HEY any one have a CYA letter they would care to share a copy of
As i am just getting in to sub2 investting and money is very very tight
Thank you to any one who is willing to give a copy of
Need as soon as possible as well
The CYA letter should be unnecessary b/c the investor deals honestly with integrity, discloses everything in the contract, and keeps his/her word. This kind of operation leads to :beer between buyer and seller.
Are you concerned about some negative consequence in particular???
Why do you need a CYA? If you don’t pay its not your butt its the original sellers. Herbster
HEY
Iam new to sub2 and everything i have seen says to have one as part of your paperwork
Think about your deal. Are you exposed, or are you exposing someone else, to an unacceptable risk? A CYA letter could be designed to address that specific issue, but it’s not something that you need to make a part of a standard deal.
With Sub-2 deals, absolutely, positively have a CYA document.
It’s the only way to go with Sub-2.
You need a CYA to address such things as;
-the seller understands that there is a due on sale clause
-lender could call loan due and agrees to hold you harmless
-you are taking over payments and not assuming the loan
-seller is still personally responsible for mortgage altough you
have agreed to make payments on the loan,etc,etc,etc.
It’s a must if you’re going to do subject-2. It doesn’t matter if
you operate in integrity or not! Sometimes it’s not about you,
it’s about the seller. There’s a possibility that the seller might
get in better shape in a few years and realize that he wants
the house back and sues this investor.
If he had a “GOOD” CYA document, it would help in this situation…
Also, if money is tight, I absolutely do not recommend sub-2.
I don’t care what the gurus say. I did sub-2 deals when “money
was tight” and got in some huge financial problems.
Get some cash (5-10k) in the bank for each sub-2 you plan on
taking on, this will put reserves in your bank for each property and
you aren’t worrying about where next month’s payment for 2333
West Rochester Rd., is gonna come from because you just evicted
the tenant and the house is now vacant.
Can you tell I’ve been through some situations with sub-2 when
“money was tight”?
Knock Off The Board Hustling.