How Easy......
Is it for you guys to pick up Sub2 deals RIGHT NOW. i ask because i am having the toughest time with getting enough qualified leads. i had some success with direct mail. I picked up a deal that way, but are there any other methods you guys are haveing success with?
Any help would be greatly appreciated,
J
Go to Realtordotcom / type in your preferences/ go through each one(looking at all the pictures) and write down all of the ones that are empty. / Go to the GIS MAP and get owners new address (by pass the REALTOR) send them literature and you will be very surprised by the # of Motivated people who call you. An empty house puts you in control.
Try to weed out the investor owned houses. You can do this by looking for key words in the public notes.
Works for me!
How does the Gis Map work? this is new to me-HELP.
how can i find the owners address using it-THANKS
Most definitely Subject To investing has its downsides...
Banks cant re loan the money on the same property and collect points and fees again is one of the biggest disadvantages.
As for Investors not making the payments. It happens.. Mainly in situations where the seller was faced with an impending foreclosure anyway...
Joe,
Since you seem to be big on the law, which also include rules, what do you think should happen to you for violating the Forum Rules here on TCI?
You posted your phone number, which I deleted. This falls under the following:
4. # POSTING PERSONAL INFORMATION You can email me at (youremail@yourdomain.com) or Call me at xxx-xxxx (Contact info is stored in your My Info section of your MyTCI page. This eliminates SPAMMERS )
It seems you are big on contracts and agreements, yet have no problem violating them for your own personal gain.
John $Cash$ Locke
TCI Moderator
Hey John...
The next arguement we are going to hear is that its written in the Bible that if you do a subject to deal that you wont be granted access to the kingdom...
I am surprised at the weak arguement...
Michael
John you are not trying to say that if it weren’t for Investors who buy subject to, that the foreclosure rate would be much much higher, thus the Americans who had their retirement funds invested in real estate securities by wall street would now have a worthless retirement fund unless Uncle bailed out everyone? Can’t even imagine what the cost to society would be if that happened. Not to mention that those retiring who relied on their retirement fund for food and shelter would now be dying of starvation and homeless.
I think you should run for President especially given your patriotism and support of America.
Locke for President!
[ Edited by MichaelQuarles on Date 04/12/2008 ]
jfuller. I disagree a little with the last part of your post. When the individual investor takes over the loan, there is an implicit contract. Indeed, your first 2 paragraphs are correct. But you use "moral obligation" and "promised" as terms rather than "contractual obligation." If you walk into a restaurant, sit down and eat, then walk out without paying... are you violating the "moral obligation" or the "contractual obligation"? The answer is the latter.
Those individuals (I will not call them RE investors) who do S-2 and walk away are breaking the law, IMO.
Joe...
I have a good friend who happens to be an atheist. I love this man. He is a great person and friend. However our conversation always seem to wind up discussing the reality or importance of a “God”,
He is always saying “You cannot believe in a God who condones killing and murder”.
” That to believe in something for the sake of “What if it’s true” is a stupid mans fear argument”.
“The Bible is just a repeat of similar characters from other theological beliefs and their Bible”
I bring him up as an example of his shallowness and unwillingness to see a differing viewpoint.
Certainly you poised the question in a concerned tonality however you don’t want an answer you want to debate the answers.. Much like my atheist friend who has read the Bible many more times than I have. Who can’t wait to trip someone up or point out some “Can’t be statement”
The reason why we invest Subject to is because we can, because it is the best investment method and I argue that society relies on us doing so.
You should buy a course on Subject To and read it… I wrote one John has written one. When you do you will see that Subject to investing as a primary investment strategy has little down side to all parties. The seller, the lender and the investor.
And most people do notice the lender of a transfer. I do four different was.
1) request a payoff based on a sales transaction (they’re different than a payoff based on a refi)
2) Insurance always is placed in the name of the buyer,
3)The lender receives my check with my name on the top of them,
4) I record the grant deed, thus giving constructive notice to the lender and the world that ownership transfer has taken place.
If an investor has purchased a sub2 and the lender does accelerate the Note based on transfer I believe you can argue against the acceleration since the lender has voluntarily been cashing my checks.
But lets assume they do accelerate the DOSC and I have 30 days to pay up. If I have purchased properly and assuming the people aren’t flying into buildings then I can do one of three things.
1) Refinance
2) Resell
3) Let the lender foreclose
Naturally the third choice is the one you have issue with. Which happens to be your right. Letting a lender foreclose is a choice all three parties have a say in.
The reality is that rarely if ever do lenders accelerate the note. Certainly they may have the option as the little three letter word “May” is included in the terms of the note, however it is my experience that they will not. People have reported the seeing the loch nest monster so I guess anything can happen.
I will close with the argument that my good friend so wildly hates…. What if its true!
Michael
[ Edited by MichaelQuarles on Date 04/14/2008 ]
Thank you Michael for explaing your reasoning on sub-to investing. I completely follow JoeGnomes arguments, and have made them myself. However that "may" is an important word, and (virtually) certainly in todays market lenders are not going to risk another foreclosure over a DOSC option. I agree that having received notice, lenders will lose their right to enforce the clause after a period- but what is this period? Without having consulted an attorney, I suspect two years.
Anyway as I contemplate moving to a more attractive and therefor expensive area, I may expand into sub-to investing as my personal credit is overextended. I find discussions like this very helpful.
On a final note, in answer to your question "What if it is true?"- I cannot know one way or the other, nor can anyone else. But it makes no difference- I will live my life exactly the same. My moral compass does not need potential reward or fear of punishment to set the correct course; these things do not influence right or wrong.
Chris
This was one helluva topic!!!!!
It brought out the BIG guns!!!
Thanks for the education guys. Keep it coming!!1
Joe,
The mortgage brokers are busy enough doing their thing. After reading information on this site:
http://www.mortgagefraudblog.com/
You can see the lending industry has enough to be concerned with, other than Subject To investors helping house owners.
John $Cash$ Locke
[addsig]
The best defense against calls would be Subject 2 investors union or organization. Helping America during bad times. If we all join and partner on all properties by a fraction of % no one would be able to touch us.