Subject To For Dummies (I'm The Dummy)
Some combination of you REI Wizards out there let me know if I have this process correct . This is one scenario of many but is tailored to what I am trying to do now (I bought your book John ... dont have it in hand just yet)
1. Find a property owned by a motivated seller that, after all my due diligence, I figure I can make enough money to make the deal worth it.
2. Agree to terms with the seller, including a "subject to" acknowledgement by the seller that says something to the effect that
a) they will remain liable for the loan(s) until I find a buyer
b) I will not make up their overdue payments until I find a buyer
3. I find a buyer that can either perform in the short term with a new loan OR get the buyer into a Contract For Deed agreement (the preferred vehicle of Magister Locke)
Q1 - what am I missing?
Q2 - Is step 2(c) where I get the deed and if so, do I record it?
Thanks guys!
Molotov 
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molotov,
Step one: Read the manual and apply the knowledge learned.
Step two: Make deposits at your bank from the deals you will be doing.
John $Cash$ Locke
Thanks for jumping in John. I know that there are many steps that make up this process that I have grossly simplified here. Let me be more succinct:
As an investor, I execute a subject to purchase where I plan on finding another buyer ASAP - do I:
a) get the deed from the seller no matter what my exit strategy
b) get the deed and record only if I plan on holding the property longer term (either keep it as a rental or if my buyer cannot immediately get a new loan and I am in a CFD deal with the buyer)
Sorry if I am being thick on this one.
Molotov
John's training manual will arrive, then read the material, the information and examples are straightforward and will clarify your questions.
Eric & Rosa
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