:shocked
I have been to the Rich Dad/ Wealth Academy Wholesaling class, and so far I know I need a investor friendly Title co. and I need to build my database of investors/rehabbers before I start finding deals. So where do I find an investor friendly Title co in my area (Northern California,Alameda County) and how EXACTLY do I build my database of investors? I also wanted to know how much do I have to pay Title co’s and how (hourly,commission, etc…)? The teacher at the academy kept referring to an “Attorney” to review my contracts, etc. But later stated that in California it should be Title co. I’m confused about that and can anyone help clarify?
One thing you should do is join your local REIA. Either they have vendor members who are title companies or you can ask the successful investors there, who they use.
You will also be able to build your buyers list from the club as well. You can advertise on craigslist for buyers, you can go to new construction houses and talk to the builders. You can call “for rent” signs and see if the owner is looking for more properties. Lots of ways to find buyers
Hope that help some
Yes, that helped a lot. From my understanding of the wholesale training I’ve been through, the Title Co. is the same as closing attorney/closing agent/escrow agent correct? My teacher said in North Carolina it is considered attorney. So I got a little confused in the beginning.
But the Title co. is who looks over our contracts to see if the are legitimate correct?
Hustilinaire - there are some estates that require attorneys to close real estate transactions. Other estates don’t. This is probably the reason why your instructor was referring to some estates as requiring a title company and others as requiring attorneys. I live in a estate where I don’t need an attorney to close a transaction. So I am not familiar with the closing through an attorney’s office. However I would expect that they are pretty much the same - instead of an escrow officer doing the title search and getting all the documents ready, someone at the attorney’s office would do it.
I second scostell suggestion that you should join the local REIA. My suggestion though is be careful on how you approach the other investors. Consider inviting some of them to lunch (you pay the lunch) and pick their brain. It seems that food makes people feel really comfortable in answering questions… :O) And they wouldn’t feel used…
Good luck!
It is great that you know what knowledge you’re lacking 
now you can research it and fill in the blanks.
as far as title companies go, it usually depends on the underwriters they use and the tite company’s agent you work with. In general, I have found Landamerica Lawyers Title to be flexible but you should call the manager of one of their offices and request an appointment to discuss how they operate.
You don’t pay them unless you close. Their business is built on the closing process and selling title insurance. Everything else they do is usually a free service to get you to close through them.
The best thing to do is start networking with the other investors in your area. I would find the local real estate investor association to find them.
There are different requirements for each state. Some states are attorney states (which means the only party that can do a closing is a real estate attorney). The remaining states are title states, which mean that a title company can handle all aspects of closing a real estate transaction. It is always wise to have an attorney review the closing documents. However, most title companies are more than qualified to handle the closing. This does not apply to states that absolutely require attorney closings.
Thanks everyone for the information! I am going to find a local REIA to join today. And also I found a LandAmerica Commonwelath place down the street from my friend’s house, so I am going to talk to them today.Thanks All :biggrin