As you know, I’m a big fan of self-closing.
Not only is it much faster than using a title company, but its also much cheaper!
Besides, understanding the closing process is vital to being in real estate, even if you never self-close.
Personally, Ive done literally hundreds of deals where I self-closed them
I have learned a lot along the way, so I pass that info on to my students so they won’t have to suffer the same mistakes I made throughout the years.
However, like anything, when doing things on your own, there is a certain level of risk involved.
And when I mean on your own, I don’t just mean closing without a title company
I mean closing without using the help and guidance of a seasoned pro like myself.
Case in point, the other day I got a message from someone looking for help on how to do a self-closing.
The issue was, they already attempted the self-close and may have been scammed out of their hard earned cash.
From what little information I was given about the situation, it seems the land investor didn’t have certain safeguards in place
Now, I’m not sure where this individual got their info, but it didn’t sound like any of the techniques I teach… but it seems that there wasn’t many precautions taken when doing this deal.
The only thing that may have been done right was the fact that this person and the “owner” of the property signed a purchase agreement.
(I have owner in quotes because I’m not sure if they were the real owners of the property)
If you listed to any of my livestreams, you know when I self-close I use cashier’s checks and USPS so things are tracked and money can be recovered if necessary.
However, the land investor in question used an electronic form of payment…and once that payment was sent, the “land owner” stopped replying to messages or answering their phone.
Now, I gave the land investor some advice on how to fight back, but it will be up to them to get that done.
(most people who get scammed never fight back, so they never get their money back, those who do fight back greatly increase the odds of getting it all back)
So, let me make myself clear, I applaud anyone looking to get into land investing and actually take action.
But, just like learning to swim, you need a certified professional to teach you how to do it…trying to learn on your own without any help can be extremely dangerous.
Make sure you get my help when vetting deals, self-closing or anything else, otherwise what you don’t know could hurt you…badly.
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