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Hey guys and gals!
I’ve been getting a lot of questions lately about transactional funding for REO and short sale flips, so I recorded a quick call yesterday with my friend Brian Meidam who owns Tailwind Funding (aka FundThisWholesaler.net).
Say hi to Brian (and his adorable family):
The call is about 20 minutes long, and Brian covers all the bases about what to expect when using transactional funding, how the process works, how to set up the closing, etc. He also gives out the contact info. for the title company he recommends who will do back to back closings nationwide!
If you have any questions about transactional funding, or anything else we talked about during the call, feel free to leave a comment and either myself or Brian will answer them for ya!
***Click here to listen in on the call!***
Later Alligators!
P.S.
There is a “Funding” tab at the top of my blog with a link to Brian’s site, so if you end up needing his services down the road, you know where to find him. 
P.P.S.
USA! USA! USA!
P.P.P.S.
SUCK IT, refs.
On June 23, 2010 at 3:51pm, Daniel Mahoney said...
Great call guys!
Steph, I noticed the title company Brian recommends is in Tampa. Is that the same one you use?
Thanks!
Dan
ps
Gooooooooooo USA!! What an awesome game!
On June 23, 2010 at 4:12pm, Stephani said...
Hi Daniel,
I use a different title company (Peer Title). They are awesome, but they only operate in the state of FL, not nationwide. I have also heard good things about Clear Title (not just from Brian).
USA! USA! USA!
On June 23, 2010 at 4:18pm, Anthony said...
Stephani,
Great call. However, I live in Los Angeles and out here listing brokers want to see funds sitting in an account, as opposed to POF letters. What can Brian offer for those situations?
Regards,
Anthony
On June 23, 2010 at 4:42pm, Stephani said...
Hi Anthony,
Like I mentioned in the call, if the bank will not accept the POF letter when making a cash offer, you can still make the offer with the letter from Tailwind but make it contingent on financing.
Some will accept the letter and some won’t. If you don’t have the cash available, there’s not too much you can do about it aside from working with what you have.
Not all agents are going to reject the letter, so I’d suggest making some offers and testing the waters. The worst that can happen is they say no…
Take care,
Steph
On June 23, 2010 at 5:51pm, Pamela said...
Thanks for the call guys.
I’ve been using the proof of funds letters from several different companies, and have only had one agent tell me the bank wouldn’t accept it.
I’m working on getting a statement from a friends line of credit, so hopefully that will work even better.
On June 24, 2010 at 4:02am, Stephani said...
Hi Pamela,
I used to use a letter from my Dad’s line of credit and it worked like a charm (even though the name on it wasn’t mine).
Steph
On June 23, 2010 at 7:08pm, Koby said...
Great info from two great people.
They do not come more RELIABLE then Brian, guys.
Thank you Steph & take care,
Koby
PS – As much as I try, I just can’t seem to climb onto this Soccer train… I really wish I could, I mean, it seems like a ton of fun… and I’ve always been a huge fan of orange slices… and USA… Oh well.
GO BREWERS!
.-= Koby´s last blog ..11 Days, 11 Stages, Over 800 Bands! =-.
On June 23, 2010 at 7:28pm, Stephani said...
Hey Koby- I’ve got to agree with you- Brian is the man.
As far as the soccer goes- it’s hard not to get sucked in if there’s a game on. I told myself I wasn’t going to watch because I knew I would end up getting hooked, but I did it anyway.
GO USA!!!
Thanks for stopping by, Koby.
On June 24, 2010 at 7:59pm, Charles said...
Hi Steph…I’m in South Jersey, don’t think there’s a Clear Title America near me. They do closings nationwide, how would I find an office I can close my deals at in my area? Also, I’ve been using a title company who’s been great with my deals thus far, I would like to atleast try and explain how a transactional deal could work and how they would perform one. Are there any instructions I can find somewhere that would explain the process to my title company?
On June 25, 2010 at 4:42am, Stephani said...
HI Charles,
From what I understand, Clear Title has affiliate offices all over the US who will do closings for them. I would just call the one in Tampa if you needed to set up a closing, and I think they will handle it all for you. I’m not positive about that, though, so you might want to call them ahead of time just to see how it would work.
As far as explaining transactional funding to your title company, you can just point them to Brian’s website and have them read it over, and they should be able to get the gist. If they don’t want to do them then you always have Clear Title as a back-up.
Take care,
Steph
On June 25, 2010 at 2:48am, Chris said...
AWESOME goal by Donovan….the whole entire play was amazing!
What did you think of that ridiculous marathon tennis match Steph? Did you watch it?
On June 25, 2010 at 4:46am, Stephani said...
Hey Chris.
Yes, I did watch that epic tennis match- it was crazy! One of the commentators said afterwards that the running they did in the match was equivalent to running 3 back to back marathons (or maybe it was two. Either way, it’s a heck of a lot of running!!)
I can’t even imagine how Isner is going to be able to recover and play another match in just a few days.
Both players were true warriors!
On June 25, 2010 at 8:23am, Esi said...
Great call Steph, you are a pro
I love Soccer too. USA! USA!! USA!!!
.-= Esi´s last blog ..Yes, No, Maybe =-.
On June 25, 2010 at 4:13pm, Stephani said...
Thanks Esi!
On June 25, 2010 at 9:23am, Will said...
Great call Steph, already sent an offer using one of Brian’s Proof of Funds letter. Love how easy and automatic he’s made it! Keep up the good work :O)
On June 25, 2010 at 4:13pm, Stephani said...
Awesome! You keep up the good work, too.
On June 25, 2010 at 1:23pm, cheryl said...
Hi Steph,
Great information from that call. I’m just starting out and i’m taking time to learn as much as i can. I have a question…what is an assignment deal? Also, what do you suggest in regards to flipping fsbo’s? or do you not recommend that at all?
Thanks,
On June 25, 2010 at 4:18pm, Stephani said...
Hi Cheryl,
An assignment is when you put a property under contract and then assign the contract to an end buyer for a fee- that is essentially what wholesaling is. I explain the process in detail in my latest Reader Mail video, so check that out as I think it will clarify the process for you.
Here’s a link to the post with the video:
http://www.flipthiswholesaler.net/2010/06/saturday-night-reader-mail-with-a-side-of-guacamole/
As far as flipping FSBOs- that’s a great way to get started. My first few wholesale deals came from FSBO properties. You just have to have a marketing strategy in place so you can find the motivated sellers who are willing to sell their property to you at a big enough discount.
Have a great weekend!
Steph
On June 26, 2010 at 1:45pm, cheryl said...
Thanks Steph, I had another quick question. Do you recommend buying one those expensive strategic systems that are being offered by expert investors or not? I mean, is it really worth it? It’s hard to figure out who’s real and who’s not and that’s important because they cost a lot of money. Please advise,
Thanks and have a blessed week!
On June 26, 2010 at 2:15pm, Stephani said...
Hi Cheryl,
It really depends. If you’re looking for a magic bullet then you’ll probably be disappointed. There is a lot of really good info out there, but none of it will do you any good if you aren’t 100% committed to making it work.
You just have to realize that no matter how much you spend on a course, there’s still a steep learning curve that you will have to work through if you want to succeed. Many people end up buying course after course because they aren’t willing to stick it out until they make it through that learning curve and start doing deals.
I personally am all for educational products, but it really depends on the person buying them as to whether or not they will be worth the cost.
Not sure if that makes sense…
Steph
On June 26, 2010 at 3:56pm, cheryl said...
That makes sense. I’m totally dedicated to learning and sticking it out. Can’t wait for your mentoring program! Thanks again for your thoughts on this.