I live in Boston MA.
A mortgage guy told me that I couldn’t do a subject to deal in MA because I have to have “51% ownership” in order to control the property.
Does this guy know what he’s talking about?
I disagree with him, because I hear of Investors doing sub 2 deals all the time.
not sure of that, someone hear will answer ir for you.
If you would like to check out the available foreclosures in Boston, North Shore, lowell, worcester, etc…
the majority of the foreclosures start at $10,000…I have a friend who buys in Lowell, lives in Billerica, and averages about $25 - $30,000 per deal.
Easy to find out…go to your local REIA president and find out which attorneys they use for their closings. A simple call will get you the answer that is specific for your State.
Also, NEVER take the word of a non-legal professional on a legal matter! Mortgage people know how to do mortgages, but they don’t always know the laws.
Make the call and share with this forum.
Glad to meet you.
Once you have the deed you have 100% ownership, so this tells me the person who informed you apparently does not understand what Subject To investing is all about.
Yes, Sub 2 deals are done in MA.
John $Cash$ Locke