Bronx, NY · Member since 2015 · 33 posts · 6 votes
Hello BP... I live in New York and I am looking at a deal for a single family home. I talked to the seller about holding the note and he is ok with it. Matter a fact he missed understand what I was explaining to him about subject to and he understood as he would need to continue to pay the mortgage for an additional 6 months until I behave the property and sell it. Upon the sale, then at that point, I would satisfy his note which he was ok with. I am looking for advice on how to structure this deal or possible talk to an attorney to help with the trascation. Thank you guys in advance.
Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
9y
The easiest way to get this done the right way is to contact the local REIA and find out what attorney in town is investor friendly and familiar with SUB2. Just have the attorney draw it up for you. That way you know it is done right and you haven't missed anything.