Some Questions About Subject To's

scoobydoo7513 profile photo

I have some questions about Subject To's. I am reading a lot of articles and posts on here and they are great. But I still have some questions.

When you buy a subject to, what paperwork is filled out to deed you the house and what does the seller get out of it other than "getting out of it"?

Is the house yours as soon as the deed is signed or is it still the sellers until the mortgage is paid off in full? Obviously you are allowed to rent it out or lease it or resell it and you hold the deed on it, right? If it is not completely yours until the initial mortgage is paid, then how do you resell it and sign the papers over to someone else?

Is a subject to the same as assuming a loan except without going through anyone other than the seller?

Where can I find paperwork to complete a Subject To transaction?

How do you find people that are willing to do a subject to? Wouldn't they need money up front to get another home?

When you do a subject to and the deed is signed over to you, can you immediately refinance if there is some good equity in the home or if you are going to live there, or is it still just as difficult to refinance. In other words when you go to refinance to pay off the initial mortgage, is that legal and do they view it as your home or will you have to wait until you pay off the first mortgage or get a puchase mortgage?

Will realtors mind listing and helping you sell a subject to?

Sorry to ask so many questions, but in all my research in real estate investing, this board is the first time I have ever heard of subject to's and it is fascinating!! Don't worry I am a long way from starting my investing, I am starting with bird dogging. But I would like to learn as I go and all of you have been great in helping me. Thanks in advance for all your help!! Happy investing <IMG SRC="images/forum/smilies/icon_biggrin.gif">

[ Edited by scoobydoo7513 on Date 06/20/2003 ][ Edited by scoobydoo7513 on Date 06/20/2003 ]

Comments(12)

  • hibby7621st June, 2003

    Buy Cache's sub. to manual. It will answer all of your questions and hold your hand and walk you through your first deal. If it doesn't do the trick, he will walk you through it himself.

  • rynosaurus19th July, 2003

    I have the EXACT same queries. Its a very grey area for me too and if these questions you asked were answered i'd be in much better shape, but it seems this forum is a bunch of advertising to buy their products, NOT ENOUGH ANSWERS. So i might copy your post and go to the rich dad poor dad forum and submit your questions. They are better there at giving you answers... go to****Must Reach Senior Investor status before posting URL's*** my nick is RICHEY RICH

  • JohnLocke19th July, 2003

    rynosaurus,

    I would highly recommend when you get to that site stay there.

    You obviously don't have a clue that there are thousands of posts on this board to help the new person.

    Your type of attitude will not get your very far in creative real estate investing, if you need to plug another site make sure you mention this is where the question originated.

    John $Cash$ Locke

    PS: I just saw where someone told you to go to that site, a follower to huh?

    [ Edited by JohnLocke on Date 07/19/2003 ]

  • JohnLocke19th July, 2003

    scoobydoo7513

    I would suggest you start with this link:

    http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=146

    There are many articles and posts on this board that will help you learn what Subject To investing is all about.

    Asking for someone's paperwork is like asking for a disaster to happen, paperwork is state specific and any investor who has paid his dues is not going to give you his paperwork if it is any good. It is not fair to ask someone to give you what they paid for.

    Questions are cheerfully answered, but holding your hand out, you would be better off buying a "Will work for food Franchise" there are several street corners available. Pretty inexpensive also, piece of cardboard and a crayon will get you started.

    So what I am saying is take some time and read what is already available to you then you will better understand what this board is all about.

    John $Cash$ Locke

  • DavidBrowne19th July, 2003

    I just read this post and moved on. I had to come back because this is somewhat upseting . This site is an excellent FREE resource that is loaded with information. True, It is impossible to post a complete aspect of RI, many books and some coarses are inexpencive and full of pure profit value. I know what paving my own way costs cause I did it, alone . Those of us seasoned investers ,with nothing to sell , that respond to new ,welcome members about the same stuff over and over , when its ALL in previous forums. We enjoy the time spent cause it's all good. I have one strong recommendation for anyone that slams this site as a whole
    REAL ESTATE INVESTING FOR REAL IDIOTS .
    dident your momma teach you thanks

  • JohnJr19th July, 2003

    Just wanted to ad my 2 cents worth even though I spend most of my time reading and not posting much. I've been to many CRE sites and I would have to say that this one is the best one I have found yet and best of all its free.

