I’m confused.
Before I start doing wholesaling, should I first find a title company that will oblige to double closings?
Here in NYC, the attorney handles the closing, so I’m not sure if the attorney finds the title company or do I find them myself?
Also, if I do wholesaling nationally, must I find 50 title companies for the 50 states?
Its not necessary to find a title co. right away but if you want to its pretty easy. Start asking other investors where they close their deals or stop into these lawyers office’s and ask them.
I’d skip on the national wholesaling till you have done some deals in your local market,
Nate-WI
Go to your NYC REIA Meeting. 10 out 10 you will come across an investor friendly title company promoting their services.
Don’t let this slow you down. Some states use title companies, some states use attorneys. Either way they will pull the title for you. Once you get in good with them after a few deals, they will automatically know what you want done. This speeds up the process, and gets you your money faster.
When wholesaling, you won’t be doing double closing. Just make sure your contract is assignable. When you have a property under contract and then found another buyer to take your position, you will be selling/assigning you contract to the new buyer. Or if you have an option on the property, you can simply create an invoice for you’re wholesale fee and the title company will add you on the HUD-1 under the seller side as an additional payee.
Double closing, simultaneous closing, what ever you want to call it. Just make sure that the lawyer you are going through knows exactly what you are trying to do and is ok with it. :cool