How Do I Sub-to And Get Money Out To Rehab Right Away?
Hello All
I found a six unit building that is vacant and boarded up. I can tell from the outside it is going to need to be rehabed right a way to be able to rent out the units. How can I get money out right away to rehab the property after the sub-to (if I can convince the owner to go that route in the first place.)? I am a little confused on how to get money out so fast because a conventional loan is not going to work for me right now. I understand that the deed would be in my name but financially everything would still be in the owners name. How does that work?
This would be my first sub-to so please bear with me. But I think this could be my foot in the door as far as real estate investing. I plan on keeping the property and renting it out for the long term instead of selling. Any advice would be greatly appreciated.
Thanks everyone for your replys and suggestions the "serious" one too. I will most likely have more questions after I talk to my agent tomorrow so expect to see another post from me soon
It just seems to be more of a difficult deal to start your RE investing with. To purchase, rehab, and turn into a cash-flowing rental a 6 family house...
I say go for it if you have the confidence in it!!!
Good Luck!
[addsig]