Sub2 Deal Now What?

I have a seller that has no mortagges or liens on a rental property that is not rentable because of condition. Owner has agreed to a Sub2.

Purchase price 30,000

Remodel 20,000

Average retail 70,000



I have a warranty deed wriiten for the state of Louisiana. My question is what do I present the owner with to secure his interest (the sales price) to be payable when I resell the property? Does someone have an example of a contract for a situation like this?

Comments(1)

  • sanjosee27th September, 2006

    Technically this is not a "subject-to" but more of an Owner Carry back.

    He will sell you the house with a Deed of Trust or Mortgage for $30,000.00 securing the property so that when the property is sold he would be paid off.

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