Will a Title Company will pay a wholesalers assignment fee to a PayPal account?
Maybe I need to be more specific:-
I'm looking for a method by which to wholesale properties in the USA from NZ. One of the biggest issues I'm facing is getting a bank account for an LLC (LLC is no problem). The bank requires me to be present when opening the LLC's account.
If a Title Company is happy to pay an assignment fee (etc) to a PayPal account (or any other online financing processor), this could be the method I use to get the deals completed.
I suspect there may be issues with taxation (& other documentation), and would welcome input from more experienced wholesalers, or members who own/work for Title Companies regarding the info they require when completing the transactional process (single/double closings).
How do you plan on wholesaling from NZ ? The title company can fedex you a check or wire transfer .If you have an international bank HSBC you might be able to use your checking account or credit card .
Pretty sure you will not find a title/escrow company willing to distribute proceeds via paypal, at least not yet. What state are you looking at working in? Some states use attorneys for closings, and it may be possible with the right set up.
It's a great idea to wholesale virtually from outside the US. I do it myself.
I don't think setting up a US bank account would be too tough to do one time, if you're serious about this business.
In any case, I think the title co should have no problem with wiring funds to your NZ bank account. They'd send you USD, so you would have to set up a USD account with your NZ bank before you could receive the funds.
They'll need your SWIFT code for your bank and your account number (just contact your bank and ask them to send you all the info you need to forward onto the title co). But I don't see why this would be an issue.
@Jacob Michaels - thanks for the info - I presume this is how you receive your funds?
What about taxation, does the Title Co require an ITIN, or EIN etc. before wiring your funds? I'd be interested to understand more fully how the whole transactional process works.
@Steven Picker - I have a Bank of America account, a personal account.
Kristine Marie Poe - Florida - I'll check around BP to see who's offering those services.
Thanks of the feedback guys - invaluable.
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