(TRandle) First, I'd like to thank William for taking the time to be here and share his knowledge with us.
(TRandle) WT, you ready?
(WilliamGA) Thank you Tim. Honored to be here. Let's go!
(TRandle) Please explain what buying subject to (sub2) means.
(WilliamGA) When you buy a property “subject to,” you are purchasing it subject to the existing financing.
(WilliamGA) Quite simply, this means that the loan(s) and any other liens or encumbrances already on the property stay there without any formal assumption on your part.
(WilliamGA) The owner deeds the property to you, and you take the payment book and start sending in the payments on a monthly basis, just as the former owner did.
(TRandle) And this acquisition method is perfectly legal?
(WilliamGA) Of course it is
(WilliamGA) Don’t confuse “against the lender’s policy” with “against the law”. There is no “Due on Sale Jail”.
(WilliamGA) Don’t let one of those “expert” attorneys or real estate agents you sort through before you find the right one convince you that there is anything illegal about taking title “subject to”.
(leecain) how do you handle changing insurance with sub2 deals?
(TRandle) I cancel the current policy and set up a new policy in the name of the trust.
(leecain) cool, thanks
(TRandle) The trust name includes the borrower's name so default cancellations don't affect me due to the borrower's name not being included in the loss payee.
(sleepdoc) how does one set up the trust, TR?
(TRandle) It's set up upon purchase.
(TRandle) It's a simple doc, long, but simple.
(sleepdoc) do you set up a different trust for each property?
(TRandle) Yes, if you get the time, check the newsletter archive on my site as I've included these topics before.
(WilliamGA) Sub2 is totally legal
(WilliamGA) If anyone tries to tell you it isn't, ask them about line 203 on the standard HUD-1 form where it says “Existing Loans Taken Subject To.”
(TRandle) Please explain the Due on Sale clause you referenced earlier.
(WilliamGA) DOS is an acronym for “due on sale” clause
(WilliamGA) Banks began using “due on sale” clauses in their mortgages in the 1980’s when interest rates rose significantly and homebuyers were assuming low-rate mortgages instead of obtaining new loans at higher rates.
(WilliamGA) These assumptions of existing, lower rate loans instead of buyers obtaining new, higher interest rate purchase money mortgages were costing them money!
(WilliamGA) The due on sale clause gives banks the right, at their option, to call the loan due upon transfer of title or beneficial interest in the property with a few exceptions such as transferring title into a land trust for estate planning purposes.
(WilliamGA) Just because they have the option to do it doesn’t mean that they will or that they even want to call the loan due. They are in the lending business, not the real estate business.
(TRandle) What risk does the DOS present?
(WilliamGA) In my opinion, the likelihood of any bank exercising their option to and call a loan, particularly a performing loan, is miniscule for three reasons.
(WilliamGA) First, the bank doesn’t have “spies” at the courthouse looking for title changes on properties, thus the chances of them even finding out about a transfer on their own are remote at best.
(WilliamGA) The way they usually do discover a change of ownership is through changes to the property insurance. However, if you handle this correctly and make the mortgage payments on time, you should be fine.
(WilliamGA) Second, today’s interest rates are at a 40 year low
(WilliamGA) As long as a lender is receiving their payments on time, why would they call the loan due? They have nothing to gain by recouping their investment only to make another loan at approximately the same interest rate or even lower.
(WilliamGA) Third, if the lender calls a loan due, they face the costs of foreclosure.
(WilliamGA) Unless I were willing to deed the property back to them and give up my profits (which I’m not) or assume the loan (which I’m not), they will be forced to spend money on legal fees and either repair and remarketing costs (if they keep the property for resale) or sales costs and, generally, a loss on the sale of the property (if they sell at auction).
(WilliamGA) With this in mind, you must ask the question, “If a lender has nothing to gain by making a new loan, why would they want to spend money taking back and reselling a property, particularly if the loan is performing?”
(WilliamGA) The answer is they wouldn’t.
