SUB2 in pittsburg CA

5 Replies

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

@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.

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