I have a list of FSBOs that I’m going to call about subject to deals and just need a little bit more of an overview of the process. So lets say I make a verbal agreement with a seller, can someone tell me step by step what process I should take? For instance, is there a document I should have them sign right away? Should I go to a lawyer with the verbal agreement and have the lawyer draw up the documents? What document do I need to make a deal like this happen? I feel like I almost understand this whole process but just need a few more details. Thanks everyone.
Hey Matt,
This is a really good question.
I’m concerned as you ask questions about
the WHOLE process of subject-to…
Subject-to’s are a fantastic strategy and will
make anyone who implements them correctly
wealthy, however if you don’t know what
you’re doing, it’s a very…
DANGEROUS
Strategy. Do not do subject-to’s if you don’t know
the in’s and out’s. I’d be happy to explain this
further, but definitely don’t go out and implement
a subject to right now, until you have a basic
understanding of this.
Do you have reserves in the bank, to account
for anything that could go wrong? Such as
vacancies, repairs, etc?
John Locke has a great course and is a great mentor… He goes by the handle $CASH$
Howdy,
Thanks for the input on this question. I’m definitely nervous about them and won’t go through with one until I get a little bit more of a complete understanding. I do have reserves in the bank but just would rather not use them to actually buy the house. Do you guys think that going through a course is the best way to learn or are there books that would work too? Thanks a lot.
John probably wont step in until you ask him to. But he is the “Godfather” of Sub2…
As for if his course is worth the investment… That is a simple answer… He is worth all money he charges plus…
It’s just like with anything. You wouldn’t take a
car apart without knowing what to do… Or build
a house without knowing the ins and outs…
So yes, a course, books, or anything that will
give you a step-by-step plan, plus which gives
you the positives and negatives, is a plus!
There are strategies out there that don’t have
much, if any risk, but a normal subject-to has lots
of risks, that you need to be aware of… However
the positives far outweight the negatives, again
if you know what you’re doing… HTH
If you’re new at this, a Sub To deal is not the way to get started.
When purchasing your first car, never buy a Red Car!
John $Cash$ Locke
Wondering if someone else gets the Picture when posting a blank meaning less statement?
John $Cash$ Locke