Let me start by saying that I am not an attorney and my intention is not to render legal advise in this article. Instead what I’m offering is my experience, and it’s pretty vast. Naturally, you should seek your own legal council relating to your business. Ok, with that said…
Doing a subject to deal refers to taking over the deed of a property subject to the existing mortgage on a house. It can be a confusing area, and sometimes you’ll even be told that it’s impossible or even…illegal!
Hear me now… it’s not illegal, but you do need to tread lightly.
So, in this post, I want to talk about the 1 thing you should absolutely NOT do on subject to deals and I’m sharing some other interesting info as well.
Let’s get to it…
Behind on Payments or Facing Foreclosure
Be careful if you are taking the deed
Did you know…there are several ways to get your properties sold and reach investors in your area QUICKLY? (Hint: your real estate marketing may play a major role in this aspect)
One of my students recently contracted a single-family home in the Orlando, Florida area: a 2-bedroom, 2-bath, 1-car garage, with a heated swimming pool. He’s offering the property at $99k cash as an investor special.
And, he’s wondering – what’s the BEST way to reach out to the investor community for a quick sale?
Read on as I share a few ideas about how to sell quickly and why you might have trouble selling.
Our Data Feeds Make It EASY…
First off – if you’d like to start building your list of cash-paying buyers with very little work on your part, I’d suggest you start looking through our program called the Cash Buyer Data Feed. It’s a constantly updated
Are you familiar with delinquent property taxes?
Long story short…a house becomes tax-delinquent when a homeowner falls behind on making property tax payments. When the taxes continue to go unpaid for a certain amount of time (which can vary by state and county) the property can then be sold.
I, myself, have bought quite a few properties as a result of delinquent property taxes. Most of them were directly from the seller rather than waiting for the auction.
How have I done this? Well…by simply accessing the list of tax-delinquent properties.
This list of properties contains those that will eventually be auctioned off at a tax sale in the county from where the list was pulled. You’ll see the properties that are on the docket, and when and where they will be auctioned off.
This information is not difficult to access. Every property owner in the United States is required
There’s no denying the power of mentorship. In fact, I’ve learned through personal experience over the last 25+ years that having the right real estate investing mentor can dramatically decrease your time to profits!
It’s time I gave you a few pointers about working with a real estate investing mentor—specifically, the matter of whether or not you should seek out a LOCAL mentor.
But let’s start out by saying…
Mentoring is Not Magic
It’s important that you enter into a mentor-student relationship with an open mind, an open heart and a readiness to learn. Having a mentor is not like a magic formula that fast-tracks you to success if you’re in the wrong place mentally or, worse, are untrainable.
A mentor can only do so much. Your progress really depends on your willingness to work!
Your motivation for finding a mentor should be that you’re ready to hook up with