Title Company – in Nevada you just need title company with no attorney needed
Comment: this is more efficient actually – bigger infra instead of relying on attorney / their assistant
Title insurance / Title company protects your ass
Always choose nationwide title company, not a fan of small title company, is small title company out of business, then don’t have title insurance anymore
How to vet title company + escrow officer
Qualities to look for:
1 – Are they going to mess up the deal? I.e. too slow when seller in foreclosure
2 – How responsive are they? Want someone who goes above & beyond
i.e. : Some escrow officer never answer the phone (朝九晚五心态) only email
3 – Investor discount and not “Junk Fees”
Investor discount – Maybe need bulk purchase, cheaper if purchase more
Junk fee – Doc Prep Fee / Overnight Fee / Endorsement Fee / Notary Fee etc. – some might be standard in industry, but if you have high volume, you should be able to negotiate it
Vetting questions:
Do you work with house flippers?
Investor discount?
Quickest close a deal?
Can I contact you outside work hours?
How can you improve my business? (Test how creative they can be)
Sourcing
Google / Yelp / REIA / referral / Facebook
Ask REA / lender
Chap6 Deal Eval
ARV
Sold
+/- 20% in sqft, same story, similar years built (within +/- 10), close to property – ideally same block
Across main street can be very different!
Contingent
Never use contingent as sole justification for ARV – but nice to add support to ARV
Potentially upside
Active
Competition pool
If lot of active properties like yours, yours will take long to sell