Number one, thank you for this site, I have been looking for something like this for a while.
Number two, I have been looking into being an investor but thought i should start at the bottom and learn my way up. What are the main things that you teach your property finders? I have extensive constructions knowledge and worked in the Mortgage lending field for a little while so finding comps is second nature to me.
Big question I have is title search, I know i will need to do this, but do i pay for it, the investors, is there a way around paying for it and how do i go about doing this?
ps. I almost bit hard on that Noveau Riche thing, but instead have been consistently reading real estate books from the library (I really love this site’s book recommendations)
You could always learn how to do a title search yourself, but is it worth it? If you build up a relationship with a title company you can probably get them to work out a deal with you and it will be well worth the time you save trying to do it yourself.
Investing in real estate is a business and title searches are part of your business expense. It shouldn’t be that big of a deal.
can you elaborate on your experience at the Nuevou Richie thingy? I wish alll of us would get together and share their experience about all theese gurus and their sure plans for your success. I am from Southern california and I came accross a Guru named Virginia Swanson. I do not think I met worse looking self righeous know it all woman in my life. Just her appearance gives it all away. I contacted her for some coaching and became systematicaly succed into her system along with my wife. I was wise enough to check her out on Better business bureau of which she is not a member, but where she is well known as a con artist. She received an F rating F being the failure( just like in school) and many reasons for not recomending her to do business with. Guess what. She successfuly lectures to Investment clubs in the Glendale, Duarte and Inland empire investors clubs and she is being presented as the self made millionaire comming poor from England…yatty,yatty,ya. I heard one of her lectures and I left totally discusted. She schemes tons of people with coaching. She locks people into LLC where she has at least 50% share but uses only their money to invest. One of her ex-employees posted a complain on the net, saying that she owns no real estate in her name, she is supposetly using her students to carry her real estate in their name Do not know how she does it, but that is the word out there.
By the way if you search for " Title abstractors" in the search bar, you get some schools that will teach you this stuff for about $150. I do not know about the quality or whether to take an on-line class or classroom class and how much you get oput of it, but it is an option for you. I was thinking about it too, just to be more knowledgeable.
A title search costs $75-$150 through a title company. If you are at the point with a possible deal that you need a title search it is well worth the money to pay to have it done. Plus your too busy to be messing around with that stuff… leave it to the pros!
I wasn’t necessarily fretting about it, its just I am hooked up with about 4 investors in the Chicago area, and in a preliminary contract given to me there was a list of things needed to get paid finding properties with them, and one of them was the title search. This is why I wanted to know more about it. I was also wondering what is usually asked of from property finders in everyones experience.
From what I am getting from everyones postings (THANK YOU VERY MUCH BY THE WAY) is that this should be one of the last things done (or if at all)