All Forum Posts by: Duane Ortega

@Christopher Arnold

You can most definitely double close.  I have funded numerous "same-day" double closes in California.  We can also give you several names of escrow companies with whom we've worked.  "Same-day" in California occurs actually in 2-3 days depending on the closing times and how fast things can get recorded.  Conditions are still the same - you still need an end buyer and buyer's funds must be in escrow first thing on the day of closing.  Feel free to lookup my profile and contact us.

Good luck,

Duane.

Actually, I have clients who have made 10-20K off the top of my head by wholesaling HUD homes. I believe you would relatively still put the same effort in as wholesaling distressed properties to find the "diamond in the ruff" since you will have competition. It also depends on your work ethic and preferences.

@Aaron K.

We can provide transactional funding for same day double close wholesale flips. We can also provide the POF, but it's for wholesalers who will actually use our funds. It sounds like if you do get a POF, you will not need transactional funding is that correct? If so, I'm sorry I don't think I can help in this scenario. Otherwise, we can. Feel free to lookup my profile and contact us.

Good luck,

Duane.

@Justin Rodgers

I have funded many HUD transactions in a double close. You can get free proof of funds from my website as long as it is for legitimate double closings. We also have a video case study on HUD transactions under our "Press" page which will be very helpful for you. Feel free to lookup my profile for our website.

Good luck,

Duane

@Smith Robin

Welcome!  Feel free to lookup my profile for my website's "Press" page for some helpful videos on double closing which is one of the strategies to wholesale.

Good luck,

Duane

@De Andre Little

If you want to double close, most double close funders such as mself would require you to be an LLC due to various reasons but most importantly to be subject to commercial lending laws vs. residential lending laws. We've close a number of double close transactions in TX, and they have all been with title companies. Look up my profile and email us for a list of title companies with whom we've worked. They also may be able to guide you re contracts and such in your state since most are owned by attorneys.

Good luck,

Duane

@Jim Means

I as a transactional funder can provide proof of funds letters as long as it's for a double close transaction.  We can also provide you with the money (transactional funds) to close on the first transaction.  We can also provide you with a list of title companies with whom we've worked in the past in Texas.  Not sure how close they are to Smyer, but it's a start.  Feel free to lookup my profile and contact us or go to our website for our proof of funds.

Good luck,

Duane.

@Chad C.

@Chad C.You will pay % whether you go hard money or not.  I don't know of any hard money lender who can lend you something within on the day or next day of your application.  Transactional lenders such as myself usually transact both sides on the same day.  My 2 cents is to go with @Bill Devola 's advice and sweeten the pot to the cash guy.

Good luck,

Duane.

@Daniel Patton

You pay the realtor as per your agreement in either scenario.  You disclose your plans and give them incentive to transact with you/give you more business going forward, and that is usually done by telling them that you will pay them twice for a double close or once for an assignment.  You may choose not to do this, but if you do, it is unlikely they will be motivated to give you anymore leads.

The assignment may be paid by the seller or buyer as well depending on your agreement with all parties.  Bottom line - negotiate whatever is in your favor even if it means sharing the pie twice.

Best wishes,

Duane.

@Luis Salavarria

@Luis SalavarriaLookup an attorney through AVVO or ask local REIA members.