(WilliamGA) So, in the final analysis, the due on sale clause is not something that concerns me. If it really bothers you, then maybe using the “subject to” method to acquire property isn’t for you. Just remember, there are risks in everything that you do. In my opinion, the possible benefits of “subject to” deals far outweigh the due on sale risk.
(TRandle) What other risks should we be aware of?
(WilliamGA) As I see it, there are four main areas of risk in “subject to” transactions. While none of them may be totally avoidable, with proper planning you can certainly minimize them.
(WilliamGA) Here are, in my opinion, the four primary areas of risk listed in order of level of risk.
(WilliamGA) You Make a Bad Deal
(WilliamGA) To me this is the biggest possibility for a “subject to” investor, especially a new one.
(WilliamGA) Either pay too much for the house, b) purchase a house where the payment is more than the market rents (this is particularly true with higher-end, luxury homes), c) miss liens and judgments when you did a title search yourself, or d) find problems with the property that you didn’t know about.
(WilliamGA) You can avoid these problems researching market values and rental rates on your own or with a real estate agent,
(WilliamGA) b) hiring an attorney to do your title searches, at least until you know what you are doing, and
(WilliamGA) c) enlisting the aid of a home inspector or friend in the construction business to help you inspect and verify the condition of the property.
(WilliamGA) 2. Tenant/Buyer Doesn’t Pay / Trashes House
(WilliamGA) This is not something that can be avoided. It WILL happen to you from time to time. The best way to protect yourself is to do everything you can to prevent it but be prepared and ready to handle the situation when it does happen.
(WilliamGA) The first thing you should do to protect yourself is maintaining access to adequate cash reserves to cover vacancy and repairs. I recommend access to a minimum of $25,000 in cash at all times if you hold property and your portfolio is 50 properties or less.
(WilliamGA) If you buy more properties, just add more to your reserve amount. By then, you’ll have a pretty good idea of the amount of cash to which you’ll need access. Calculating a reserve amount on a per property basis doesn’t make sense to me.
(WilliamGA) While this may be logical with a smaller portfolio, as your holdings grow, it doesn’t stand to reason. For instance, if you set your reserve requirement at $3k per house and you own 8 houses, then OK, but if you are holding 50 properties, do you really need access to $150k in cash at all times?
(WilliamGA) No.
(WilliamGA) whether you have 5 properties or 50 properties, you need to either have cash or the ability to readily obtain cash in an amount sufficient to secure the financial safety of your holdings.
(WilliamGA) The second thing you can do is to screen your tenant/buyers. An ounce of prevention is worth a pound of cure.
(WilliamGA) The third line of defense is to act promptly upon non-payment by a tenant. My tenants know that if they haven’t paid me by the 2nd, I will be there with my 3-Day notice. I care about them and listen for a minute to their story all the while telling them that I understand and can sympathize while I hand them the notice.
(WilliamGA) 3. Due on Sale
(WilliamGA) The best way to avoid the DOS in my opinion is to simply not do anything which might cause a red flag to rise regarding the property in the mind of the lender holding the note.
(WilliamGA) First, make the payments as required. This is simple enough. Late payments call unwanted attention to the property.
(WilliamGA) Second, don’t mess with the property insurance. When you buy a property, leave the existing policy in place and get a second policy naming the trust, trustee and beneficiary as the loss payees.
(WilliamGA) Don’t even mention the mortgage holder or existing policy to the insurance agent and run the risk of them calling the lender.
(WilliamGA) . If there is a loss, the policy still in the seller’s name will not be valid (since they don’t own the house anymore) and will not pay. Your policy, however, will pay and you will certainly do the right thing and pay the lender off on their note.
(WilliamGA) If the insurance is escrowed with the loan, leave it in place and continue to make the payments as part of the monthly payment to the lender. If the insurance is not escrowed with the loan, continue to make the premium payments to the current insurance company.
(WilliamGA) I know there will be additional cost involved in handling the insurance this way, but just consider it a cost of doing business. If a $600 policy is a deal killer for you, then you need to be doing better deals.
(WilliamGA) I know that some investors will balk at paying the additional premium or handling the insurance in this manner and in truth at times you can handle it in other ways but by and large I believe this is the easiest way for a newer investor to handle it with the least risk.
(WilliamGA) 4. Interference from Sellers after the Fact
(WilliamGA) I have never experienced this but know investors who have. Almost without exception, the sellers who caused problems showed signs of this possibility from the beginning.
(WilliamGA) For example, maybe they really wanted to keep the house or felt they were being squeezed by an investor who had to talk them into the sale. Or they were holding notes to receive some of their former equity from the investor in the future and, once relieved of the pressure of their problems, felt that the investor had somehow taken advantage of them.
(WilliamGA) My first piece of advice on avoiding these sellers is to only deal with truly motivated sellers who absolutely must sell. Don’t even deal with sellers who require you to explain to them why they should sell their house to you. They will regret the sale later. On the contrary, sellers should be explaining to you why YOU should buy their house.
(WilliamGA) Second, try to make your transactions as clean as possible. If the seller has equity coming, try to work it out so they can get their due now rather than later. This way they have no reason to be “hanging around,” so to speak.
(WilliamGA) Third, if there is an excessive amount of equity in the deal (to me, this means you are buying “subject to” at less than 70% of FMV after repairs), then close with an attorney.
(WilliamGA) Fourth, disclose, disclose, disclose
(WilliamGA) Have the seller sign numerous disclosures stating t they know you are buying the property as an investment
(WilliamGA) b) they know you will make a profit on the sale of the property
(WilliamGA) c) they are knowingly selling at a discount to facilitate a quick sale, d) they have been given the opportunity to consult legal counsel regarding this transaction, e) they will not contact the lender for any reason after you buy the house, and f) they will not contact your tenant/buyer for any reason.
(WilliamGA) . I explain all of these disclosures in detail in my course, “The Ultimate Sub2 Guidebook”, but you get the picture.
(WilliamGA) While nothing is absolute, these are just a few of the things I use most often to avoid possible problems with a seller down the road. So far, so good.
(WilliamGA) Of the 4 four potential problems I named, the first two are probably the only two that will ever affect you. The last two you will probably never encounter, but as they are potential risks, I felt it necessary to name them.
(TRandle) WT, this has been excellent information. Let me ask one last question before opening it up to Q&A. How do I get the required paperwork to do Sub2?
(WilliamGA) You need literally dozens of forms to properly buy and sell these deals. You can find a few of them here and there spread out over the internet. You can also get some from browsing the courthouse and finding the paperwork that other investors in your area are using.
(WilliamGA) Whether you buy via land trust or in your own name, whether you sell via lease option or on land contract, my course, “The Ultimate Sub2 Guidebook”, has every stinkin’ form you will need to pull the deal off. There are also sample letters to owners in foreclosure and other marketing materials.
(WilliamGA) Of course no form is 100% correct for every state so you do need to run them by a local attorney but all the ones you need are in there.
(TRandle) We're open for questions, folks. Thanks.
(jay-fl) I've noticed signs don't perform as well as they use to. Same with direct mail. Any other ideas
(sleepdoc) when you go to sell the property, does this complicate the closing?
(bripow) william, lets talk a little marketing...how do you get truly motivated sellers calling your phone? expired listings havent been very successful for me and there a aty least a dozen investors using bandit signs in my area
(WilliamGA) I use targeted mail to prescreened sellers. It produces excellant results
(jay-fl) What kind of results? What is your targeted list?
(WilliamGA) sleep, does what complicate closing?
(WilliamGA) brian, I dont use bandits very often
(sleepdoc) having the sub2 deal for the origional financing
(WilliamGA) I use direct mail along with my ads. They pull very well here
(Tom_Dugan) 01how difficult is it & what do you do to do s2 with expensive houses in southern california?
(WilliamGA) sleep, I have never had a problem getting a sub2 deal refied
(TRandle) Please let WT answer one question at a time. Thanks.
