Long Distance Sub-To
Okay, I haven't yet done a "subject-to" purchase, but I have done extensive research and I just returned from a Dolf de Roos/Gene Burns workshop earlier this month. I feel completely comfortable in doing one (or fifty) as soon as I can find them. My question is this: How about doing them over long distances, without physically going there? Can you use a title company to hook everything up for you? If so, will the title company rat me out to the lender?
Any comments greatly appreciated.
Kind regards,
Phil
Dr. DeRoos' own best buddy, Robert Kiyosaki (Rich Dad Products) talks at length about the need to stay close to home, at least until you've had time to become seasoned.
If for some reason things go bad and you have to fix it, it can cost you big bucks to either travel to the area to handle the problem yourself, or hire a professional to do it for you.
Good luck,
Jeff
What about dealing with someone who has moved out of town? Seems like that would be okay. Send them docs, have them sign in front of a notary, send back to buyer. Deals okay if property close by I would think is okay.
I agree with Jeff, you need to stay close to home.
You have to know the area, know how much the homes in the area are selling for, make sure the house is actually there, make sure the house isn't burnt to the ground, need to know how much rehab (if any) needs to be done, etc. Can't do that if you've never actually been to the property!
Hope This Helps,
Mrs. Meltzer
All you have to do is give the standard presentation to the seller over the phone and do a YP with them.
No Problem.
Best of luck
John (LV)
Mrs M. is on the right track, create a level of comfort in your own backyard FIRST, so many homes yet one careless mistake could risk a significant portion of what you have built.
Eric & Rosa
[addsig]
I could see why Sacromento Phil may not want to buy property in his own back yard.
I have a friend from California who does all of their investing in Las Vegas. He has relatives there that he can rely on to handle any issues. He also tends to take a lot of tax deductable business trips there.
I think if you do enough research and keep all of your property together in one area, have a good plan for managing it, and have people you can trust to help you out, it could work out.
Start out small and have a good plan.
Good Luck.
Hello,
I work in two towns. Beaver Dam, Wi where my parents live and Roanoke, VA where I live.
In Beaver Dam I can get anywhere in five minutes.
In Roanoke I can get anywhere in five minutes.
Were I to buy a piece of property in another state, I wouldn't feel comfortable. What's more, I'd have to travel there to do a face to face deal (I sell in person), look at the property... well essentially fulfill all due diligence.
My vote is to stay close to home.
Thanks,
OTW :-D
if long distance rei is what you want to do thats ok, but first do i few close to home to get the feel of making a deal. if you still wish to do long distance deals, which i doubt that you will, then go ahead....kenmax
Is sacramentophil even around any more? I mean, we're digging up already answered posts that are like 10 months old.
I'm also interested in doing long distance investing, in the future. As far as seeing the house without being there. I hear you can try to get a warranty deed to inspect the property and give you the "as is" value. If you decide to buy it you will then need to pay them for their services. Something you should look into. I am thinking about doing sub2 long distance if I can. Keeping posting, I will be reading.
Quote:
On 2004-09-03 19:15, wannabe21 wrote:
Is sacramentophil even around any more? I mean, we're digging up already answered posts that are like 10 months old.
Yeah, I'm still around...every now and then.
I find it amusing that some people chose to caution me as though I'm a little kid, without knowing any specifics of where I've been and what/where I know.
heh, it's like asking Gramps where the light switch is in his car, and he starts teaching you how to drive. "Put it in 'D'!" :-D