Subject To Contract
Can somemone post here in the forums a link to a sample subject to contract or email me a copy of a subject to contract or a copy of a done deal (blacked out names are of course fine), which I can use for self-educational purpose and as an example of how subject to deals are writen and nagotiated?
My assumption is that I'll be able to interpret the logic behind such deal just fine and if I see it usefull in my aria, I'll inted to learn much more afterwards.
I am in Los Angeles, CA. Currently, there is no much of a creativity one can use to tie-up or aquier the RE property in the market where most of the property sell within days from the time of listing, for often more then what the asking price is.
Anyhow, I am an optimist and am not afraid to ask for the help. Someone please let me see a subject to contract sample, please <IMG SRC="images/forum/smilies/icon_smile.gif">
Thanks~
[ Edited by omega1 on Date 12/12/2003 ][ Edited by omega1 on Date 12/12/2003 ]
Anybody can buy an MLS form from local Realtors office, and one of the options right in the contract is buying subject to the debt.
If you're wanting some author's hard work, just handed to you, without paying him/her for it, good luck.
If you're willing to pay for it, John Locke's book & course & forms are great & I recommend them to you.
Some time ago, I had the URL to a great site with all official California Real Estate forms. This was the site that brokers and agents also use. However, the address wasn't simple to be remembered and I didn't save it.
What I know is that on the standard California purchase contract there is a "buying subject to the debt" clause ..my only problem is that I do not have that contract in front of me so I can understand the subject metter better now when I am concentrated on it. If someone got that form, I'll be OK with it!
Since you mentioned, in your opinion, what diference would the custom contract make vs. the standard one? Do you have a recomended site's URL (web address)?
Thanks _
JohnMerchant, thank you for your good will to help me and BTW, I just wonder if you had a chance to think about what is the purpose of this forum anyway?
In my opinion, directing people to go buy courses is not the primary way of what's considered to be the real help. I for example help people day and night sharing what I learned, studing 12 hours a day. If we do not share our knowledge, why bother waisting our time on this board... or perhaps it's OK for some of us to simply pritend to be a community.
Thanks,
omega1
JohnMerchant, thank you for your good will to help me and BTW, I just wonder if you had a chance to think about what is the purpose of this forum anyway?
In my opinion, directing people to go buy courses is not the primary way of what's considered to be the real help. I for example help people day and night sharing what I learned, studing 12 hours a day. If we do not share our knowledge, why bother waisting our time on this board... or perhaps it's OK for some of us to simply pritend to be a community.
Thanks,
omega1
Hey Omega1,
Being successful in REI does not require money or good credit or a PhD, but it does require hard work, determination and common sense. Can I recommend to you that you do not get involved in REI?
Why do I say this to you? Because your question and subsequent responses show your lack of all three attributes.
I best I can tell, on the 12th you logged in to this website and immediately wanted something for free.
Did you actually research anything in this website? Did you read all posts and articles?
No. You went the lazy way. Give me something for free now!!!
But that is not even the lowest example of laziness, because you said "I know it is on a website, but I don't remember which one". Did you try to find it?
Now I am not a smart man, but I took "California Real Estate Forms" and typed it in to my search engine and, magic presto, a whole bunch of websites popped up. The very first one had the form and I could print a sample for FREE.
Now as to your whole issue with this website being designed to help people, it is here to help. But it is not here to do the work. If I ask the people here to go find me a property, purchase it and then transfer it to my name, no one is going to do that. That is the work. If I ask someone to explain to me a clause inside a contract, I will have ten responses. That is helping me.
Hi Bruce,
There two type of wannabes in the business world. Those who are willing to go there and do what it takes to succeed and those who work hard to get ready to make money once they are experts, which often last for ever. I might be wrong, but I believe that you are No.2 and I am thrilled that I got such expert to comment on my posting. Well, thank you for your response but I have to in grater part disagree with you comments, assumptions and superficial remarks. Curious why? Because your conclusions are not only 95% off but a clear sign of general lack of experience in business.
Although I do not owe you a response, let me be courteous this time so you maybe learn something in return for the faulty comments you made; or if you prefer: Get something for nothing, this time! The reason I posted that question was to avoid "hard work" off searching for something that I couldn't find quick enough while someone may have it handy and would take him/her a moment to email me or post it here in forums so other people can use it and comment as well.
As far as your advise to not get involved in REI, let me let you know that I been successfully involved in REI for years and also parallel to other successful businesses I own for quiet sometime. And yes I stupidly use cash. And, if you don't would you teach me how not to? Until you can do, let me let you in on a little business secret: Cash is the friend that speak all languages and you obviously don't have it on your side or you wouldn't expect a hard reading to help you make it! But wait, I have a better idea: Did you search www.Google.com for a forums and books on how to buy everything with no cash or money down? Cars, vocations, clothing...etc. it took someone 5 seconds and there was plenty of such books. If you find yourself a bit offended, may I ask you how many properties do you presently own or have turned so far? Or as I suppose, you still patiently study and learn by reading books and articles on the subject so ONE DAY, boy, you'll make killing wen you get out there in the real world.