(WilliamGA) Tom, I don't know about CA. I work GA but I know there are investors buying sub2 there.
(WilliamGA) jay, I target preforeclosures and MLS listings
(WilliamGA) Sleep, i believe it is key to use your attorney who knows how these things work.
(WilliamGA) My guy understands trusts and how I buy. As he does the titlework it isnt an issue
(bripow) some sub 2 courses have no problem buying sub 2 with zero equity...if you arent getting any equity then what are you getting ?
(WilliamGA) Brian, I don't go along with that
(bripow) good
(WilliamGA) I buy with equity or I do not buy
(Loretta) What MLS listings do you target? Only expired?
(WilliamGA) Expireds and soon to expire
(WilliamGA) the listings I am looking for have 4 distinctive things going for them
(WilliamGA) vacant
(WilliamGA) listed for at least 90 days
(WilliamGA) some indication of seller motivation in the listing itself
(WilliamGA) such as
(WilliamGA) seller motivated
(WilliamGA) as is
(WilliamGA) pending foreclosure
(Loretta) Thanks thats very helpful
(WilliamGA) possible seller financing
(WilliamGA) you get the picture
(WilliamGA) I also will look at no home priced more than 20% over the median in my area
(bripow) william do you have a real estate license ?
(WilliamGA) no
(sleepdoc) do you target FSBO's
(WilliamGA) but my wife does
(WilliamG (WilliamGA) sleep, not really
(WilliamGA) I get plenty of deals between my ads and mailings
(TRandle) WT, you mentioned bad deals earlier, what makes a good one?
(jnsnwt) Lots of good info here
(WilliamGA) It depends on the deal. It depends on your exit plan
(WilliamGA) I have bought houses with little equity but great loans on houses in excellent condition and I have bought houses in trashed condition with a ton of equity
(WilliamGA) As in most all other real estate deals each deal has to be evaluated on a case by case basis.
(WilliamGA) Typically a good deal for me on the keeper side is a home in the first time buyer’s price range (here that is 60 to 80k) with a 6 to 8% interest rate mortgage in good condition in a desirable neighborhood
(WilliamGA) at no more than 80% LTV. These numbers insure a good monthly cash flow and an average backend of at least 20k.
(WilliamGA) We are working on a rehab sub2 right now
(WilliamGA) that we got for loan balance of 33k
(WilliamGA) will spend 10k on it and sell for 70k
(WilliamGA) Sub2
(TRandle) Some authors tout that you can just walk away. What are your thoughts on that?
(WilliamGA) it's not just for pretty houses anymore
(WilliamGA) Sorry, but I don’t go along with that seminar BS some gurus will tell you about how you should “not make any promises” to your sellers.
(WilliamGA) In my opinion, from a moral standpoint, you are totally responsible for this loan once the paperwork is signed.
(WilliamGA) A seller needed your help and you offered him a solution. He trusted you and now it is up to you to keep your word and do what you have to keep that loan in good standing.
(Barbara_NY) Question about your course. It is a book and a tape, right?
(Barbara_NY) What one thing would you say makes this course special?
(WilliamGA) It is a book and CD
(WilliamGA) No nonsense, no "pie in the sky"
(WilliamGA) An honest approach to how the system works
(WilliamGA) the pros AND the cons
(Tom_Dugan) 01what do you do if you pay too much or prices drop in area?
(WilliamGA) plus the fact that there isn't a follow up course coming soon to give you the rest of the story
(WilliamGA) Tom, you make your money when you buy. Sub2 is no different
(WilliamGA) Just because it is someone elses loan and they will give it to you, if there is no deal, dont take it
(jay-fl) how do you get mail to your mailbox when the lenders send correspondence in the name of the previous owner?
(WilliamGA) Gee, Barbara, thanks
(WilliamGA) LOL
(WilliamGA) jay, I change the mailing address to mine. Easy, really
(jay-fl) Are you using an office address or private mailbox?
