Subject to forms....
Is there anyone here on this site that has a subject to form they use in FL? I am trying to get an idea of it compares to the forms that are offered free of charge.
If you have one and would be willing to email it to me, great. schallerp at hotmail.com
TIA..... 
i really would think it would be in your best interest to buy a book or course on sub-to investing or talk to a good knowledgable crei attourney in your area. There isn't a subject-to form, there is a number of forms you use to purhcase and sell a property that you pick up the sub-to way......of i recommend john$cash$locke's course but it would seem you would need to get a better grip on this technique......feel free to ask away we are here to help
Yes you are correct that there are several forms usually used in a sub to deal. I have read a tremendous deal of information on this topic here and other places thru the net so I have a good idea as to how this works.
I did pick a book on flipping and as I read it, I found that I had already learned almost all of it while traveling through the net. SO it seemed to me that I spent $20 and gained no further knowledge.
Now if I spend $200 on another manual/book and learn nothing new that I didn't know, the only thing I have gained was a loss in the wallet. Anyone with a used one? LOL
Yes I see I can buy the book "subject to" and yes it might include forms but they are generalized forms, no? Not pertaining to a specific state.
OK, does anyone have a really good REI lawyer in Tampa that knows what they are doing and isn't a rip off?
good to hear....at least you have the knowledge, the forms in locke's book are specific to nevada, as far as tampa goes, i'm sure someone here can point you in the right direction...
Hi schallerp:
There aren't any "magic" forms out there for subject to deals in Florida that I'm aware so don't spend too much time looking.
The contract language itself is pretty basic. With the disclaimer that I am not offering you any legal advice, you can, if you wish, simply ad language such as the following to a generic form contract: "Buyer and Seller agree that Buyer will be taking title to the property subject to that existing mortgage granted by the Seller to [XYZ Bank] on [insert date prior mortgage was recorded] and recorded in book [book #], page [page number] of the public records of Hillsborough County, Florida." Rinse, and repeat.
Join a local club. Among other benifits, you should be able to get references from successful investors to poulate your team with.
I truly believe that all of the courses (believe me I have a lot of them) and all of the books that I bought, there has not been one that I haven't learned something from. I never would have pieced everything together just by reading posts and articles on the web. Good luck with the sub to's. If you don't do them right then you are in for a whole lot of hurting.
Just my humble opinion.
Tom
I have read a lot of REI books, either on hard copy or e-book form. I also read a lot of the posts here on the different forums, but still had tons of questions, even more tha before I ever started.
Then I bought John Locke's Subjet To manual, and it all became very clear and "simple". His manual is like a blueprint on how to do it and you just follow the instructions meticulously, besides he will be there whenever you need help, and I mean HE will be there, not some anonymous associate who could not care less.
I am about to start my first Subject to deal and feel quite confident thanks to the manual and knowing that John will be accessible to me when/if I need him. In my opinion it was the best investment in my education of REI that I made.
Good luck!
Ladybug
I think Charlie & Randy France and Bob Meister's ABC's of Subject To is thorough,
but everybody always says before you use somebodies "forms" have your lawyer look it over, especially if you are in a different state.
Kelly
Ladybug,
Re: the book "Subject to" by John Locke Where did you get it and how Much?
Thanks!
Quote:
On 2003-04-23 23:15, Ladybug wrote:
I have read a lot of REI books, either on hard copy or e-book form. I also read a lot of the posts here on the different forums, but still had tons of questions, even more tha before I ever started.
Then I bought John Locke's Subjet To manual, and it all became very clear and "simple". His manual is like a blueprint on how to do it and you just follow the instructions meticulously, besides he will be there whenever you need help, and I mean HE will be there, not some anonymous associate who could not care less.
I am about to start my first Subject to deal and feel quite confident thanks to the manual and knowing that John will be accessible to me when/if I need him. In my opinion it was the best investment in my education of REI that I made.
Good luck!
Ladybug <IMG SRC="images/forum/smilies/icon_smile.gif">
OK, I am taking the plung and getting the book. Just ordered it and hope it gets here quickly.
if you think just having sub2 forms can get you the house good luck. $cashs$ info got me over 19k cash in my pocket within the first 90 days. later, ron(lv)
Forms must be more important than presentation. I think Ron has a point. I keep hearing everyone ask about forms but I don't remember the last time anyone has asked any questions about presenting to the sellers. Must be easier than I thought.
Tom
Allow me to recapitulate and in fact make clear that I understood what is this "subject to" all about: The whole point is in making sure that you take over the (seller's) existing mortgage. Is that right?
The thing that I do not understand thou is how the seller can gurantee that the bank will acept this... I know that they would rather do that (specialy if you have a 700+ FICO) because they do not want the non performing asset so it is safe to conclude that subject to is then making sure that you'll not have to buy that propertie if you can't take over the existing mortgage/s?
OK, I was thinking loud and I hope that I got it right, so lat me sumarise it again from the begining, and let someone let know if I got it right:
You find the prospect seller and ask him to sign you the authorization to speak with the bank so you can check/confirm what they owe. A power of attorney should be enough, right. Then you goal is to have him sign the contract that you'll pay the amount that he/she is owe in default (and if there is a lot of equity you will give them some cash), subject to bank accepting me as the new owner who will contionue paying the exisitng loan? [ Edited by omega1 on Date 12/13/2003 ]
Omega1, did you buy John Locke's book/manual?
Looking at your questions it doesn't seem that you have his manual; John explains the whole Subject to transaction very clearly.
If you do have his manual, maybe you should read it again and very carefully, all your questions are answered in that manual.
Ladybug
Hi Schallap -
I'm also in the Tampa Bay area...I can connect you with some REI clubs and also a REIattorney thats actually for the Investor. Email me if you would like me to pass on this info to you.
v/r Eric