All Forum Posts by: Sarah Jones

It cost $1000 becuase he saw our badit signs.. and he happens to be a friend of our circle. I didnt know about the deal until he called the sign. Its the cost of the sign.

We have backup cash .. and we are hoping to rent it for higher value.. than what the current rent is.. but also this is the best deal we can find since spending $1000... My uncle who owns 12 houses for last 30 years.. says whenever rent covers mortgage you can buy it.. just make sure you have some money saved for extra stuff... I have 30k saved just in case of anything.

It's just explaining everything to the client so they understand what the worst situation would be and they know and you are protected. Some clients have no option and desperate to avoid a foreclosure. Worst case they call the loan due.. which is a foreclosure which they have now..

Subject to agreements are not new. They are done for decades..

So far spent close to $1000 to get this lead.. bandit signs.. other leads are no good.

Rent covers mortgage .. there wont be any money left for anything else such as repairs, etc..

I guess I was wrong she wont be able to buy a second house in a year because she is already 3 months behind so her credit is probably already ding ... so she wont be able to buy another house regardless into the ding clears up..

she would have to make more money but rent should cover mortgage and she will get 75% credit for that when she applies for 2nd house once her credit is fix

If i buy a subject to house and the loan is in old owners name and i have the deed and the old owner dies .. what happens? any consequences for me if i keep making payments?

Jon you said " Putting this into a trust doesn't guarantee the lender will not find out title has been transferred. They're wise to this trick. There is no way you can guarantee the lender won't find out about the transfer."

1/ How can they find out if it is under trustee if im the only one with the paper that says im the trustee?

2. is there any other way we can make it so they don't find out.

3. if they find out i know that COULD call the loan due but will they...? many people have been saying that they wont but will they if there is no line of credit or anything?

Bad Update on this exciting deal.

The owner does not want to do a subject to. they do not want to be on the loan anymore. Even though i told them

A) a short sale they ahve to pay 10-20k in taxes on the loss the bank takes.
B) they cant buy a house for 3-5 years.
C) realtor wants this becuase he makes 20k from this deal.

They just dont want to stay on the loan. They want out of the loan.

I do not want to qualify for a bank. That cost to much money. We want to get into the deal light.. $8k to make up the back payments. And we plan to rent it out.. Rent covers mortgage in this case. There is no room for cashflow but rent covers mortgage. and I told her the benefits
A) she can get a second house next year becuase she can use the rental income on the first property to buy the second property
B) its like her owning two houses.
C) she will not have short sale.
D) she doesnt have to pay 10-20k in taxes

and even with all that she doesnt want to do the subject to because she doesnt want her name on the loan still..

is there anything else i can do to make this happen? or just move on.. I spent a lot of money to try to get this lead in..

The husband wants me to talk to the realtor becuase they trust the realtor more. I dont think the realtor will make any money from this deal becuase the house is already behind on payments? What can I offer the realtor to make it work for him.. I dont have much funds to pay the realtor and all the back payments.. also every month that goes by it gets more in debt ... realtor trying to do short sale..

Also my purchase and sales agreement says title evidence given within 10 days after acceptance... they want to accept the offer now .. what form do i have them fill out if they are accepting my offer?

Jon you said the title company will prepare the deed at closing. This seller is ready to leave the house and I want to get the deed before closing, I have a form that says Warranty Deed.. can I use that for the seller to sign before closing.

Also I want to put this into a trust and have them assign the deed as trustee to me so the loan company doesnt know that I got the title. What are the paperwork for this.. and is this done at closing or before.