(Tom_Dugan) 01Thank You for all you detailed information. Excellent Chat!
(WilliamGA) jay, I use a private mailbox
(Barbara_NY) What's up for you in the near future, William? Deals? Any speaking? Other projects? Sure would like to stay "in the know."
(WilliamGA) Tom, thanks
(WilliamGA) I will be speaking at the Real Investors Convention in Baltimore next month
(WilliamGA) I do deals all the time. Bought one today as a matter of fact
(jnsnwt) How can I attend ?
(jay-fl) No problem since 9/11? My guys want me to bring in 2 forms of ID. How are you getting around it?
(Barbara_NY) Do you have a web site or newsletter or something so we can all know what your up to?
(WilliamGA) jay, what guys?
(WilliamGA) my site is www.sub2deals.com
(jay-fl) UPS Store, formerly Mailbox Etc.
(WilliamGA) you can email me at william@sub2deals.com
(bripow) how much do you typically come out of pocket to catch up the pmts in arrears ?
(WilliamGA) jay, correct
(jay-fl) I guess they don't make you show 2 forms of ID for everyone receiving mail in your box?
(WilliamGA) brian, it depands on the house. The 33k one we bought I traded a 5k downpayment toward a house we already had
(WilliamGA) the one I bought today, 3k to arrears
(WilliamGA) loan balance is 43k
(WilliamGA) worth high 60s
(WilliamGA) jay, I find that sticklers for rules get less sticky after they get to know you
(jay-fl) Do you l/o it or sell it?
(bripow) how did you find a title co. that was willing to close sub2 deals ?
(WilliamGA) I love to sell on L/O but we sell on CFD as well
(WilliamGA) some of the others we rehab and retail
(WilliamGA) brian, again, it is the relationship with a good attorney or title company
(jay-fl) I'm looking at one right now. Do you have to foreclose in GA or can you evict on a CFD?
(WilliamGA) take the time to educate one and use them
(WilliamGA) Depends on how much the T/B squeels
(WilliamGA) either way it is a fast process
(bripow) do you buy your own title insurance policy ?
(WilliamGA) I hardly ever buy title insurance
(jay-fl) Are you in Atlanta or Macon?
(WilliamGA) it depends on the underlying loan and how much cash I have in the deal
(WilliamGA) Macon
(jnsnwt) That's breaking a cardinal rule isn't it ? No title ins
(jay-fl) How do you get your financing?
(WilliamGA) Who's cardinal rule?
(WilliamGA) what financing? with sub2 it is already in there
(jnsnwt) It's one of "THOSE" rules I have been told all my life, never buy w/o title ins.
(bripow) so when you buy sub2 are you closing through a title co. or at the "kitchen table"?
(jay-fl) Arrearage, move money for the seller, continuing payments, closing costs, etc.
(WilliamGA) LOL, you mean like go to school and get a safe, secure job? LOL
(WilliamGA) brian, about 75% of my closings are kitchen table
(WilliamGA) jay, there are many, many ways to get cash for these deals. Private lenders, credit cards, lines of credit, seller carryback equity
(jnsnwt) True but aren't you exposed to a previous lien holder popping up after you do all the work ?
(jay-fl) So you use each of those?
(WilliamGA) I just weigh all the riskd and make my decision based on them
(WilliamGA) jay, no I dont, but I have all of those means if I need them
(jay-fl) William, have you ever negotiated an IRS lien?
(WilliamGA) I have used some of them
(WilliamGA) jay, no, never had to deal with those guys yet
(bripow) 01do you explain the details of buying their home sub 2 when on the phone pre-screening them ?
(jnsnwt) I still struggle with the lack of title ins. Plus doesn't the buyer usually want the seller to provide it at their closing ?
(WilliamGA) yes brian, I do. I believe in HEAVY prescreening
(jay-fl) Do you suggest we do targeted mail to expired listings and pre-foreclosures?
