All Forum Posts by: Alicia Shaffer

Odd question... does anyone know of any alternative routes for getting funding for a commercial property? Property is an operating chicken farm (chickens net over $90k income/year) with an operating pet boarding Kennel (nets over $100k per year) along with over 80 acres of tillable land, a newly renovated 4 br/3 bath 2500 sq ft home, large (100x200) shed/building/garage and separate office building (12x24) for Kennel. Asking price is $1.1 mil. So down payment or equity would need to be $220k. Are there any creative ways to get this money through private lenders, etc for the down payment? Any suggestions would be greatly appreciated!

Originally posted by @Chris K.:

@Alicia Shaffer

What exactly is the issue that's preventing you from closing with your title company? From what I can see, many title companies object to: (1) the wholesaler not paying the second set of realty transfer tax; or (2) the wholesaler not bringing any money to the table. Are you dealing with one of those situations? Note that most "good" title companies won't budge on item 1 because it's arguably tax evasion. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

 Chris, 

I have not yet "tried" to do any deals with the local title company, but I have heard that you want a title company that is investor-friendly. 

Interested to learn more on this subject. I am struggling to understand how you would need insurance beyond liability insurance when wholesaling. You will only have possession of the property for 24 hours, at the most (assuming you are even doing a double-close and not assignment of a contract) as a wholesaler. Is it really necessary to have theft insurance or otherwise to protect against weather/theft/etc for that short amount of time? 

Are you technically responsible for the property once it is under contract? I am still somewhat new to all of this and looking to learn... this just seems confusing.

I am working in central PA (Williamsport area) and am having a hard time finding a title company that is familiar with wholesaling, double closings, etc.  

Any suggestions or recommendations would be great! A title company that also acts as an Escrow agent would big a plus.