What To Do Next.
Hi again.
I've basically spent the past several days reading about wholesaling, especially the posts on this site.
From what I can tell, there may be a few problems. I remember reading that threre are title companies who don't do double escrow, and have even heard the term 'seasoning'.
While this sounds a bit discouraging, I'd like to know what the real deal is so I can continue on my lengthy pursuit toward leaving the rat race.
Any help would be appreciated.
I'm unsure how to respond to this. Yes, there are some companies that have a problem if the owner has been on title for less than 6 -12 months. This being said I'm told there are companies who have no problem with it. Now with all that in mind, in most cases you don't need to be on the deed in order to wholesale the deal. So, everything being said, I don't think there's really anything to worry about. Look at all the people who are doing this for a living...it doesn't seem to be impeding them. So now that your question is cleared up, are you going to get out there and start up your investing or come up with another reason to not do it?
I say that half in jest, but it's true. There will always be some reason one could come up with to not get out there and just do it but the truth of the matter is that the best way to get started is to just get out there and jump into it.
Ryan J. Schnabel
There are lots of problems. Far more than we expect. But somehow, the years roll by, and the properties increase in value, and it all seems worthwhile.
So keep reading. But some tapes. Don't give up. A few days of study is a good start. A few weeks and months will be better.
This is one of the feastest raods to wealth - but it isn't problem free. Just get stubborn and keep at it.
Yesterday, I had an agent send me an email telling me to stop wasting his time. After I trashed rather than send my irate response, I opened another email from another agent, telling me that his client my entertain my low-ball offer ... if his shakey escrow doesn't close.
I keep reminding myself that it will only take one good deal to make me smile for a year.
MarleneM
Visit as many Title companies as needed until you find one who understands simultaneous closings in a creative way.
Make an appointment and ask questions, and you will get an understanding of the process and what their requirements would be.
Seasoning will be an issue when you retail properties, or when your buyer goes FHA on his financing.
So always ask your buyer first as to his moneysource, and decide whether you want to do the deal with him/her.
Hope this helps a bit.
[addsig]
I can never think of anything more to ask than, "Do you do double closings?"
What else should we, as beginners, be asking?
That may best be answered by, "just go and see what the answer is to the first question." I can understand that thought, but I don't want to waste their time nor my time. Especially their time.
Thanks
eric
This definitely clears up the question.
I'm looking to get rid of obstacles, not hide behind them.
I just want to prepare myself for what may happen once I start, that's all. Forewarned is forearmed....