MAREI Meeting:Buying Properties Subject To the Existing Financing with Special Guest St Louis Real Estate Investor, Property Manager, and Coach Edward O’Daniel
MAREI Members & First Time Guests Can Attend at No Charge when Pre-Registered. Guests Pay $15 Online or $25 at the Door. Register Now at www.MAREI.org!
Buying a property Subject To means you are buying it subject to the terms of the loan that the seller already has in place. You are taking the deed to the property in your name, and the seller’s loan stays in place in in the seller’s name, you are just taking over making the payments.
Subject To is a good tool to have in your toolbox for making a good deal great and in some cases making a no way deal work. One might think why would a seller consider letting some random person take over their mortgage? Often times the seller must sell, they don’t have the luxury of time to find the right seller at the right price and with subject to, they can sell fast. And when purchased by an honest and ethical investor, it can actually help the seller because the new investor owner makes the mortgage payment relieving the seller of that burden, plus by making that payment on time, every time and eventually pays off the mortgage all which helps the sellers credit score.
For the investor buyer, this allows a purchase with little to no money up front. Just an agreed upon amount down for the seller to deed over the house, with a clear title, except for the existing mortgage. Plus the investor is not using up their own valuable credit, which can allow an investor to build up a portfolio of rental property, subject to, without ever needing to speak with a bank.
No, Subject to is not the perfect tool for buying a property in every case, but it is a good tool to understand so you can pull it out for use when needed.
Come join us on Tuesday, November 14th to learn the basics of how a Subject To deal is put together with our special guest from St Louis, Real Estate Investor, Property Manager and Coach Edward O’Daniel. As always networking starts at 6pm, come early to visit with the vendors, check out the deal table, and to network with the 100+ folks in attendance. Presentation starts at 7:00 pm and runs till about 8:45.
Looking forward to next Tuesday: I want to remind everyone to come at 6 prepared to network from 6 pm to 7pm - we have quite a few opportunities.
1. Check in and get a name tag so everyone knows who you are, grab a marker and make a note on your name tag as to what you HAVE to offer or what you WANT to get - like HAVE PRIVATE MONEY OR WANT A FLOORING CONTRACTOR - it will help facilitate networking and making a few extra connections while you talk about something else.
2. Find our Haves and Wants Table - this is where we have our Business Card Exchange and where members can leave a flyer with their Have or their Want to share - make sure all pieces have YOUR personal name and contact info on them.
3. Be sure to visit all the vendor tables in the pre-meeting space, these are folks who want to do business with real estate investors PLUS because they are in the industry, they might be able to help you with your HAVE or your WANT!
4. Work the Room - we will have groups across the ballroom talking and connecting before you take a seat, be sure to introduce yourself to at least 5 new random people you don't know. If you come with someone, divide up and sit separately to meet more people.
And remember to get pre-registered at www.MAREI.org
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