REALTORS & SUB-2 S

[raquel]

They don't know what they're talking about. A fellow realtor friend of mine just bought a sub2 himself a few weeks ago. I'm working on buying one myself right now. Your best bet is to find an investor/realtor in your area you can talk to.

[vug]

Who in NY State are doing "subject to" What Docs are used in my state to perform this type of buying. also is there a trust set up as well when doing this.

[Rob in Atlanta]

Mike knows what he is talking about....most agents are uninformed!!  'Subject To' deals are alive and well and can be done every day, for those who are seeking that type of transaction.  Make sure your paperwork is done right.  Invest some money on your first deal to get it done right, then you have the paperwork for the rest of your transactions.

I will not do a 'Subject To' deal unless the seller pays me money.   Mike is right on with this!!  If I am taking a seller out of a 'bad situation,' he will pay me to do so!  I've done hundreds of these deals and when you learn how to present this to a seller, he will pay you money!

This type of transaction will make many of us very wealthy over the next 5 years....you can buy $10million in properties 'subject to' and resell at full retail...then just manage the property and wait for the market to return.  Then resell or have your 'owner financed' buyers refinance.  I figure there will be 20-30% cash out at that time.

Just remember a couple of things....there are abundant 'subject to' deals available...pick those that have equity and the seller agrees to pay you money.  Also, don't jump in unless you have an exit strategy first.....rental or resale owner finance, but make sure the market is there in your area.  Lastly, work your business with unreasonable requests!!!  Seller pays ME to take them out of a bad situation!!!

Hope this helps.

Rob in Atlanta
R.E. Investor/Mentor