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?
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.