Coldspring, TX · Member since 2014 · 25 posts · 13 votes
Can anyone recommend an investor friendly title company in the Conroe, TX area? I made several phone calls yesterday and when I mentioned "wholesaling", "assignment contracts", and "double closings" it was like a whole new world to them. I had to explain the best I could what I was talking about. I heard the terms "shady", "fraud", "illegal flipping", and "I'll have to get back with you when I find out more information on this". Ive been reading, watching videos, reading articles, blogs, etc trying to educate myself on wholesaling part time and if successful move up to buy/rehab/sell/hold. After the depressing calls I had yesterday my month of studying may be all for nothing. Any help much appreciated!
Investor · Dallas, TX · Member since 2014 · 51 posts · 20 votes
12y
Jeff,
Unfortunately first things first.. you need a team(closing agents, lenders,etc..) that understands what it is you're doing.
To answer your questions about closings.... I only have one answer for you since you're in Texas....
Gaylene Lonergan, Attorney
Capital Title Co.
She understands Land Trusts, Simultaneous closings...etc...(not easy to find btw...) and a very sweet and personable lady!
Just tell her Angel sent you.(she'll call me anyway) and let her know what you are trying to accomplish. It's that easy. (No .. I get no kickback or anything nor do I want it from her!)
Her fees are negligible.(don't try to negotiate)... she's worth EVERY penny and VERY reasonable!
She just closed a deal for me that was nothing short of a ridiculous pain in the a$$ that went on and on with "other" title companies(that have no clue what a trust is) and not my choosing.... btw.... ;(
Specialist · Las Vegas, NV · Member since 2013 · 639 posts · 176 votes
12y
Jeff, title and insurance companies like to get their money easy. Anything that sounds like hard work, they just run for cover. When you're being creative, as you obviously are, you have to have a relationship with the people you're working with. I would suggest that you should try finding a lawyer who's interested in real estate and has some experience to get you started. They should be able to point you at a title company connection.
This will cost a little extra, but the cost should be built into in the deal.Best of luck with it.
Specialist · Houston, TX · Member since 2012 · 579 posts · 301 votes
12y
It also depends on which county the property is located in as to which Title company has 'plant' in that county. I use Driggs Title in Houston or Arcland as both are very investor friendly and understand Assignment of Contracts and wholesaling. They can do Harris, Montgomery, Chambers, Brazoria and others but not Liberty or Trinity. Stewart Title is the big dog that can do just about anywhere but unless you know the escrow agents, you'll need to go in and talk to them to see if they can do what you need.
There is nothing illegal about 'flipping contracts' and the TAR commercial contract even has a checkbox that lets you signify that the "This contract is assignable" though many agents are unfamiliar with the process.
And just FYI: you cannot double close where you are trying to use the end buyer's funds to close the first transaction. In those cases you will need to bring in funding for the first closing then do the 2nd closing. Driggs will prepare "Blind HUDs" where the seller and buyer each recieve a HUD statement that only has their part of the transaction on it so the assignment fee will only show on the end buyer's side, not on the seller's side.
Coldspring, TX · Member since 2014 · 25 posts · 13 votes
12y
Thanks Belinda, My area would be Montgomery Co(Conroe/Willis area). Is Stewart Title in Conroe? I haven't been online looking this morning. I was hoping to find someone in Conroe and not have to drive all the way to Houston to close. I actually live in Coldspring. More NE bout an hour from Houston. I suppose if I'm making 3-5k on a deal I wouldn't mind doing that I'm just looking out for my seller and buyer. That might be very inconvenient for them. Thanks again!
Rehabber · Houston, TX · Member since 2011 · 21 posts · 6 votes
12y
Jeff,
Stewart Title is in The Woodlands and we have used First American Title. It looks like First American has a branch in Conroe, but I don't have any experience with that branch. We have used the one off of Cypresswood.
