Got a sub2 today. Now the hardest part, the waiting begins... (5 day right to cancel in CA) Is this standard in all states? i will update with more details when it is solid. MG
Interesting, when you firm up the deal, i'd be interested in hearing more about it.
@Michael Galloway this is something I need to learn. Good luck.
@Michael Galloway I'd love it hear more about this deal! What can you tell us?
@Brandon Turner , i promise as soon as this is in stone or not. i will give you all the details and strategy. I will say that i am really liking the cash on cash returns of these sub2 deals lately. Everyone is a winner. Seller, Buyer, Investors, Me.
I almost forgot to update you on this SUB2. The property is still scheduled for auction next month. (was postponed) owner has a little more time on their hands.
It was a duplex with a 78k original loan from 2006? or 2005? only 22 years left. total payment was only 800 including taxes and insurance. both units rent for 1100 each. No one is occupying the building. Owner was going to remodel, ripped out kitchen, ran out of money and now does not have enough cash to rehab and rent out.
the value retail based on comps is 120k. being that there is equity here, you would think the owner would sell traditionally. However, this guy has been hiding out. I tracked him down through some mail that was in a back garage. Weird! I will try again in another week, see if he changed his mind.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing