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 ]

Comments(2)

  • mel10th February, 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

  • keithwantstobuy10th February, 2003

    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!)

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