Simplify Sub2 Purchase Sale
I have read many of the posts in this forum and have a few questions. I thank you all in advance for reading and helping.
Assuming I have the cash and credit to backup any DOS that is called.
If I buy a sub2 what are the forms and disclosures I would need besides the deed and sales contract.
Can I just buy a sub2 record the deed cancel the current insurance and purchase a new policy with the bank as los payee? (just as if I made a conventional purchase) I would plan on selling these sub2s as soon as possible to a conventional buyer.
How can assure the person I bought the sub2 from that I will make payments and payoff the loan if it is called due?
When I do sell the property to a conventional buyer, who cares about how much i bought the property for and how much i am making on it, as long as property appraises for sales value by the appraiser that the buyers bank is using. What are the pros and cons ?
I just want to do this the most straight forward way I can.
For that matter after deed transfer why not just do an intrest only loan on the property in an LLC and payoff the original loan? Besides the added expense of closing what are the pros and cons of doing that?
Thanks
Wondery,
If you really go back and review this entire forum you will find out a couple of things
1. DOS really isn't an issue. If you have the cash to handle it, then you have the cash to keep the payments current until you find a buyer (much more profitable).
2. You won't be selling to a conventional buyer if you want to make any money at this.
The scenarios for how the profits are made are littered throughout this forum, and they 'are' the most simple and straight forward buying and selling technique I've ever seen.
What you won't find here is a list of every detail you need to do this successfully. As with anything, it takes study, preparation and even peer/mentor support.
My thorough review of this forum is what led me to realize that I needed to purchase John Lockes course (manual first). While the general concepts are openly discussed here, there are levels of detail below this that you'll never find in a public forum. It wouldn't make sense for anyone to discuss them here.
Don't get me wrong. This is a great starting point. And this is the place to be to make contacts, most certainly. But, I'm not the only one that will suggest that you pick a mentor and gain access to the details, or system, you need to succeed.
Just my 2 cents. I hope it leads you in the right direction.
[addsig]
If you think you would like to purchase porperty this way than invest in a course or read some books on this topic. There are lots of details that you need to be made aware of.
Reading the forums will give you a good grasp on this but you'll need more education on purchasing Sub2.