:help Is there any one still doing SUB-2 investing ? And what is the best course to get with all the information in it with forms ect ?
As well is up to date not some old course with old information
Yes, many investors I personally know are still doing ‘subject to’ including me. Although I’ve accumulated over 12000 documents to use effectively since 1991, I would say there are many resources online or at the local book stores to find documents. Here are a couple resources I would suggest considering:
- Ron Legrand Fast Cash (Assignment of Mortgage Payments Sales - Guide for Homeowners Love American Homes, LLC, Copyright ©MMXI)(he has many other programs too); and
- Assignment of Mortgage Payment Sales (Assignment of Mortgage Payments Sales - Guide for Homeowners Love American Homes, LLC, Copyright ©MMXI)
A simple search online will find you resources that you need. AS an alternative, you can find a good mentor to hire and walk you through some deals; after which you can repeat on your own for the rest of your career. There are many of us through this web link that are capable to assist.
Hope this helps.
Rob
I do them every tie I have the chance. So the answer is yes. If the scenario presents its self it could be a winning solution to the homeowners problem.
Yes, even if “Sub2” has been around for quite some time, there are still others who do it. I won’t recommend it, though. If you’ll ask me, I would rather go for wholesaling for lesser risks. 
When I first started I purchased a course on Sub To’s for $999 I ran ads on Craig;s List and had a lady call me with a property, she was underwater by 70K but had a good low interest loan on it for $1200 a month PITI.
She signed my contract and I advertised on Craig’s List for P8,000 Down take over payments of $1200, no qualifying, no credit check. Beautiful older 3/2 home on 1 acre zoned for horses. The next morning I had 3 calls and emails from potential buyers. One couple immediately drove out and spoke with owners, got a tour and rushed over and gave me a $1,000 deposit.
I was thinking Holy Crap, this is too easy, I’m gonna make 8 grand. The very next day the seller emails me to say they changed their minds and were not selling. It was totally emotional devastating, especially cuz I was broke.
I did 2 more deals, one is still working and the other one seller changed her mind after a few years which caused Attorneys to get involved and paying back the buyers their 15 friking grand.
Then I discovered Wholesaling, I’ve made about 100 Grand this year. But I still haven’t given up on Subto’s,
looking for the right seller in a distressed situation in a property they can no longer afford or want.
But if you tied me to a tree and made me choose one or the other, I think you know what direction I’m going.
Rando
I take over loans and get the deeds as part of my business.
However, I don’t usually find sellers on craigslist, and I never send buyers to see my deals, unless the previous/present owners are out of the house, and/or I have the deed signed. That’s just a disaster in the making.
I have done that before, thinking I could speed up the flipping process, and all it did was make sure I lost the deal. When a seller thinks he’s getting interest in his house (after all), he ‘somehow’ losses interest in the idea of handing me his deed for the cost of a U-Haul truck. Never mind, his house is only ‘hot’ because I’ve been generating interest in it, because I know how to generate interest.
Of course, the buyers I sent, wanted the same no-qualify deal from the seller that I offered, and that wouldn’t fly. However, when the seller discovered how much more money he could get from this buyer, instead of the token amount I was offering for his U-Haul rental, the deal I had just swirled down the toilet. I don’t make money sending buyers to sellers. Pffft.
Moral: Until you’ve got the deed signed, don’t send buyers to your houses.
I don’t see wholesaling is being any more, or less, risky than flipping the financing on a sub2 deals.
That is, if an investor locked in a turd, and couldn’t wholesale it, he just walks. That’s the end of his risk.
If however, an investor took title sub2 on a turd, and couldn’t flip it …well, there’s that.
Which brings me to say, ‘A deal has to be a deal. And a bad deal, is a bad deal.’
Someone once said, just because you can do a sub2 deal, doesn’t mean you should. Each deal must stand on its own.
For example, there was that Texas sub2 investor, that defaulted on all his “turd” sub2 deals, and was sentenced to 12 years in jail for mail fraud.
If he hadn’t taken the deed to a slew of upside down deals, he would’ve saved himself a lot of grief, and not been forced to schedule conjugal visits with motivated sellers to get their signatures. You know how inconvenient that would be.
Never mind that sub2 investor put nearly two million dollars of equity profits into his pocket for the hassle. I know people who’ve served longer, for less money. Just saying.
Let me say, I live near the most successful wholesalers in the nation. I mean they are big players. H.o.w.e.v.e.r. they work like d-o-o-o-o-o–o-o-gs. One of them, pulls down over a million a year, and regularly closes on at least five transactions a week, and I can only guess that he grosses less than $10k per deal, and pays commissions to his sales staff out of that. Last time I checked, he was sending up to 100k postcards every month, among other lead generating things, scrambling for deals.
I get winded just thinking about it. He encouraged me to work with him, and I told him that I refused to work that hard, regardless of the money.
I make time to do five $500k+ sub2 deals a year. That’s not even a part time effort. I do more, but otherwise, I’m on track for my goals at that speed. I can’t do that with wholesaling. It’s not the same money, or the same work. I’m spoiled.
I still use mine daily. Im on my second one. Had to pickup a used one on ebay but still love it.