Do you like Subject-to-existing financing? Why or Why not?
Last year I took over the payments on a couple of houses, rehabbed them, put tenants in them to pay the mortgages for me. It has worked out very well so far. It's a relatively cheaper way to get into a property and cash flow. I am in Birmingham, AL so this is a cash flow market. I have heard all of the scary talk about the lender calling the loan due, but I even talk to them. They could care less about who makes the payments. They don't want the house they want the money. And they know if they call the loan it would be foreclosed. So I feel as if it's a good strategy for me and my business. I have so many that come across my desk but I don't want to bite off more than I can chew so I help my clients find buyers/ investors who like this strategy as well. What do you think about this strategy and does it work in your market?