I don’t see many post on how to work with multi fam. :banghead :help :help
Are you asking permission?
There is no difference between a single family and a multi-family when buying SubTo. The process is exactly the same.
Actually, if the property is more than 5 units and has a commercial loan on it, i may be assumable straight up.
Thanks, I was alittle confused.
Why assume a mortgage when you dont have to have the lieabilty…
this is what I do:
warrentee deed to trustee into land trust,
Now this is important LISTEN!!! you can call the land trust anything you want upon recording, call it the owner’s last name land trust…
Ex. Owner is John smith, call it “j. smith Landtrust”
This shows on public record that the land trust is the owners last name …
But you are the trustee. Plus you are listed the Benifciay of the Trust, Meaning you own the trust…
Trust owns the House, You own the trust.
Thus, you control the property, you own it, plus you dont spark the “due on sale clause”.
Just keep in mind that there are risk with sub-2 deal, you are not paying the mortgage direct but the Old owner…
Feel free to ask anything I will try to help!
Are mortgages assumable in NC?
Its not the state that really matters its the Mortgage and what type it is.
Be smart, be fair, Make some $$$ today!!! :bobble