Re: Long term Subject To deals for real? - Posted by Doug
Posted by Doug on August 13, 2003 at 11:14:21:
I don’t sell courses. I invest. I own 3 homes I bought subject to. In all 3 cases, the sellers know and knew at the time i took over thier loan, that the loan remaines in thier name until the balance of the 30 year mortgage is paid off. That means with 29 years left on the loan, it will be in thier names for 29 more years, unless i decide to pay it offf early, which I won’t unless my tenant decides to buy.
All 3 sellers were not super motivated:
one couple wanted to move in with mom and dad to save for a bigger house
one single mom wanted to move in with her new boyfriend
one couple coudn’t afford the house anymore and moved in with grandma. that couple has already, just 90 days later, bought another house with an in law suite for all 3 of them. I provided thier bank with proof that the payments were being made, which relieves them of the monthly debt, so ANYONE can buy a new house, car, etc. regardless of how long the loan stays in thier name. The sellers know this when I buy…they don’t care about the loan in thier name, just that they can borrow again if they need to
Stop debating it and go out and do it. They need you more than you need them. By the way, the last seller PAID US $13,000.00 plus 1 months payment to buy the house,