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Author Topic: Questions about Sub 2's  (Read 4692 times)

Offline Dee

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Questions about Sub 2's
« on: April 24, 2003, 10:57:06 AM »
Hey I'm a newbie to the REI game and am interested in subject to's. My concern/question is when you make a deal to take over someone's payments until you can sell the house, where/how (if you don't have an abundance of cash) do you get the money to pay the mortgage until you have someone buy the property from you?

Offline Admin

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A bit blunt...
« Reply #1 on: April 24, 2003, 11:03:36 AM »
Dee,
Don't take this harshly because it's not meant that way, but someone without serious cash reserves or access to ample cash shouldn't be holding properties, period, regardless of the acquisition method.

The carrying costs combined with repairs, etc. require cash and it doesn't matter if you set up a deal where you're not on the hook initially.  At some point you will have to carry the property and spend money on it.

my view...
There's Only Two Things in Life: Reasons and Results.  Reasons don't count.  - Anonymous

Offline Dee

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What would you suggest?
« Reply #2 on: April 24, 2003, 11:23:49 AM »
I would like some quick money (being as I don't have much now), as well as long term cash flow.

I have a pre-approval for $80,000 (and am able to borrow up to $100000, so I'm told).

What would you suggest would be the best way for me to get started?

Offline Admin

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Various ways...
« Reply #3 on: April 25, 2003, 07:22:16 AM »
Dee,
You could explore several possibilities.  I think it's best to learn doing lower risk activities such as:

bird dog
wholesaling properties
options
assignments
partnering with cash
etc.

The trick (I think) is to not put yourself in a position of having to stick with a deal if things don't work out or where they might not work out down the road.

There are some good articles on the articles page that might help.  There are some good books on the recommended list as well.

Hope that helps...
There's Only Two Things in Life: Reasons and Results.  Reasons don't count.  - Anonymous

 




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