Here’s the question we’re working on resolving during the 24-week challenge—how do real estate investors build real wealth and freedom without access to millions of dollars in capital?
We’re on week 14 of the challenge: Closing Deals and Zack Childress, who’s been investing in real estate for 16 years now, is guiding us through the steps to get to the answer in 24 weeks.
We’ll learn today what we need to do after we’ve made an offer and found a buyer. Yes, you have created a deal, but you don’t get paid until closing is complete, so don’t relax yet.
You need a team of professionals [a Power Team] that will work with you to close based on the strategy you’re using. For instance, not all title companies accept assignments of contracts involved in wholesale deals. It’s your job to know who will.
Who is funding the transaction? Are the funds in place? What’s the earnest money situation?
Consider hiring a virtual or an in-house closing coordinator. They stay in contact with the various people who handle the various closing details so you don’t have to. Find transaction management companies to interview online.
“Don’t be a victim. Follow through on everything you delegate. This is your deal.”
Watch and learn:
Listen and enjoy:
- How a Power Team works on deal closings
- Follow up with your Power Team on every task
- Getting your documents in order
- Learn the importance of eliminating assumptions
Mentioned in this episode:
- Reach Zack by phone: 707.247.4248
- Follow Zack on Facebook: REI Success Academy Facebook
- Zack’s Book: My First Deal Playbook
- Instruction on REI Success Academy Website: Web Class
- Virtual Closing Coordinators: TMC