How To Find Lenders For Transactional Funding Miami-Dade County
Transactional Funding Miami-Dade County can be found with in local real estate investors. Not a lot of people know this but I was born in Miami many, many years ago. Until a few years ago, it was called Dade County. The predominate cities in the county are Miami, Miami Beach, Miami Shores, South Miami, Coral Gables, North Miami Beach just to mention a few.
Miami has a decidedly Latin influence and for many years has been an international banking center serving South and Central America. This strong monetary attachment to the Latin community has made Miami-Dade County an exceptional source of buyers for real estate investors doing wholesaling.
In most cases, international buyers like condos if they want a personal residence. However, international buyers also love single family homes (SFH) with tenants for rental income. With the past and present financial instability in Latin American countries, many international buyers purchase real estate in Miami-Dade County to stabilize their money and receive good interest/rental returns at the same time.
Because of this international influence, transactional funding Miami-Dade County real estate investing market is ideal for wholesaling real estate. Many investors do not have the “cash to close” a wholesale transaction and use transactional funding for the first part of the closing or first “leg”.
The parties to the double closing are the seller (property owner) designated as the (“A”) party, the investor designated as (“B”) and he is both a buyer and seller in the transaction and finally the end-buyer designated as the (“C”) party.
The double closing is designated as an A – B and B – C transaction. The A – B leg can be done with one closing agent, even out of state or out of country, and the B – C can be done with the closing agent you trust locally. They will generally have to have the A – B done first and the B – C later in the day if possible.
If you are already an investor in Miami-Dade County or contemplating becoming an investor, you do not have to be afraid of not having enough money to do deals. Transactional funding is the answer to where to get the money you need for double or “simultaneous” closings.
One big issue to doing double closings or “flips’” is the well-meaning but misguided beliefs that many Realtors and a few closing agents have about the legality of these transactions (double closings). You should check with any Realtor you intend to work with about his/her opinion on double closings. Usually the answer is swift and unfortunately, many times, “They are illegal!”
This is unfortunate and should put you on notice to get another Realtor or closing agent to work with who really understands real estate closings – not just hearsay from other Realtors. Do these interviews long before you need these parties and it will save you a great deal of aggravation and lost profits/deals.
I also suggest that you interview perspective transactional funders locally in the Miami-Dade County area so you better understand with whom you will be dealing. If these funders do not do transactional funding as a regular course of their business, you could be in for a surprise just before the closing. Ask these same funders for referrals to their closing agents/attorneys of choice for your best results.
In summary, real estate investors, specifically wholesalers, should seek Transactional Funding Miami-Dade County whenever necessary to legally do double closings in any of the following cities – Miami, Miami Beach, South Miami, Coral Gables, Miami Shores, North Miami Beach just to mention a few in Miami-Dade County.
To your limitless success,