In conclusion, please keep reading and learning patiently and never give up on your hope of getting reach one day by striping people's equity for free. In the mean time let me do my thing -my way, with cash today and by asking stupid questions, again today. Will you? I respect successful people but geniuses who got nothing to show for except opinions that no one asked them for... spare ME please!
Thanks!
omega1
Quote:
On 2003-12-17 04:55, omega1 wrote:
JohnMerchant, thank you for your good will to help me and BTW, I just wonder if you had a chance to think about what is the purpose of this forum anyway?
In my opinion, directing people to go buy courses is not the primary way of what's considered to be the real help. I for example help people day and night sharing what I learned, studing 12 hours a day. If we do not share our knowledge, why bother waisting our time on this board... or perhaps it's OK for some of us to simply pritend to be a community.
Thanks,
omega1 <IMG SRC="images/forum/smilies/icon_confused.gif">
Hello Omeg1 and Welcome to the forum.
John Merchant is a well respected moderator at this board who works voluntarily and is much appreciated.
He offered to you a solution to your problem and you didn't even bother to thank him.
He also gave you some suggestions which obviously upset you.
If you think this board is about one person purchasing a book and giving out the forms and information to the rest of the boad you are incorrect.
Mike
I seem to recall something about first impressions....
OoOmega
gosh i really dont think your gunna get really far with an attitude like that... i mean i'm glad that your are so passionate in succeeding but really, i'm sure some of these guys know what they're talking about and i know just the book (sorry if you dont like reading) about how to spend money called,"rich dad poor dad" by robert Kiyoski er something like that... good read. reading and studying as you know are a key to knowledge and in this business knowledge of the what to do and what not to do are important. Being that i am a N00b at REI, i'll have to say that yeah its frustrating and stuff but i do have a house that i'm currently selling and have two deals in the works as we speak... Y? because i didnt take offense to what others had to say about me and what i was doing wrong/right in their eyes, but i stayed open and optimistic about their opinions... i'm sure your much more experienced than i am and probably older than me too cuz i'm only 22 and really havent lived too long yet compared to some like Lufos, but my mind is open to suggestions.
what i guess i'm saying is... dont be so negative about what people have to say to you. truth hurts but thats the bottom line. We let people know the truth about their homes and yes sometimes it hurts to know but we're there to help. I too help many people day in and day out.
a good saying goes this,"anyone that says things are for free are usually selling something."
but what would i know, i'm only a 5th of a century old.
[addsig]
Thank you Mike. Thank you all guys, you've been wanderfull to me with all the advices and comments, but please (if you'd kindly allow me to modestly ask) let me in on (for me) the obvious secret: Together and combined, you wrote a yard of the text but no one, and I repeate no one offered what I asked for. Should I maybe ask: How much would it cost me for someone to explain me in 100 or less words and show me an example of what is "subject2 finacing" all about?
Would this be the righ way or the right question to go about so you do not acuse me of wanting stuff for free?
Thank you Mike. Thank you all guys, you've been wanderfull to me with all the advices and comments, but please (if you'd kindly allow me to modestly ask) let me in on (for me) the obvious secret: Together and combined, you wrote a yard of the text but no one, and I repeate no one offered what I asked for. Should I maybe ask: How much would it cost me for someone to explain me in 100 or less words and show me an example of what is "subject2 finacing" all about?
Would this be the righ way or the right question to go about so you do not acuse me of wanting stuff for free?
Hey Omega1,
If it helps you sleep better at night thinking I am a do nothing RE wannabe or a grizzled veteran staring down from the top of success mountain, then please view me however you wish. Frankly, it does not make any difference to me.
You see, my little Buttercup, I am one of the rare minority that does not become particularly distraught when a shadowy, anonymous individual from the internet starts calling them names. If it makes you feel better abour your life, and the choices you have made, feel free to degrade me in any manner you wish. In fact, I think I need to lose a few pounds, so please feel free to call me FAT. But I am actually surprised you are able to find the time, given you many business endeavors.
So, Sweetheart, in the last six days have you found the time, in your hectic life, to type the magic words in to the grey box on your desk?
Or perhaps, Oh Titan of the Business World, you looked in the Forum called "Subject Two" on this website for your answer?
Or perhaps you could float some Corporate Bonds in one of your many successful businesses, to raise the much needed $200 to buy a course on Sub-2?
