Where’s the beef?! (assumable loans) - Posted by Keith (MI)
Posted by Keith (MI) on June 06, 1999 at 03:28:00:
**I may mention Carleton Sheets here, but don’t worry, this is a “general” question, I think…
I’m a little ways into Sheets’ real estate course, and to the part where he’s making actual calls on the phone for ads that look promising. I haven’t gotten to his main techniques yet, but already I’m a tad confused. A couple of promising properties he’s passed on due mainly to the fact, it seemed, that the loan is a non-assumable one (tho maybe there were other factors). But he seemed to look down on those types of properties and said there are too many better and easier deals out there than to mess with these rigid conventional loans (at least on the properties in question).
Basically, my problem is this: Several years ago when I first bought some books and a couple of courses on creative REI, even back then the authors were quick to point out that the “assumables” are getting harder and harder to find these days. I know now they must be even rarer (I’m guessing). I remember back then making LOTS of calls here in suburban Detroit–and even finding a few properties that seemed promising–and not ONE of em was assumable. They were all non-assumable, conventional mortgages. It was very disappointing, since that really would seem to make that first deal a whole heck of a lot easier for the newbie! But geez, my point is, if nowadays I throw out any deal that ISN’T assumable, I fear I won’t find anything in my local market! I didn’t back then. Maybe Sheets will clarify later, and perhaps he was just trying to keep things simple at that point for those calls, but if I have to disqualitfy anything that isn’t full-assumable, I’m hurtin’, I think. ARE there still assumables around in decent numbers??
Ah, maybe I’m just getting ahead of myself–and the course.