All Forum Posts by: Jamie Parker

  @Justin Sullivan is correct sending money to someone using the same banks as you is much easier right now. I went to the bank earlier this week, attempting to set up a bill pay on a seller financing property I recently closed. The banker told me that the account that I am sending the bill pay to has to be an account with my name on it. Confused as if I can do an external transfer, even wires are tough as well. 

@Fili Aguirre but yes wire transfers are same day transfer to different banks thru the ACH system and usually comes with a fee around 30 bucks (as far as I know, not a banker). Bank transfers are account to account within the same bank. IF you opened your account in one place and someone else opened there account in another place but same institution. Same bank but the numbers get off when for each individual bank tho they are the same. same same but different lol

@Steve Wolfrey

 My mistake on the last post. Moving too fast. Would Private lending be an option? 

Could I get more information about ur products? 

 I know a Private lender I could refer you to if interested 

 Taking a contrarian viewpoint, The more the expensive the funding the least likely someone would seek to utilize debt. I feel as if it is a measure to stabilize the banks balance sheets. I don't understand the approach to be honest. Makes me think what's the point of working hard, seems if you just wait long enough the admin will benefit mediocrity. 

Make it reasonable for lower score people to have an on-ramp but not better than higher scores that have worked hard to get where they are.  im with you @Evan O'Brien Ridiculous 

I know a private lender that I could refer you, if interested.

If interested . inbox me I can provide more detail. 

hello, 

How does your services work?

Closed on my First Property!!! 

This was a very trying experience for me. It took 3 months to get this closed on a property I've been looking at for nearly 6 months. Let me break down the title experience and what I learned. 

January

Under contract early January. $1050 EMD with Title. Closing set for 1 Feb. While staying in contact with seller, Find out about an environmental court date late January. Relay that information to Title, advised to wait till after new search can be completed.

February

February 1: No Closing

Takes a couple weeks for title search to return with updated environmental court information. Environmental Case dismissed and I am to be monitored by the court during rehab process. Still not sure how I feel about doing this or not, but let's go!!!

March

March 1: misread the ALTA. Wire was $1050 short. Bummed. Actually, first time seeing ALTA statement. As a wholesaler, I would get a HUD-1 if the buyer kept assignment in the transaction. I saw all the numbers and decided to do my own math. Bad idea. However now I know what to look for and will make the call if there is a misunderstanding on my part.

Spoke with the seller and offered to pay first payment of the note at closing to which it was agreed to. Scheduled closing for 3 April.

Because Closing would be on a monday I decided to deliver cash to bank to wire the funds early. March 29. Get to the bank After 230 so the wire has to wait till the next day. (local community credit union). March 30 Bank calls and my account is frozen. No Expected date when funds will be release. 

April

April: Extremely bummed, almost didn't want to get out of bed. No word from the bank about my cash. Get a call from the Title, "are you closing today?" So I go by and sign papers. with a 48hr funding period. but mostly up to the seller's discretion. 

Side note. Because the rapport I built with the seller and the property is pretty much a dump, seller is ok with whatever happens as long as they will be released from the head ache. And the seller called to tell me to keep my head up. There is a lot going on. And I called the bank every day to know any updates. 

Bank released the funds, was able to closed the property and now its done!!! but it's only the start ultimately. Now that I understand the process and how I messed up. The next one will go smoother than 4 months to close, but I guess in this market, fixing someone's headache is extremely valuable.