Today, I am going to answer a question I hear fairly often. This one comes from Phil:
You are always talking about the importance of having an “investor friendly” title company for closing your deals… I am kind of a Real Estate newbie, but can you tell me why this is so important, how you find one, and how you will know you’ve found the right one?
— Phil Jernigan, San Diego
That’s a brilliant question about title companies, Phil! I happy to answer this question for you and willing to share with all of you investors so you can benefit from this newbie training as well.
So, What is an “Investor Friendly” Title Company?
This is a main player in your power team. Think about how much you depend on your agent when it comes to timeliness, profit, legalities, connections, trust, etc. I can’t stress how important it is to have a knowledgeable agent with which you build great rapport.
An investor friendly title company/ closing agent (or attorney in some states) should:
- Specialize in working with real estate investors to close transactions
- Have knowledge about wholesaling, double closing (simultaneous), hard money (transactional funding), and other types of transactions
- Commit to you willingly and be able to meet your demands
- Be someone you see yourself building rapport with naturally
- Have solid recommendations/reputation
So, How Do I Find My “Investor Friendly” Title Company?
One thing you should not do is just whip out the yellow pages…
Find your investor-friendly agent by:
- Talking to other local investors, especially other active wholesalers for recommendations
- Contact transactional lenders. They have many title companies in all 50 states that they can recommend for double closings
- Ask for a local referral in any of the wholesaling FB groups
- Reach out to your local REIA group. Information like this is often advertised in the news letter
- Network in real estate groups such as found on MeetUp.com
So, I have Some Recommendations, What Now?
Meet with these closing agents/escrow agent/ title or closing officer and have a casual interview. Shake their hand, get to know them, and just hang-out.
Ask potential closing agents:
- Do you work with real estate investors?
- Are you familiar with wholesaling?
- How often have you done double closes?
- Since I will be doing so many transactions with you, are you willing to give me a discount (Some will give you 25%-30% off closing costs)?
- Who else can you recommend to me (other local investors, hard money lenders, etc)?
So, How Do I Know When I Meet the Right Closing Agent?
Oh, trust me, you will know when you find “The One.” He/she will have all the right answers to your questions and you will get that warm and fuzzy feeling inside. Real estate investing although it revoles around property - it is very much a people business.
|As a veteran of the armed forces (NAVY), Cody learned that ethics, honor, and commitment can tell a lot about a person. After being released with an honorary discharge, he attended ASU, receiving a degree in Finance (Magna Cum Laude). Cody then received his real estate license 3 years after he first began investing in real estate because he was tired of working with horrible Realtors that were just trying to make a quick commission.|
Cody began focusing on different strategies to help clients Avoid Foreclosure. Cody worked with underwater owners arranging short sales. This led to the development of his Reverse Short Sale Secret. Cody continues to buy and sell millions of dollars worth of real estate every year. In addition he has created a series of free real estate investor training tools for new investors.
Cody trains and mentors a handful of dedicated investors. When it comes to succeeding in real estate investing, Cody grows daily and helps others to do the same. Cody breaks the silence on methodologies that have launched successful real estate investing careers. He explains the top four ways to amass real wealth using real estate whether you are a new or a seasoned investor. His approach is sound and his presentation is clear and concise.
Cody Sperber is recognized as one of the young guns of real estate investing. He thrives on encouraging and educating fellow investors. Cody Sperber's philosophy is to give you all you need to be successful before he ever requires anything on your part more than the commitment to learn.
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