Wholesale help with title companies, etc.

2 Replies

I have locked in a home to wholesale but now need help on what to ask title companies to see if they are investor friendly so I know which one is the best option. I also am curious if it would be better to allow investors to bid on the contract and assign it to them that way, or just do a contract for the purchase of the property and then assigning the contract for a little higher amount. Any info and help is appreciated. 

@Austin Ralls Your post has a few holes. 1. What do you mean by “locked in”? Do you have the property under contract? If you have it under contract then that contract should be at a title company. 2. Do you know what an “investor friendly title company” is? How will you be closing the deal? An assignment or a double closing? 3. If you dont have the property under contract then making investors aware of the property increases the likelihood that one of them will go around you and put the property under contract since you dont have it under contract.

My advice is that you take some time and get your process figured out before you go around writing contracts and trying to figure things out after the fact. You need to Know what your exit strategy is for your contracts...once you know that you can speak intelligently to title companies to find out if they do the type of transactions you are interested in. You need to have buyers. You need to be able to accurately run comps and determine ARV and put the properties under contract at a significant enough discount to be worthwhile for your potential buyers. From the sound of your post it seems like you are missing several important pieces.

@Lydia T. I am going to do contract assignment for my closing, I don't have the money to do a double closing so I will be going down the assignment path for my closings. I currently don't have a title company yet, I am calling around tomorrow to see which ones are investor friendly so I can talk with them about their process for it all. I know my post was very vague on what I was exactly asking for, I ran out of time typing it up before I had to get back to a meeting and was hoping I could get some starter info like you have given me to spark a conversation and go on from there. I am getting the property under contract as soon as I get my info gathered from the title company so I know exactly what they'll want from me when I come to start the process of wholesaling it. I haven't told anyone specifics about the property, just have gathered investors info so when I have it under contract I am able to send each of them the property info. With that being said, when I purchased my flip from a wholesaler, they never showed me the original contract of the property, do I have to show investors the original contract between me and the seller or can I keep that information private and only give them our contract of me assigning them the original?