OOS Investing: Earnest Money . . . How do you get it there?

2 Replies

So now that we're past the learning stage and have jumped into the action, it became very clear that getting earnest money checks out there quickly, when completely originated from the other side of the country, is either slow or expensive (fedex overnight for each offer).

There are options we've considered, but I'm wondering what the good folks of the Bigger Pockets community that do OOS deals prefer?

We can send a stack of blank checks to our RE agent, whom we do trust (and have relationships with him and his family outside this venture), but still, feels kinda wrong to send a stack of blank checks.  

We've got some family back in GA, but for various reasons spanning trust and convenience, none of those seem viable.

Wiring money?

Paypal?

Apple Pay?

I dunno, this is something we could have anticipated, I suppose, but we didn't and it doesn't seem a one off check or checks, multiple times a week, via fedex, is a pretty high capital expense.

Any ideas?

Thanks!

Hi

I am out of state, I leave in Israel. I do wire transfer directly to law company bank account.

They accept only wire transfer. it cost 30$ in bank of America and the money received in the same day.

Shiri

Send by check. If they need proof its in the mail then copy the check and send the copy via email. The expenses are a write off but why bother costing you more up front cash than you need to.

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