I want to know what is the ideal type subject to deal looks like in numbers.
Please share your last deal.
say you have appraisal at $100,000
Rent comps $650 per mo
Bank pmt PITI $700 per mo bank insurance taxes)
Mortgage bal $79,000
3 mo behind
Amount to reinstate and get caught up $2000
Clean up $500
You buy subject to the existing loan, get the deed
Use a title holding trust
Pay the bank directly, using a note serving company
Explain to seller about due on sale clause, all bank docs coming to you
Insurance policy adds you as additional payee
You will send quarterly statements to former owner proving PITI is paid on time
Rent out for buy and hold
@Brian Gibbons Great. Thank you for breaking down for me.
What is your strategy about properties that are valued less than loan balance?