Manage episode 282642429 series 2469663
094: In this episode, I'm talking with Federico Pomi, Co-Founder and CEO of Fabrica. Fabrica is a startup that aims to make real estate closings simpler than they've ever been. This is particularly useful to people who self-close (if you’re a land investor, you know how slow and time-consuming this process can be).
(Show Notes: REtipster.com/94)
With Fabrica, you can close a transaction in minutes. This is possible because each property on Fabrica is transferred into a trust (one Trust per property) and the trust is like a "container" for the title of the property. When a buyer comes along, they can buy the trust that holds the title. This means you no longer have to transfer the deed to them the old fashioned way (finding a notary, waiting for a cashier’s check in the mail, etc). You simply sell the trust to them, and they become the owner of the property through the trust.
Changing the ownership of the trust is something that can be done digitally, enabling safe, instant, online transactions… which is much easier than handling closings the way we’re all accustomed to doing it. Fabrica also facilitates the transfer of funds and can assist sellers who are selling their properties with owner financing.
We’re going to talk with Frederico about how this all works. And to make it even more interesting, we’re also talking with Travis King, who is an actual user of Fabrica. He has closed several deals this way and he’s going to help us understand what it’s like to use the software and how much easier it has made the selling process for him (and if there are any unexpected hiccups to be aware of).