Love, hugs and kisses,
Bruce[ Edited by Bruce on Date 12/18/2003 ]
Omega1,
What everyone is saying is, "you're just going to have to research and find out for yourself" the answer to your question. The reason they are saying it with such passion (which seems to annoy you) is you really were kind of sarcastic in your replys to them. We have all spent hundreds of hours researching, studying, and exploring these questions for ourselves. Noone appreciates someone expecting (almost demanding) we give them what we worked so hard to learn ourselves....for free at that! Perhaps if you had asked with more respect someone would have replied with an answer for you.
I am an easy going individual so I am not engaging you in argument, so please don't take affence to my reply, but you really are going to have to do the research. I will offer some suggestions which you may or may not need.
For answers try:
-Barnes and Nobles
(you can even get a coffee while, for free, reading all the Real Estate books hundreds of authors have written)
I found the answer to "How to buy 'Subject To' properties" here!
-County Court House
(or County Web Page, reading hundreds of Deeds of Trust will layer you with a plethera of knowledge)
-A Real Estate attorney
(Yesterday I called a real estate attorney, told his secretary I had some questions, and he jumped right on the phone. He answered my questions.......for FREE!)
Again, I am not critisizing you, but you really may want to consider friendlier communications with people, especially those in your line of work.....you never know who may help you in the future, or who you may need help from!
Luke
Luke,
Your comments and intentions are friendly and therefore duly appreciated. MrMike's comments were well intentioned and not only I understood his message well, I took it with respect. However, Bruce came from the haven wit all kind of disrespectful recommendations such as: "Can I recommend to you that you do not get involved in REI?", (without knowing what I do or don't). Respectfully, I believe that my response to him was well balanced and if you for a moment have a doubt about that, just read his last posting above in which he permits himself the name calling, etc. in the most banal and blutant way and that confirms that he was first time around judged fairly . Since I am not here to cure neither his nor any one's complexes or judge member's looks (on what Bruce unreasonably insist for the reasons only known to him), I chose not to dignify him with a response until he come back with a due apology.
And, in regards to often mentioned "giving for free", may I say that we all often learn our lessons the hard way. Life is full of such lessons but the question is: Should we expect someone else to pay for our cost of gaining experience? If you look back and analyze, even what seems to came up easy to you at one point, actually was result of cumulative effort, vision and commitment. However, if we as a society cannot freely exchange the knowledge in a community we chose to join with idea that the same may provide us with the common interest, then we are deem for further isolationism and social devaluation.
My message to others is, so what if a "rookie" stop by one day and request to see a contract? Give it to him so can learn the importance of the community. I would even I didn't get it when I need it.
And in conclusion, being a businessman considers being willing to pay for what you want or need. Therefore, whoever got offended by me asking to see a copy of a done "subject 2 deal" could simply put the $ sign in front of a number and I'll decide if I am interested to purchase what's offered or not. For me the problem is not in spending $200.00 for the course. The problem is in the question if I am interested in that "technique" or not. Would it work around here or not. Since people obviously do spend time typing messages anyway, I thought that it shouldn't be the problem to ask someone to in 50-100 words explain to me what the idea behind those "subject2" deals are. If that's to much to expect then thank you anyway. And by the way, I do not need it anymore so we can move to the next subject.
omega1
Actually, Omega, it will not cost you a thing other than time. You seem to have changed your request (demand) from wanting a subject to contract to wanting to learn more about the technique.
As for the contract, I am not sure anyone is going to freely give up something that they paid for (in time and money) simply because you demanded one (not to mention many of them are copyrighted).
I have several contracts and you can see any one of them if you have a worthwhile property you are going to sell me subject to the existing financing--but until then you are own your own.
So to answer your original demand for a subject to contract: go buy a course or otherwise do your own research (e.g., hire an attorney), but keep in mind no one owes you anything.
As for learning about the technique, there are many articles and forum posts on this site and others describing the technique. Try using the search function on this site and the web. All it will cost you is time.
Lastly, Luke is absolutely correct. You would probably have gotten much farther if you had been more polite and demonstrated that you did at least some homework before popping off the way you did--it just reeks of a lack of maturity and professionalism.
I'm not trying to be funny, really I'm not....but what is the question at hand?
Well it started out he wanted a blank Sub2 contract.
But I BELIEVE he is now just interested in an overview of what Sub2 is all about.
For the first question I already posted my answer for his 2nd question I belive this may be helpful.
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=146
I do not need it anymore so we can move to the next subject
Great! So I'm locking this one up, as it truly does appear no more needs be said here.
Omega, we really do wish you the best; just keep reading all the great freebies here as there are lots of gems to be picked up. Rarely do i get on here without learning something...and DARN, I thought I knew it all!