All Forum Posts by: Duane Ortega

Thanks for the feedback FinanceExaminer. I am new to BP and will try to do so. I thought I put in the nuts and bolts previously but had that removed so I am thankful for the guidance. I PMd Jon the moderator and he advised that my tone should be "this is how to accomplish this" which is what I thought I did above.

Thanks,
Duane.

To continue on above... here's how you can resubmit this based on my experience:

Get a POF that cannot be tied to a transactional funder and couple this with a bank statement of available balance, not just screenshot or monthly statement.

When our client did this, it was accepted with a short sale approval.

Hope this helps,
Duane.

My 2 cents: For getting buyers or building a buyer's list, I've often heard that going to the sheriff sales is one of the better ways. All those folks are cash buyers and they're not afraid of properties needing work.

Vena Jones Cox is a veteran wholesaler who has been around for a while. She has many techniques on how to find buyers and wholesaling in general.

Once you get your buyers list, then you are ready to wholesale REOs or basically anything.

For REOs or anything not assignable, you may need to close on it first then sell to end buyer. I can help with that as we can fund 100% of your purchase of the REO as long as you have an end buyer. Contact me (see below) should you have any further questions regarding transactional funding (disclaimer: I'm not a wholesaling expert. My 2 cents above is what I've heard from other investors).

Thanks,
Duane.

I'm a transactional funder who funds back to back closings. JScott is right to suggest to do back to backs vs. simultaneous.

[solicitation removed].

Yes, we would recommend to get title insurance even though it's just a second that the property is in your name. Besides, we can cover the title insurance cost for you anyway and you net cost for title insurance would be minimal. For example, if title insurance costs you 1K. We would fund that 1K as part of 100% financing. At our rate of 1.75%, that 1K title insurance is actually only costing you $17.50 from your net profit.

Hope this helps,
Duane.

I fund transactions nationwide but not yet in Oregon. I get the same questions (if back to backs are illegal) from different states and heck, even in my state of NJ.

My 2 cents: Most people just say no because they don't know enough about the topic. In your case where the title company said no due to underwriting guidelines, I would challenge that and speak to them as JScott recommended.

I have a closing today where the title company said that they have to disclose both AB and BC HUDs to BOTH lenders (shortsale lender and C lender). However, after the B investor attorney told them and showed them that B investor disclosed his intent in the contract to resell for a profit, the title company withdrew their request.

Perhaps this may be where the title company is coming from.

If they're still adamant in their position, try some other title company as SolidReturn suggested.

Lastly, keep shopping for an investor friendly professional (atty, title company, ...). This actually works if you persevere.

Hope this helps,
Duane.

Hi Maryann,

I just asked the question from the creators, and here is their reply regarding the Dovetail Method:

Copyright (paperwork is actually in Library of Congress in Washington DC) - documents, written material, ... for Dovetail

Trademark - registered TM with a number of terms involved with the Dovetail Method.

Patent Pending - overall process of the utilization of using revocable living trusts in an AB to BC transactions; that process has pending US patent; think this may be a first in the realm of real estate investing.

Does this answer your question?

Hi everyone,

I am a transactional funder and recently had this same exact situation as Logan described.

[SOLICITATION REMOVED]

Lastly, regarding disclosure - yes, definitely disclose your intentions. This is key in the paperwork.

Hope this helps,
Duane.

Hello everyone,

I fund the Dovetail creators' back to back transactions regularly. Currently, I am funding an FHA end buyer transaction for them and their students close with Dovetail for BofA deals.

The Dovetail method was created by John Grant and Jerry Ballard. They're SREC coaches and offer this product along with Jeff Watson and Josh Cantwell.

[solicitation removed]

We don't see other trust closings other than Dovetail currently so this may new to some and not new to others as Maryann stated above.

However, my mantra is, it never hurts to listen and maybe learn something.

Best wishes,
Duane Ortega.

Hello D G,

We are also transactional funders who offer up to 40 days which should be enough to get you around 30 days. We also offer 1-3 day back to back funding.

Shop around, do DD and feel free to contact us.

Luiz,

Regarding back to back, you can still do them with revocable living trusts which are a bit different from land trusts.

I fund clients who do these back to backs even to fha buyers.

So if you find buyers who qualify for a loan, this would be a good strategy to go with.

Contact me if you have any questions.

Thanks,
Duane.