Coldspring, TX · Member since 2014 · 25 posts · 13 votes
12y
Thanks Jonathan. I called Stewart in Conroe the other day along with several others. Stewart never really gave me a definite answer. Seems like the lady I spoke with wasn't so sure about the assignment contracts. I have First American wrote down too but with no remarks by their name so I'm thinking they were a GO. I really need to take a day off work and just go visit them and show them my contracts. I've read on other websites that cold calling title companies isn't always the best route, which I'm finding out, and that you should just go talk to them in person.
Coldspring, TX · Member since 2014 · 25 posts · 13 votes
12y
Someone else had mentioned StarTex to me. The areas I want to focus on are the Northern side of Conroe and Willis area. I know Spring isn't that far from Conroe but I want to make it convenient for all parties involved. I need to follow up with the title company here in Coldspring again(in person). I feel like I could get some business on the West/Southwest side of Lake Livingston. I do a lot of driving with my current job and see lots of places so that is a plus for wholesaling. I still have to get my team together before I can get to work. Title co, buyers, couple of realtors?, etc.
Coldspring, TX · Member since 2014 · 25 posts · 13 votes
12y
Paul , how can I get a list of the typical rehab cost for a SFH in this area? I only have a general idea from what ive read in my wholesaling course and you tube. Since you are local what better person to ask. Ive also read on many sites that underestimating cost(through lack of knowledge) is one of the biggest mistakes made by wholesalers and new investors. Any help is greatly appreciated.
Dalhart, TX · Member since 2013 · 32 posts · 4 votes
12y
Jeff Green I'm in the Conroe area also. I spoke to a RE attorney in Conroe last week who suggested Old Republic Title. Call and ask for Jennifer Holman.
Houston, TX · Member since 2013 · 1k+ posts · 114 votes
12y
Remember Jeff you don't have to have a physical closing. I'm in the Houston area and just wholesaled a property in Dallas. My buyer was in Dallas and seller lived in League City. I never seen either of them. My title company Homeland overnighted the paperwork that needed to be notarized. Everyone wins!
Coldspring, TX · Member since 2014 · 25 posts · 13 votes
12y
Are you kidding me? Its that easy? You must have a very good title company. I was under the impression that all parties had to show up for closing. So you are saying as long as all documents are notarized then the title company is happy? I have so much to learn! Great info Marlon! Much much appreciated!
Coldspring, TX · Member since 2014 · 25 posts · 13 votes
12y
Marlon, is this a common practice with your title company or did you have to build a good rapport with them first? Since I've never done any type of closing at a title company is there more paperwork to be filled out besides my P&S contract with the seller and assignment contract with the buyer? I'm guessing this is where the HUD-1 comes into play? Both parties sign, buyer hands over the check to title company, everyone gets paid? In your case , the title company overnights to the seller(HUD-1?), seller notarizes, sends it back to the title company and they overnight it to the end buyer, notarizes it, back to title and everyone's happy?
Investor · Dallas, TX · Member since 2014 · 51 posts · 20 votes
12y
Jeff,
Unfortunately first things first.. you need a team(closing agents, lenders,etc..) that understands what it is you're doing.
To answer your questions about closings.... I only have one answer for you since you're in Texas....
Gaylene Lonergan, Attorney
Capital Title Co.
She understands Land Trusts, Simultaneous closings...etc...(not easy to find btw...) and a very sweet and personable lady!
Just tell her Angel sent you.(she'll call me anyway) and let her know what you are trying to accomplish. It's that easy. (No .. I get no kickback or anything nor do I want it from her!)
Her fees are negligible.(don't try to negotiate)... she's worth EVERY penny and VERY reasonable!
She just closed a deal for me that was nothing short of a ridiculous pain in the a$$ that went on and on with "other" title companies(that have no clue what a trust is) and not my choosing.... btw.... ;(
This is the second title company that I have done this with actually. If you just call the title company and ask, "What happens if seller/buyer can't make it to closing" They'll tell you the process that I just mentioned. You have it correct, they overnight all forms that need to be notarized and buyer needs to wire money.