William Tingle Subject 2--Is his course worth it?
Hi, I have been scouring the web looking for information on Sub2, Subject to, and Subject 2. My interest was piqued here on Bigger Pockets podcast #2. This lady bought over 150 houses sub2 over the course of a few years.
I have not been able to find any information, contracts, or methodology of how to set these up. There are a few mentions of it on Bigger pocket forums, but I'm still not getting the whole picture.
I found a comprehensive course by William Tingle for $297, but I'm leary about paying much for courses anymore since I've fallen into the trap of paying thousands of dollars on courses, seminars, boot camps, coaching, and mentoring.
Does anyone know if this course contains quality information and resources on this subject? I couldn't find any information on the scam pages and this product does not come with a money back guarantee.
I can certainly tell you how to do it for cheaper than that. (Hell, I will undercut it for $100). I will say though that for $297 is not a bad price at all though. IF they know what they are doing and just didnt watch some videos and create some junk. I might buy it just to see what they are talking about. If its terrible I would request my money back immediately.
@Brandon Diaz I didn't hear anything from bigger pockets so I bought the course. Its coming in the mail. There is no money back guarantee, but when I emailed questions to the author, he responded in 15 minutes and offered to answer any support questions I would have. Its a gamble, and the quality of these types of things vary, so we'll see.
At that price, you really cannot lose for a course like that. As long as they are not full of junk. If they are, I would demand my money back. If they don't, make sure you leave enough reviews. But, only if the info is bad. When you get it in the mail... Let me know what your thoughts or questions are and Ill help you determine that.
Happy investing
@Brian V. did you get the course and what do you think of it? I was just about to pick up the course myself when I decided to check on biggerpockets.
@Derek Smith and @Brandon Diaz I did buy the course. Its a fun read and he writes well...but the paperwork provided in the course is a mess. I had it reviewed by a lawyer and he told me the contracts suck and not to use them. Additionally, how to use the paperwork to close the deals is unclear to me, and the author Tingle does not support his course. I sent him an email and he told me to have an attorney draw up new contracts. Also the material and strategies are a bit dated as the course was written around 2000 or 2001. I think the methodology of going out and solving peoples problems is timeless, but because the paperwork and instructions suck, and the material being almost 20 years old, I'd pass on this one.
One more thing to note. I purchased another Sub2 course this week called "screw the bank" by Jay Palmquest. His paperwork is a bit better and he gives his phone number and email address and is willing to hold your hand and support you. It was $700 but its nice to be able to get your questions answered.
I have had a change of heart, however. Due on Sale Clauses, while rare, have and do get called. If a loan gets called, my end buyer is totally screwed because I don't have the resources to pay the bank or refinance. I would probably have to return the down payment and option money to the end buyer, and he is probably going to sue me. Additionally the seller, whose loan I promised to pay, now has a foreclosure on her record and her credit will be ruined. I feel she might sue me too. Additionally, many loans are tied in with the government and by concealing the transaction from the bank, the insurance company, and the government without full disclosure you might be breaking the law. Understandably, taking a loan sub2 is not illegal. I'm soul searching right now, but this whole due on sale clause seems risky until I have some major cash or credit line to back me up in the rare chance the loan is called.
Brian thanks for getting back to me so fast and thanks for this. It is very informative and I was just about to buy. I have a sub2 mentor, but I was trying to learn the basics so I can know whats going on. I am also scared of the due on sale clause. I keep being told not to worry about it, but how can you not. One way I have heard to get around it is to do a land trust, make the current owner a beneficiary and then make myself beneficiary after I close. To me that is just hiding it and in a 30 year mortgage that is a long time to hide it and be worried about the due on sale clause. I am so glad you saved me $300. I will consider Jay Palquest's course. I am just so tired of wasting thousands on courses that end up not being for good.
Quote from @Derek Smith:I like this idea. Can you refi after it is closed after sometime and pay off the mortgage with funds? What are some of the next steps that can be followed?
Brian thanks for getting back to me so fast and thanks for this. It is very informative and I was just about to buy. I have a sub2 mentor, but I was trying to learn the basics so I can know whats going on. I am also scared of the due on sale clause. I keep being told not to worry about it, but how can you not. One way I have heard to get around it is to do a land trust, make the current owner a beneficiary and then make myself beneficiary after I close. To me that is just hiding it and in a 30 year mortgage that is a long time to hide it and be worried about the due on sale clause. I am so glad you saved me $300. I will consider Jay Palquest's course. I am just so tired of wasting thousands on courses that end up not being for good.