond B.


Ed Dosman

Real Estate Investor from Larchmont , New York

Feb 14 '10, 10:40 PM


FAB, are you buying home in Fairfield or New Haven county ? Email me....I have questions/info for you.......

Thanks !


Edited Jun 26 2010, 11:39 by Administrator: Email address removed from post


Linda B.

Real Estate Investor from West Hartford, Connecticut

Feb 19 '10, 12:46 AM


Thanks for posting info Raymond.

You can also join the group http://www.biggerpockets.com/groups/226 . I post upcoming events that may help you find the right person in Connecticut. I also post the meeting on the biggerpockets Events section. Good luck.


Edited Jun 26 2010, 11:43


Fab P.

Real Estate Investor from Central, Connecticut

Feb 19 '10, 03:11 AM


Here is a link:
http://www.ctreia.com/index.php

Click on the link, and then click on: Investors Corner, and then click on:
Service Directory, and then click on:
Attorneys.


Will definately take a look....will be in touch. Thanks for the info!

FAB, are you buying home in Fairfield or New Haven county ? Email me....I have questions/info for you........


I'm located in Central CT.....focusing on the areas between Meriden & Hartford

You can also join the group http://www.biggerpockets.com/groups/226 . I post upcoming events that may help you find the right person in Connecticut. I also post the meeting on the biggerpockets Events section. Good luck.

I'm in!


Edited Jun 26 2010, 11:43 by Administrator: Removed email from quoted post


Fab P.

Real Estate Investor from Central, Connecticut

Feb 19 '10, 03:25 AM


Quick Update:

Buyers list has grown to about 8.

Bandit Signs will be arriving in the middle of next week....will be adding yellow letters to the marketing plan and using these two cost effective strategies exclusively in the beginning.

Have made contact with Hard Money Lender.

Have also been following Ron Legrand's Methods.....i like his no-nonsense style....and it doesn't hurt that most of todays gurus got started with his teachings.


Edited Jun 26 2010, 11:43


Fab P.

Real Estate Investor from Central, Connecticut

Mar 03 '10, 10:58 PM


***UPDATE****

Just came back from interviewing a real estate attorney. He had never heard of assigning contracts or doing double closings. As I recited back to him information from this forum and other information I've read in regards to the process, he understood what I wanted to do and even offered to review/revise my buyer/seller contracts for free.

During our two hour conversation at his office he mentioned that his wife is a rehabber/investor and they have brought lots of properties in the last 40yrs. He got a HUD1 statement out and walked me through what & where everything would show based on this type of transaction.

$1,000 is what he would charge to pull title (done in house) and do all buyer & seller paperwork...all payable at closing. If the deal doesn't close....he doesn't charge for any upfront title work etc. He's comfortable with doing a double close if I need to initially "hide" my proceeds at closing.

The one thing that he did ask is how I would handle property taxes, water & sewer in the contract. Most contracts I've seen only have "buyer to pay all closing costs, minus any unpaid taxes, liens or mortgages". So my question is, how do you all address property tax proration or credits for water and sewer payments in your contracts?

The one thing he was sort of hesitant on is when I brought up recording my contract with the seller ($53), in the land records to protect my interests during the period of the contract. He thought it was unnecessary due to the short length of time of the contract. Any thoughts on this?

He did mention a possible alternative to the recording of contract, basically having the end buyer/investor sign something similiar to a non-compete with a penalty of whatever my assignment fee is to prevent the end buyer/investor from trying to go around me after I gave out the property address etc. Not sure how this method could be enforced, I'd rather cloud title (ounce of prevention) than pursue through the courts (pound of cure).

Well that's my update for today.

P.S. Bandit signs are here and will go up tomorrow night. All calls are going to my cellphone...with the new 69.99 unlimited plans...this seems to be my most cost effective option at the moment.


Edited Jun 26 2010, 11:54


Jaremy Moritz

Real Estate Investor from Houston, Texas

Mar 03 '10, 11:58 PM


Fab,

Sounds like you found a good attorney. (There's an oxymoron if I've ever heard one... no offense to any attorneys on here. :)

Property taxes shoud be prorated through the day of closing. I always have my sellers cancel their sewer and water accounts after closing. The buyer should open their own accounts.

It's up to you whether or not you feel the need to record your contract with the Real Property Records department. The reason to do it is to protect you, not only on your "sale" but also on the "buy" side. I've had sellers decide not to sell right up until the day of closing. By having the contract recorded, at least you'll protect your interests if this should happen to you.

In contrast, having your buyer sign a non-compete agreement will do nothing to protect your interests if the seller backs out of the deal.

Personally, I'd just record your contracts. If a buyer screws you over and tries to back-door you, sell the deal to someone else.


Edited Jun 26 2010, 11:54


Eve B.

Real Estate Investor from stamford, Connecticut

Dec 14 '11, 08:13 AM


hey all:
I know this is a an old thread but I'd love to know how did it work out with your Attorney in CT Fab? (Im actually in CT and for the life of me cannot find an attorney who has experience in dealing with double closings.)
If anyone else has any suggestions on investor friendly attorneys that can handle CT please chime in;)

Sincerely
Eve



Shawn Vassel

Real Estate Investor from Connecticut

Dec 16 '11, 02:02 AM


I live in CT as well and was wondering if its best to use a Title Company or Attorney or does it not matter?



William D.

Homeowner from

Dec 20 '11, 05:06 PM


Shawn, in CT attorneys act as both title agent and settlement agent. We are not a title company closing state. I believe this will become a trend as I think Mass just swtiched to a attorney closing state.



Shawn Vassel

Real Estate Investor from Connecticut

Dec 21 '11, 08:28 PM


Thanks for the info William. I wasnt aware of that.. I see that you are in CT and im not sure if you do wholesaling or not but would you be able to recommend a competent and knowledgeable closing attorney??



Raymond B.

Real Estate Investor from Wallingford, Connecticut

Dec 22 '11, 03:28 AM


Shawn,
If you're in the Wallingford area:
Attorney Norman Fishbein, S. Main St., Wallingford Ct 06492

Raymond



Shawn Vassel

Real Estate Investor from Connecticut

Dec 22 '11, 05:24 AM


Raymond thanks so much man. Im in the Hartford area which is only about 15-20 minutes from Wallingford. Ill look up a number for him or try and pay him a visit on a day im free. I really appreciate it.



Jeb Z.

Norwich, Connecticut

May 29 '12, 03:14 PM


I'm looking for a new attorney near the shorline, any referrals? CTREIA only list paid advertisers and the one or two I've called over the years haven't been that knowledgeable or willing to take on complicated matters.



Aaron Clark

Danbury, Connecticut

Apr 30, 07:04 AM


They don't exist in ct .. It's too struck here.. Go to Florida !!!



Michael Noto

Southington, Connecticut

Jun 20, 12:44 PM


if anyone in the Hartford or New Haven areas of Connecticut are looking for a competent law firm that handles all kinds of real estate transactions PM me and I can give you the name and contact info of a good one.



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