I’m finding that many of the bootcamps still lack the mechanics of how to do the work. Dave Lindahl’s class, said find the seller, market, find the buyer and then write your contract subject to. Really that’s all it said. He never explained Subject To. I want to take one course to find out how this works and hopefully not three course to get the mechanics, wording, what to watch out for, etc.
Any suggestions?
Thanks, Jag
Richard Roop is the guy.
a course on Subject 2?
I never took a course and am closing on my 1st subject 2 deal next week and have 2 more hopefully in the pipeline.
The goal of this sub 2 is to rehab it and flip it. So i have no new loan costs and closing costs will be cheap.
I went and looked at a house (one of probably 100 i have looked at) on the MLS and the owner was home and we talked. He said he hated his realtor, and all he wanted was 12k to walk away. I asked him if we could buy it and take over the payments and he couldnt care less. hes going back to Nigeria
So i called an atty who advertised Subject 2 closings in the local REIA newsletter and sent him the contract. Its a standard state P&S contract that I put my contingincies on and in the financing section, i checked assume mortgage.
That simple, no courses needed.
Now if you are talking about trying to find a buyer before you get control of the property, thats a different story.
Thank you for the tips! So how did you find your buyer so quick on the subject two - and congratulations.
the deal that we are clsoing on i found on the MLS and it was just luck. It took me 2 months to find the first deal and we have been at every day, all day.
The rest of the subject 2’s (which after contacting the bank and getting the final #'s, the deals dont work) are preforeclosures and the people are willing to do anything to avoid the hit on their credit.
I tell them how it works and that we will go to an atty to close. I also tell them I am not investing several thousand dollars to pay the arrears (house is going to auction in less than 4 weeks on all of our preforeclosures) just to stop making the payments and loose the house. They have all been fine with it.
I also explain to people what “we pay cash” advertisements mean and how they are probably using HML and that the sub2 is cheaper for me and may put more $ in their pocket or break the deal if its thin.
you just have to ask people. worse they can do is say no.
I came across this site that Mark Evans put together. For a limited time, he is giving away a Real Estate Investing course for absolutely FREE. Here is the link:
http://www.sub2magic.com/?thankyou-page=671
This is an awesome course and covers more than I’ve seen with any other on this type of investing. Get it before he starts charging.
And the funny part is they all learned from the MASTER John $Cash$ Loche…
He is a Mod on the forums here.