Sub-to uses...
I have not read much on sub-to up to this point, but this deal may lend itself to it, if it does, I plan going out and buying the materials related to this type of investing...
That said... the owner of a duplex owes about $120K and is selling for about $170K - Fixed up this would sell for $220K or more. Problem is I do not want one of those expensive rehab loans and then have to refinance if it can be avoided. Property really does not need that much work and this is a rental not a flip.
So... Is it proper use of the subject-to to have the seller do a cash out refi and then do a subject to for me to gain control of the property.
[ Edited by drifter on Date 02/10/2003 ]
Hi Drifter,
Have you read John $CASH$'s materials on sub2? He has some great articles and posts if you wanna do a search here.
I'm not sure of the BEST profile for a sub2 except that they need to want to get out NOW or sooner.
I'm sure you will be hearing from John soon on your question!
All the best,
Mel
Having the seller to refinance the property is a beautiful way for them to get the cash they need and you get what you need!
Don't forget to C.Y.A. (Cover Your Assets!)