Setting up a Subject To deal - Posted by David(CA)

Posted by Jim FL on August 12, 2001 at 21:57:03:

David,
I really hate to give this kind of answer, but frankly, I think it is appropriate here.
When you buy “Subject to the existing financing”, you need to MAKE SURE it is done right.
The BEST way to learn this is to get a good book/course devoted to it.
I know there are several for sale here, and on other websites.
Try looking thru the archives here for “Subject to” and you’ll get a whole bunch of good info.
Also, take a look at the “How to articles” and “Money making ideas”, as well as www.legalwiz.com
Bill Bronchick has a great article on "Beating the DOS clause that outlines this rather well.

HTH,
Jim FL

Setting up a Subject To deal - Posted by David(CA)

Posted by David(CA) on August 12, 2001 at 20:52:55:

I have decided to market that I buy homes on terms. And would like to do this using “Subject To” Deals. My questions is after finding a willing seller how would I set it up? How would I write that in the contract? And what is the process from signing the contract to getting the deed and what paper work needs to be filled. I’m still researching and your input would be appreciated! Thank you
-dave

Re: Setting up a Subject To deal - Posted by Jim FL

Posted by Jim FL on August 13, 2001 at 17:20:40:

David,
Well, I tried to give you the best answer I could.
Your response was not posted here, but the jist of it, in my opinion, was that you could not afford to, or were not willing to purchase educational material on this type of deal.
I would argue that ignorance on the topic is a higher cost.
What if someone here answered you on the various forms needed, and how to fill them out, but left out ONE important part.
Now, you go out, do a deal, and do not do it right.
Your deal runs into some problems, you wind up in court, and/or losing a house, your reputation, and a ton of money.
See, there are large profits to be made in this business, and to me, education is a VITAL part of getting there.
There are also risks, and education will help you to minimize that and avoid future pitfalls.
So, what will cost you more, education or lack thereof?

If you truly want to make it in this business or any other for that matter, you need to gain the education needed.
If this means picking up a part time job, or selling something you own in order to buy course material now, then so be it.
I can tell you from experience that there are ways to get the funds to buy courses.
I know, time is limited for most people in the world today, but you have to make time in order to further yourself.
You may be able to barrow the funds to get a course from someone you know, or even split the cost of it with someone.
Get a credit card, sell your blood, whatever.
Bottom line, to get going when you have little requires sacrifice, and many of us here know that personally.
As Nike says, “Just do it.”
I also thought of one other place you can look up info on this type of deal.
I wrote a post some time ago, don’t really recall when, perhaps earlier this year, or maybe even last, but I basically told people what forms I use to do these.
It was posted under my old posting “Handle” of Jim IL.
Look for that in the archives.
Good luck,
Jim FL

Re: Setting up a Subject To deal - Posted by Tom – IN

Posted by Tom – IN on August 13, 2001 at 02:35:39:

I’ve been through the ABC’s of Subject To’s, from getthedeed.com. This course is probably the best available, though I haven’t seen the other courses. But Jim is right, selling and setting up a sub2 is a long involved process, and there are numberous minefields you need to avoid. Get help.