Question for some sub2 people out there
new investor, have some questions
I stumbled across a situation where I could take over 2 sub2 houses from another investor for about $6500.00 TOTAL (including assignment fees of $1500 for both), basically make up 2 back payments on each and a $1500 assignment fee. One house has about $30k in equity, the other has around $5-10K. It is a package deal, have to take both or none.
My question is would this be a good idea for a new investor to do this? Or would I be better off trying to be contacting the sellers instead of going through a middleman?
y plans would be to lease or lease to own these homes until I can build enough credit to put them into my own name. Good idea?
I don’t feel “real” comfprtable buyiong 2 house at one time. Is it possible to find another investor to “split the deal” with?
Any advice would be greatly appreciated. Thankyou.
come on guys, someone reply please.
Did you do your own homework and see if the true values are what they are?
Is their really 30k in equity, or is that what the other investor is telling you?
Do you have any buyers lined up for the two homes? If not calculate your holding cost on top of the $6500.
There are so many new investors taking the word of other investors and in the end getting hammered because their equity wasn’t their or the true value wasn’t the true value.
Why do you have to take both or none? If I was the other investor I would sell/assign one at a time, a sale is a sale. I’m looking at two possible sub2 deals now and if I get them I wont be sellling both or none, If I can sell or assign one today, I do it.
I don't feel "real" comfprtable buyiong 2 house at one time.
Then why do it???
All I’m saying is be careful and do your due diligence, DO NOT take anyone’s word for it, remember it’s your money on the line.
JOhn
The guy ended up calling me back three times. Once was to see if I looked at the properties, second was to ask if the electricity ( WTF???), and third was to tell me he could seperate the two houses and only sell one. Well that was well enough to tip me off. He was desperate to get rid of them. Needless to say, I passed on both of them.
John,. thanks for the advice.
I’m glad you passed on them, I had a feeling something wasn’t right. Remember to always do your homework, NEVER rely on someone elses word. They might of been in a hurry and missed something, you never know.
Good luck,
John