    I have orderd John $cash$'s sub-2 manual which I am waiting on to come in the mail to me overseas, so I can read before I return to the US.

    But I have read a lot about sub2 investing on this very site and almost fully understand how it works. I just search and read everyday. This site has alot of good information for whatever type of RE you want to do.

    As for you rino I hope you like that other site so much you never return here because we dont need people like you and every time you post something like that your gonna get slammed again and again.

    Ok I feel better now.

  • lafinancial19th July, 2003

    I have to agree, with all the post and free info on "subject to" investing on this site, (I am sorry Mr. Cash) but you do not have to purchase the manual! This is the best thing going right now and I for one am appreciative of the knowledge and experience that "Cash" and Mr. Tangle bless us with!!

  • JohnLocke19th July, 2003

    lafinancial,

    Thank you I enjoy posting here and helping the new person here.

    However just one question, how do you think this site is made available for you and without it, this site would not be here?

    John $Cash$ Locke

  • scoobydoo751320th July, 2003

    I agree that this is the best site for REI. i have found so much helpful information here. I have spent many hours on here reading all the archived articles I could find on Subject-To's.

    The questions that I have are questions that I could not find answers to in archived posts or archived articles. All of the ones I did find I have printed out and put in a folder for easy access, but I still have some questions.

    Thank you to JohnLocke for answering some of them and thank you to everyone else who has answered them. If I could afford to buy john locke's manual on subject-to's believe me I would. But for now all I can do is pick people's brains and once I learn, share that information with others. Isn't that what this forum is for?

    I am sorry if my search for information makes people upset or if people take offense that I have not "paid" for my information. But people kept saying how free the site is, and and it a great site. But if you can answer someone's question, why don't you? Sorry if I this post makes anyone angry, but I have many posts on this board. I have found the knowledge and experience that member of this forum have to be priceless. But I also feel that if you read a post and can answer questions that person has to offer, go ahead and recommend a study aid to purchase, but take into consideration that some people can barely afford food, so buying a book whether $5 or $50 is next to impossible.

    I do not have my hand out. I have spent hours of time researching REI and am currently working with a couple of investors now to do bird-dogging. Sorry again if I am making anyone upset with this post but I don't like the comment that I am looking for a hand out. I have worked for everything in my life. All I am looking for is some help from people who are already successful at it.

    Thank you for your time and again thank you for all that help that I have already received.

  • reinvestors20th July, 2003

    Thanks $Cash$ and John JR.

    You made me feel better too.

    Scoobydoo,

    Get John's Sub2 manual. You will get all the answers and he will walk you through every deal.

    Nam

  • lafinancial20th July, 2003

    "Cash" I am sorry, I did not mean it like that. I was just simply stating with all the free info on here, that you can do sub 2's!!!

  • JohnLocke20th July, 2003

    lafinancial,

    No apology required you have posted to help many people here at TCI.

    I was just thinking if this site did not have a revenue source which is the Channel Partners, why would this site be here. I don't think out of the goodness of anyone's heart let's face it.

    I will disagree on one point, you may learn to do any type of creative real estate deal from reading posts, but to trully become a successful creative real estate investor, you are going to have to have more than reading posts, to get on the fast tract in your investing career.

    Most of the best creative ideas are never posted on a web site by any course writer or pro investor as a matter of fact, more or less basic knowledge is common day in and day out. Helping someone with a particular deal, etc.

    Just about every deal I did was different in one way or another, so this gave me the expierence to handle the next deal and so on and also to teach creative real estate investing.

    One of the problems I see is the wannabe investor who you might think has done many deals, yet has never done a deal posting to help someone. So if a new person rely's on this information then they may make their first deal their last deal.

    It is a matter of knowledge, integrety and trust, that makes the difference when helping a new person.

    John $Cash$ Locke

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