Finding Financing
I am really interested in getting involved with subject 2 investments. My question is though how do you go about finding financing on these deals. For instance, if you find a motivated seller with a good property that owes back payments and has possible liens, either from mortgage co or home owners association. How, do I come in with a empty check account and offer them help? Are there lenders that are interested in provided funds up front with a % interest on their investment or willing to cash out when the house sells or gets refinance.
has anyone had a arrangement like this?
I was under the impression that you do "sub to" deals to avoid financing.
i am referring to helping the seller out, by taking their house subject 2. However for those sellers that have back payment or any additional issues on the title how can you pay for these things if you are broke yourself?
Hey man. Its hard for a broke guy to really help another broke guy. Money is required even for a sub 2. Not as much as closing costs or down payments. But enough to catch up on loan (few grand). If you cant come up with that much scratch its not the deal for you.
You can get them where there is no back payments but you will just have to look real hard and be patient.
In the mean time, all of the others that you run across, get the information and send it to another investor for a birddog fee. You can build some cash that way and eventually get to the point where you keep them instead of sending them to someone else.