Sat, Jul 04, 2009
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Problem With Attorney General In NC *** |
MarkMarkov
74 Posts
Member Since: 06/10/2004
San Francisco, CA
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Posted: 13:57 on 07-26-2004
I am pretty new to Real Estate so I apologize if this sounds dumb and/or I am missing the point, but... if there are so many problems with "subject-to" why not just buy the house with nothing down (by getting the seller to carry 10%) or 5% down (geting the seller to carry 5%) and lease it out as planned? I mean, you're getting a good deal, right? Ideally, you will pay off people's mortgage and give them some cash to move? You benefit from any equity they have and you can either do a lease for a few years and resell or perhaps rent-to-own for couples with bad credit, etc.?
P.S. John, I didn't mean to sound negative or offend you in any way. I am just trying to learn more by asking a question. Even if I find that "subject to" is not for me, I am still ordering your course as I'm trying to learn everything there is to learn about RE.
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JohnLocke
4180 Posts
Member Since: 06/17/2002
Belmont, NC
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Posted: 22:40 on 07-26-2004
Mark,
I am not easily offended, so don't feel that you offended me. I have fellow Cash Now team members out doing deals without problems everywhere even North Carolina, so you can't prove it by me or my students there is a problem in doing Subject To deals.
One of my favorite lines comes from Bill Bronchick, it goes something like this, "Subject To investor arrested, caught with meth lab in his basement."
Let me tell you about posts that you read, sometimes the poster has never done a deal but repeats what they saw posted elsewhere, they are easy to spot by a true pro investor.
Somtimes you will read a post about a problem someone is having, now most people tell the story from there side of the problem, not always factual in it's content. Two sides to every story somewhere in the middle lies the truth.
So when you start reading posts keep in mind that this is not a case if you see it in print it must be true.
John $Cash$ Locke
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"If people like you they'll listen to you, but if they trust you they'll do business with you."
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