I am just learning and going to school in nevada to get my real estate license and have just realized that they don’t go over much about investing or investments in my classes so I have been getting my information from wherever I can find it, From my understanding when you Sub 2 you get into a contract agreement with a motivated seller find a investor or someone interested in purchasing the property and then assign it to them for a fee , however doesn’t the original seller charge a fee to you to assign the contract??? I would love some more information about this and does anyone know any REI or other groups that are located in reno nevada
Hi, It all depends what your “subject to” is all about. In a deal where you buy a property “subject to” the mortgage, you usually end up paying the seller any equity they have in the property and in turn the seller will then deed you the property. This is kind of like an assumption but instead of having to go through the bank, it is between you and the seller. Usually without the bank knowing about it. A “Sub 2” is good for short-term investing but I wouldn’t recommend it for anything that you would want to hold more than 6 months. I hope this helps.
Here are some Real Estate Clubs in Nevada:
Las Vegas Real Estate Investors Association - LVREIA
Web: http://www.lvreia.com/
Prosper Real Estate Investors Association-
Web: http://www.theinvestorintelligencereport.com/investing.php
Reno Real Estate Investors-
Web: http://finance.groups.yahoo.com/group/renorealestateinvestors
Just Learning,
Glad to meet you.
This article will give you the basics of how this method of investing works.
http://www.reiclub.com/articles/sub2-beginner-investing
John $Cash$ Locke