(WilliamGA) jns, when you sell conventionally, you can provide it if you like
(WilliamGA) jay, yes I do. That is the vast majority of my mailings
(bripow) 01so you come right out with it and tell them they will be deeding the home to you and leaving the loan in place
(WilliamGA) I don't whack them over the head quite that hard but I do at least introduce the idea to them
(Knightwind) what is the typical time frame on closeing a deal like this?...
(WilliamGA) I put it more like..................
(jay-fl) What response rate do you get on your mailings and what filters do you use? 60k or less retail, 3 and 4 bedrooms only, etc.?
(WilliamGA) If I were able to start making your payments for you until I can find a buyer to get a new loan, would that work for you?
(WilliamGA) Knight, I can close one in less than 24 hours
(WilliamGA) jay, I gave you my filters earlier. Those are the only ones I use
(WilliamGA) jay, If I do a mailing for 50 houses, I will buy at least one, guaranteed
(WilliamGA) vacant
(WilliamGA) signs of seller motibation in the listing
(WilliamGA) motivation
(WilliamGA) listed at least 90 days
(WilliamGA) no more than 20% over median area price
(bripow) i find they often come back with "how long would it take you to find a buyer (and they are thinking in months not years) ?"
(WilliamGA) brian, I would say............
(WilliamGA) I can't tell you absolutely but I can tell you that I would continue making the payments until I found that buyer
(WilliamGA) they are either ready for you or they aren't
(WilliamGA) and if they aren't, you can't force it
(WilliamGA) I want them begging ME to buy the house
(jay-fl) 1 in 50 is excellent. I've done 2000 at one time and got one or 2 calls and no deals.
(WilliamGA) that 33k house I told you about
(WilliamGA) the guy was literally begging me to take it
(Barbara_NY) Gotta go, William, Tim & everyone. Got a project to finish and the natives are getting restless. THANK YOU SO MUCH, William. You are Mr. Sub2 in my opinion and we are all so lucky to have an honest pro like you share so much with us. Your sub2 package is exactly what we've ALL been waiting for in this world of general, all fluffy RE info. Thanks for sharing your expertise with us by developing it! Bye for now.
(WilliamGA) Thanks Barbara.
(bripow) how do you handle the "i'll need my atty to review the deal"?
(WilliamGA) I tell them to have their attorney call me and I will be glad to answer any questions he has
(leecain) If the seller won't go with a sub2, do you offer a lease/option or CFD?
(WilliamGA) nope
(jay-fl) What do you do when they have a ton of equity and still want 10k?
(WilliamGA) give me the deed
(WilliamGA) friends don't let friends buy on lease option
(WilliamGA) work it out jay
(WilliamGA) if they want 10k, will they take it over time? How much equity is in there?
(WilliamGA) if there is 50k in equity and they want 10k is it a deal for you?
(jay-fl) 50k in equity, don't know if they'll take it on time, but will ask
(WilliamGA) what do they need the 10k for?
(WilliamGA) gather all the details you can before you make the offer
(WilliamGA) ask questions
(bquiffie) how do you handle the insurance on the property?
(WilliamGA) your offer will be found in their answers
(jay-fl) 10k is still a deal. They want it to pay credit cards and rent another place
(WilliamGA) bq, it really depends
(WilliamGA) sometimes I get a totally new policy
(WilliamGA) if the current policy is with State Farm, I convert it to a LL policy
(WilliamGA) insurance is tough these days
(jay-fl) I thought they quit doing LL policies?
(WilliamGA) the loophole is if the house is currently insured by state farm, they will write a ll policy on it
(WilliamGA) just found out about that one
(jay-fl) great news
(WilliamGA) I added that to my sellers questionare. "Is the insurance with State Farm?" That is a plus!
(jay-fl) Same for All State?
(WilliamGA) As I understand it. Call up a local agent and ask.
(WilliamGA) You guys questioned out?
(jay-fl) do you stay away from low income areas?
(jnsnwt) Have you ever had a lack of title ins bite you in the rear
(kareem14) hey william i'll see you at steve's event next month
(WilliamGA) jay, a deal is a deal. Every house is worth something.
