I agree with you 100%. I’ve purchased Joe Kaiser, the “Ultimate Lease Option”. I’ve been looking to purchase property to lease option, but I haven’t had much luck. (Followed all of Joe’s advice. JOE IF YOUR OUT THERE, HELP!!!) I’ve been reading about subject to deals for a while now. (Believe me, I read EVERYTHING!!) Subject to attorneys approval, subject to final inspection of the house, subject to getting financing, etc. What I don’t undertand is where and how do you write this up??? I’m limited on funds right now, but not motivation and I have to move, like yesterday. I’m looking for a lease option to move into and maybe find one to sandwich and make some extra cash to go to the convention and purchase the other course. I want my first deal to come off without a hitch, (yeah, right!) or with as little problems as possible. I’ll be looking for any help from anyone with good advice.
I’ve been trying to get into the archives to see posts on “subject to” deals without success. Can anyone guide me to some post that would give me a detailed description on how to execute a subject to deal. I’m looking at 2 properties that might have the potential for me to do either lease option or subject to. One is owned by an out-of-state owner. Needs cosmetic work. [Broken window, new fence, new screening, paint, some landscaping and needs appliances] (I think someone broke in and took them) the place seems in good condition. Need to find out via inspection, but I want to be able to set up a good deal with the owners. They’re working with a realtor, but I found out where the owners live. they paid $73K for it in 1988. I figure with appreciation, its probably worth around $110K +. I’m going to do a little more research to see if any mortgages, liens, etc. are on the house and what avenue that I should pursue.
Anyone with advice on the subject is greatly appreciated.
Ask them if they’ll sell it for what they owe on it.
might save you a little time before getting doing all that research. Just see what they say. And keep quiet let them talk themselves thru the process.
Oh, I plan to do just that. I just wanted to know the procedure. I understand it a little. Creating a contract contingent on getting financing, or inspection or existing financing (exactly what does that mean???) I want to make sure that I know the proper steps to take involving the trust documents and so forth. If you or anyone else might be able to enlighten me on the subject, I would greatly appreciate it.
Go to “LegalWiz.com”, click on “Ask The Wiz”, click on “Real Estate Investing”, click on " Subject To", go to page 3 and see “Subject To Deal” ( long ) by Mike O . This might help.
wow! thanks! I have been to the site before, but just to obtain forms. I never looked around, (now I know better) and it just as informative as CRE Online. Thanks again.
Glad to help with the info but…it would be to your benefit to study everything you can find on “subject to”. There is much info posted out there as well as books and courses. Instead of understanding it “a little”, why not understand it “alot”? You know the old adage…“If you think education is expensive (and time consuming), try ignorance.”