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I am new at this. I live in Texas and I am an Investor trying to do a short sale’s with transactional funding. Have any of you done anything like this? What are the laws? What all do I need besides the seller and the end buyer? Can anyone help me?
I would look for a bank or credit union with no seasoning and build a relationship with them.
Transactional funding or private funds only as last resort.
My Credit isn’t that good at this present moment. I am changing that. I have found a transactional funding company online that can do my deals with no credit check or anything. The site is called tempo funding.com. I am looking for more buyers as well. Do you know how I can find buyers? Do I need any license to do this?
I am trying to start out by doing short sales and assignment of contracts. I have found several homes that are way below market value. Some of these homes don’t need any rehabbing. I would like to do a short sale and make $30,000 or more on some of these deals. I would like to do this with a short sale if possible. Could anyone point me in the right direction? I have a Title Company and a Transactional funding company as well. The Transactional company base everything on the deal. I have found homes and commercial property that is $10,000 to $50,000 and some are valued at well over $200,000. How can I structure a deal to cover my transactional funding fee’s and still make a great profit? How would I go about finding the right type of buyers?
Because of the restrictions and fraud in the mortgages it kinda hard to find transactional funding nowadays. Back to back closing can be one way of closng short sale transctions.
Transactional Funding is the best way to do the transaction and satisfies the A to B to C closing. You are in the right track and you can profit greatly from the efforts you are doing.
I would highly recommend contacting Ted Akers -he owns Investor Funding. I’ve had the pleasure of speaking with him a few times and he is highly knowledgeable on the topic. PM me and I will provide you with his contact info.
I highly recommend Ted as well he Rocks. I send everyone to him. Check out his site you can get a Proof of Funds in 2 minutes!
Good to meet you
Why do you need transactional funding? Learn how to double these things without it… If youre having a hard time with C funding A then youre doing it wrong and using the wrong closing company…
Good luck
Michael
So I don’t have to use my own money or credit. Do you have any other idea’s?
What’s the best and quickest way without using my own money or credit?
Michael is correct you don’t need transaction funding if you have the correct Title company. They can hold C buyers money in escrow and use it to fund buyer A
OK Thank you. I will look more into that then. What’s the best way to get buyers? I have a few. I called some ads I saw and know a few investors. I am in Texas and don’t want to use my credit and want to do a deal the best way I can without having to use money or credit at this moment.
Nerf Bat! When you are standing in line wating to check out at the store look for a person with a American Express black card! Club them over the head and tell them they are about to buy some houses! Best thing is a nerf bat will not leave bumps or bruises!
OK just kidding about that. I think that is the first time in History where Nerf Bats and Investing in Real Estate have come into the picture in the same post…
Depends on what your exit plan is Are you looking to Double close to make all the dough or find deals for other investors or cater to subprime or or or ? I just have different ways of marketing to all of them. And personally I do all of them. Always keep in mind you should have more then one exit plan.
Michael and Summit, Were you meaning to avoid the double close by doing a simutaneous close? Summit, I like and enjoy your sense of humor. Herbster
A double, concurrent or simultaneous close… As long as the time between deeds is nominal… As in seconds
Yeah you can always close with C first hold the funds in Escrow then use C funds to close with A. The problem is that I know that I have even had a few deals where the Title Company will not allow that. This is why I think Micheal said it before here somewhere. You need to work with your title company and make sure they are totally ok with it. Personally if you are 99% sure and not 100% I would use transaction funding anyway. The title company I work with knows me well enough that they will allow me to do this all the time. Then again I have been working with them for 14 years so we have trust built. Also I know that if there is a issue I can get the funds in a matter of 30 minutes.
Lesson here is…
I Really should not post after 10:30 at night see the kind of replys you get!
Wow, Thanks for your help everyone. I have some stuff going now. I am setting up a buyers and a sellers site today. So I think That would really help. I do have a Realtor to work with as well. Or do I just need a title company? I have looked online for a some title companies in Dallas. Does anyone know of a good one?
My favorite thing about this response is that he is 100% serious!
Definately look for a title company but maybe try to find an attorney with ATGF (google it).
I used an attorney with them in the past when there was no title company in the area that did simo closings.
I guess what I don’t understand is how you can sell a property that you don’t own? If your not the owner of record how can you get the C buyers lender to approve the deal? They will see that you are on the contract as the seller, but on the appraisal and title the actual owner of the property will be listed.