Dallas-Fort Worth Real Estate Investor Club

Double Closing

  • 21 Aug 2012 8:35 PM
    Message # 1052925
    Deleted user

    Does everyone use the double closeing technique when wholesaling? I want to use an assignment but I get the feeling it is not accepted anymore.

  • 22 Aug 2012 6:24 AM
    Reply # 1053247 on 1052925
    Deleted user
    Tony,

    You are going to get a lot of different answers to this question. The short answer is that most investors try to do assignments b/c they don't have the funds / knowledge / understanding / etc. to do double closings. If you have the ability, you are much better off doing double closes.

    I STRONGLY suggest you check with a competent attorney before doing an assignment so you know what you are / are not getting yourself into. Depending on who you talk to they will tell you assignments are fine to they are illegal.

    -Greg

    Greg Wilson
    The REI Mentor
  • 22 Aug 2012 8:35 AM
    Reply # 1053342 on 1052925
    Robin Carriger (Administrator)

    I'm not an attorney, but I've closed countless deals with multiple title attorneys involving assignments of contract over many years.  Would thousands of title attorneys be party to millions of transactions that are illegal?  I doubt it.  I plan to continue to do assignments of contract as often as I can.

    Having said that, if you're looking for a reason to not do something, you won't have too much trouble finding someone who will tell you that whatever you're trying to do is illegal.  Not too long ago, someone on this forum said that double closings are illegal.  I've done lots of those too, and I plan to continue to do as many as I can in the future.  As far as I can tell, they're not illegal either.

    My primary focus is on helping people, and I get to do that in the process of building my real estate investment portfolio.  I have no interest in breaking the law, so if I know something's illegal, I won't do it.  However, I also have no interest in going to law school before I pursue each deal.  If that's what I thought I had to do, I'd likely change businesses and never do another real estate deal.

  • 23 Aug 2012 4:45 AM
    Reply # 1054254 on 1052925
    Deleted user
    There are title companies that perform double closings in DFW. 
    You'll just have to find one or more that are comfortable doing them.
    Typically, they are especially investor-friendly. 
    Check/network with RE Attorneys, RE Agents, and Title Officers that work with investors regularly.

    I'd like to introduce you to one >>> Kasi Keim, 214.821.0222 (office) @ Adobe Title, LLC. 
    They're in Dallas.
    She can help you with your double closings. ;) 
    website: www.adobetitle.com
  • 23 Aug 2012 2:36 PM
    Reply # 1054672 on 1052925
    Deleted user
    Thanks for everyones response. I feel much better about assignments and plan to use them when ever possible.
Powered by Wild Apricot Membership Software