(WilliamGA) I bought a house last month for $250.00
(WilliamGA) Yes kareem, I will be there
(RGC) steve's event ?
(WilliamGA) sold it to a rehabber for 6k on a CFD
(WilliamGA) Yes
(bripow) thanks for the vine william...see you in baltimore next month
(jay-fl) Any problem getting tenant buyers of CFD buyers on higher priced houses these days?
(WilliamGA) OK, Brian, see you than
(WilliamGA) jay, I stay away from the higher priced houses. Hard sell in my area. No more than 20% over median priced per market
(WilliamGA) Best houses are first time buyer prices. 60 to 90k here
(jay-fl) Does the cashlow still work on 20% over median?
(WilliamGA) For the most part I can get 1% of value in rent accross the board
(WilliamGA) don't know if that would work if I got up over the 20% mark
(jay-fl) Do the t/b's actually do the maintenance or is it often deferred?
(WilliamGA) about 50/50. about half of them I get back have deferred stuff. Keep a close watch on it so it isn't a problem
(WilliamGA) If I drive by and see a problem developing, I will write them or call them and ask what is up?
(jay-fl) Do you buy if the owner is in Chapter 13?
(WilliamGA) If the trustee will release it. Got one released today we are doing a short on.
(jay-fl) Did you simply ask for it to be released?
(jay-fl) Were the payments current?
(RGC) off topic..... is anyone going to the dallas expo in november ??? can anyone recommend going ?? hww.realwealthexpo.com/success/html/dallas_expo.html
(WilliamGA) Yep. I called them up and he said no problem. Said to tell the mortgage company to fax him whatever they wanted
(TRandle) WT, after you wrap up the questions already out there, please give us your web site, your email so folks can contact you after tonight and the link to your course. Then let's call it a night.
(WilliamGA) jay, no, payments were way behind
(jay-fl) Is the loan government insured? FHA, VA?
(WilliamGA) no, Citi Financial. 12% interest rate
(WilliamGA) they really stuck these folks
(jay-fl) Whats included in your short sale offer?
(WilliamGA) OK guys. If you have other questions, come on over to my site at www.sub2deals.com and I will be happy to answer them
(WilliamGA) Tim is offering the course here and has the link for you I think
(WilliamGA) You can always email me at william@sub2deals.com
(WilliamGA) I do answer my emails and all of the posts on my board
(TRandle) WT, thanks very much for all the info and your time. I know everyone is appreciative and thanks to all the participants who showed up to make this successful.
(WilliamGA) If you buy before Sept 30 I am offering 60 days of unlimited email and fax consulting with the course
(jay-fl) thanks William!
(WilliamGA) Maybe Tim will have me back
(RGC) great thanks Tim
(WilliamGA) no problem jay
(RGC) a brilliant talk as usual i bet William
(WilliamGA) OK guys, thanks for coming!
(WilliamGA) thanks RGC
(TRandle) WT, perhaps next time you and I'll go at it as a combo, lol.
(RGC) great idea Tim
(WilliamGA) Sure, why not
(TRandle) We ain't buying a second policy in Texas and we may have a few other slight differences. I know we agree on most things, but we may find some unusual difference.s
(WilliamGA) yes it is
(WilliamGA) OK guys, bedtime here in GA. See ya'll soon! Go buy some houses!
(TRandle) RGC, I'm not familiar with it. I would have to check it out before I could comment. What interests you?
(TRandle) Bye, WT, thanks again.
(TRandle) I've got a work call to make so I gotta run. I do appreciate your time and participation. Good night....
(RGC) night tim
William Tingle currently wholesales and rehabs several deals every year but his real niche is what he calls “Sub2”, buying subject to existing financing. To date, he has taken the deed on almost 100 properties and continues to buy 20 to 25 properties a year in this manner.
Mr. Tingle is the founder and head of the Macon Real Estate Investment Association in Macon, Georgia. He also owns and operates his own web site at www.Sub2Deals.com.
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