Is This A Sub 2?
I recently bought a property by jumping on the deed with the owner and then refinancing the property under my name. After that, the owner removed himself from the deed and I am now the sole owner of the property. I made $17,000 from this deal. Is this a sub 2 deal? Just curious because I wanna do more of these once the foreclosure market starts to hit.
FYI a sub-2 is taking the deed sub-2 the mtg! IE: you have the deed they have the mtg. still in their name till you sell to someone & they get a new mth. You do not use your credit & get a mth in your name!! There are lots of good forums here on sub-2.
I think commking is right, in sub 2 you keep your borrowing power intact. In this case the borrowing power is used up. In addition it is not profit until the house is sold and you have no more liability.