How to quickly buy with cash

Question

Hello Everyone!

I am a new investor and closing on an FHA duplex soon that my wife and I will be house hacking to start out our investing career, super excited about that!

My plan is to progress further using the BRRRR strategy and finance the initial buy and rehab with cash from HELOC's borrowed from relatives. One thing that I need to research further is the process of buying a house quickly with cash. What is the process like buying quickly with cash and what kind of contracts/forms are needed? I am currently searching for attorneys to work with but would really like to be able to tell them what I need rather than asking questions and spending a lot of $$/hour.

Even pointing me in the right direction with my research would be great as I'm a little bit at a loss as to where to start. I know BP is a great place to look but have only found articles and threads that talk about the strategy of quick cash buying and not the nitty gritty details of everything that goes into it. And where can I find the correct contract/forms needed, is this something the attorney will supply, or something I can provide and they can look over and use?

Thank you all so much for any insight or response!

Brent Coombs · Answer

@Eric Davenport, congrats on your start. I agree with Chris. If you feel you must worry, worry instead that your all-cash offers are as low as possible (because you'd be paying cash), and, that your juggling with your relatives' HELOCs will proceed smoothly, in a timely fashion. Cheers...

Chris Sellers · Answer

Eric,

Congratulations on the duplex!  That's how I got into the game, great experience.

You might be over thinking this quick closing with cash idea.  I've closed 30+ cash deals and never thought about it much.  My realtor just contacts the different attorneys he deals with (depends on county and type of deal) and they close in about 2 weeks after I sign the contract.  I never meet the attorney, all by email and sometimes phone.

In my experience, closing attorneys close on time about 50% of the time, and everybody sort of expects this bad performance from them.  They routinely chase documents in the final hour instead of upfront and fail to secure the proper paperwork on time.  Nobody really sweats it.  If we see it's going to go past the contracted closing date, my realtor sends out an addendum to buy a few more days.

I used to get pissed off at them, but now I just see it as part of the process (like the DMV).

Good Luck!

Chris