At the risk of sounding redundant you might want to get a lot of help here.
Bronchicks Cash Cow course. $295 or whatevet it is would seem like chump change for the potential profit or liability exposure you could have on these deals.
Assemble your Team:
a. Real Estate Lawyer
b. Title Company that knows what you (and they) are doing
c. CPA to guide you for tax reasons
d. Marketing (Though it sounds like you have that down).
e. Mentor, guide, Real Estate club someone to SEE the Doc’s and do the deals right.
There are a list of doc’s you would need to transfer the title and do the subject to deal correctly.
Putting the property into a trust and signing the contract subject to the existing loan are easy.
Title Insurance and closing with a GOOD title company can cost a little but well worth the money. Your tagline on your email says Realty Agent. If that is the case you should have a lot of this knowledge???
Subject To - How Do I Complete The Deals? - Posted by Big Harold
Posted by Big Harold on January 18, 2001 at 19:22:04:
I’m a newbie at the real estate game; I’ve been in this for 4 months, and have bought 2 properties no money down. This area, Harrisburg, PA, is BOOMING with opportunity for RE investors! Anyway, I just put an ad in the paper, and boy did the people respond! The only way to go.
My question is this - I have like 5 properties that people are gonna let me take over subject to, with no extra cash, some of which have significant equity. How do I go about completing the deals? Do I have to have a title company complete the transaction, or can I just draw up a form to transfer title? I’m a little lost here. And, how much is it gonna cost? I know I need to have a title search done, but what else do I need, and what other costs are involved? Thanks in advance everyone - this site rules! This and Carlton Sheets have changed my life forever!
You first fly me to Harrisburg and pay for a room and meals for the weekend. During that time we will complete all the documentation needed. We can even set you up to explain to buyers how they can enjoy all the benefits of home ownership. I am sure we could agree on some of that equity as compensation.
Harold,
you may want to read some articles both here and at www.legalwiz.com about getting around the Due On Sale clause.
This will guide you a little as to the best way in my opinion to take title to a home subject to.
You may also consider getting a course from either Bronchick or Legrand that has the forms you need and explains how to do subject to deals.
This money will be well worth it, especially since you already have 5 deals to do using it.
Be sure to do this right when you do it, or you can encounter problems later.