Posted by Scott (AK) on January 29, 2000 at 02:24:05:
If you don’t spell his name right he won’t pay you as much! Also, if he knew you said Carleton Sheets did better and he was dragging on his coat tails he might not even sell you his course.
DISCLAIMER… DISCLAIMER
If you were not in the chat room you won’t know a lot about the posts above…
BUT so EVERYONE (including Jim in AZ) will know…these “gurus” do just fine on their own, they don’t need to pay anyone to run off at the mouth about their courses. Thanks for letting me vent!
Where can I get a quick education in “Subject to deals” I have a basic knowledge of realestate but the idea of getting title and cashflow appeals to me even more.
Posted by JoeKaiser on January 28, 2000 at 09:08:13:
I’m constantly amazed there’s a commotion about “Subject to” deals, and that it’s now being decribed as a technique. We sure never thought it was.
Buying “subject to” means somebody gives you a deed and you now own their property. That’s pretty much it. If there are liens or judgments owing, you’ve now got to deal with them because you’ve acquired the property “subject to” whatever was owed. You probably don’t have any personal liability with regard to the liens, but the fact they are owed means at some point you’ll need to deal with them. If there’s a loan, you’ll need to continue making the payments, obviously.
But again, I don’t want to complicate things here. It’s as simple as someone giving you a deed and you taking on whatever comes with the property. You’ve now bought “subject to” whatever is owed. Pretty simple.
Why don’t we just call it a “take over payments” deal? Because when you agree to take over payments, you may be obligated under the loan and commited to making those payments. When you purchase “subject to,” no such promise is made.
Posted by Phillip on January 29, 2000 at 14:48:39:
Joe,
You provided a wonderful explanation of what the Subject to Deals are all about, my question has to do with the monthly payments. What if the person who purchased subject to decides they can no longer make the payments, what happens then? When making the Subject to Deal, as the buyer, would I have to give the sellers money, seems as though I would be helping them out by taking the monthly responsible off of their shoulders? Would this work on a foreclosure?
That was a great explaination. Now, how do I get myself covered with insurance without tipping off the mortgage company? Is there a way to do it without putting the deal through some kind of trust?
Joe Kaieser can get a message across to someone! - Posted by Jim LaVerdi
Posted by Jim LaVerdi on January 29, 2000 at 24:54:18:
This explanation has got to be the most simplified explanation I have ever heard. It makes it comprehendable to the average layman. I have had this explained so many times with such tech talk that I thought I would never understand it! Joe makes it simple. I wonder if his course material is this easy to understand. If so let me know. When I make my first deal I will certainly buy his course, because he obviously knows how to get a lesson across.
Best explaination I heard yet. No magic. The only hard part is making the seller understand that they are still the person who’s name the mortgage is still in. Buyer is just making the payments.
I have Joe’s Forclosure Course and it is definately written for all to understand. Well worth the ideas when dealing with sellers. I don’t spend my money on much until after I have researched. This was well spent. You need the education “before” your first deal, I’m sure it will pay for itself.