Seller needs offer now. His second mortgage co is foreclosing the first week of jan.
His pay off for both mortgages is 178K including attorney fees.
He is willing to do a sub 2 deal if I will catch him up on his back payments on the second.
There is a current appraisal on the property of 245K
As I understand it this is what I need to do let me know if I am wrong.
Make offer ( I am getting it out in 15 min.)
Title search
Give token cash 4 deed.
Catch up second.
Lease op to qualified tenant buyer.
I am really hoping to make this deal work but I have no experience with sub 2 deals am I on the right track?
Just remember that a low percentage of tb’s actualy close on the property they are buying, make sure you have the ability to refinance or sell the property within the time frame you will give to the seller.
You a morally and ethicly responsible for making payments and the seller has put thier trust in you.
I have no experience will sub2’s either, just going by what I’ve learned on the great board. I’m sure the regulars here can give some more detailed input.
you are on the right track but there’s some other stuff that you need to learn. don’t get so desperateto do a deal and then be up side down for not doing it right. learn first, feel comfortable and then do the deal. Good luck
He is $3600 behind on his 2nd. The first is current. I have the funds to buy it out right if I need to. The guys daughter wants to lease/op the property from me. She has a good job but isnt qualified for a mortgage right now. I also could use some advice on setting up the trust and the best way to go about that. Does it have to be officially set up before I get the deed or is that something you can do after the fact?
Thanks
I don’t mean to sound bad but seriously, learn before you jump into a deal. it sounds like you haven’t read too much. when you jump into a deal and screw it up, everybody (GETS A BAD REPUTATION) that’s investing screws up at the same time. Good luck and God bless.