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Flipping Houses – Title Companies (suck!)

http://www.youtube.com/watch?v=Z0ryL9oxOSo

1. Call every title company in your city.

2. Tell them you deal in cash transactions.

3. Show them your contracts and make sure they accept them.

4. Negotiate their fees – a flat fee per transaction is the best.

Hugs and Kisses…

The Maestro

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Posted under: Flipping Houses

12 Responses

  1. WILLIAM says:

    Thanks my friend for making yourself available to help struggling new start-ups, who need that encouragement. You don’t know how those little tips can point us in the right direction! Thanks again!

  2. Steve says:

    Hey Maestro,

    Great post!
    Thanks for the content…
    Your the first I’ve ever heard cover this beginning aspect of the business…

  3. Andrew Massaro says:

    That’s my specialty, Steve. When I first started, I remember my head spinning for like 3 straight months. I was completely lost. That’s why I take so much time, and put in so much effort, in an attempt to simplify the process. Glad you like it.

  4. I called every title company in my part of the state and none would negotiate ANYTHING, saying they are set by insurance commission and on a local branch level have no power to negotiate anyway.

  5. Andrew Massaro says:

    I told you they suck. Sounds like you are dialing up large corporations, that have a local branch in your area. Mom and pop title companies are much easier to work with. They do not have to answer to anyone, outside of their underwriter. They are more flexible and are usually hungrier for your business.

  6. Steve says:

    Maestro,

    I know this is relatively new, but have you heard anything about the new UCI regulations holding up a wholesaler from doing a symotanious close…

  7. Andrew Massaro says:

    Not too much. My first plan of attack is to assign a contract. I only double-close if necessary. Assignments are so much easier. If the transaction is cash, using an assignment contract should be no problem.

  8. Steve says:

    The one thing I never see anyone teaching is the assignment of terms such as a subject to, land contract or wrap…

    Do you do any such assignments besides all cash?

  9. Andrew Massaro says:

    I just coached a student through a sub2 deal. Major headaches along the way. It got done, but by the time it was over, our assignment fee was significantly less than where it started. Many title companies won’t work with sub2′s any longer, either. That was another problem.

    I don’t mess with land contracts or wraps. I simply engage in straight wholesale deals, and sub2′s, if the opportunity presents itself. I prefer cheap cash deals, where I can assign the contract and collect my check.

    Headaches irritate me greatly…

  10. Steve says:

    Totally makes sence…
    Headaches for me would be only offering every homeowner 50 cents on the dollar for there home and them telling me off… lol

    I understand your better off closing with an attorney when it comes to an assignment with terms…

  11. Bill says:

    Yo Maestro,

    Your Investor tips are the greatest. You are lighting the path to success for those of us fighting our way through the woods. Question: What’s the least expensive way (or free) to get a copy of a Rock Solid Purchase contract and a Assignment contract?

    Also, your dog is cool!

  12. ‘Subject to’, ‘And or assigns’, etc are actually illegal in some states, BTW.

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