Land Contract And Sub/2
What does it meen when they say buy it on a land contract,,is that just a different way of REI or is it even somthing I sould worry about just starting out and all......also doing deals subject two is this a good way to get started when you have very little money and not very good credit..........On alot of deals do you always have the home owners want money up front,,,,or will most of them wait till you sell the home to get money .........just wandering.....thank you for your help ....MD 
Land contract - contract for deed same thing.
You dont get deeded the property untill you pay for it. it stays in the sellers name. typically you would see this in a seller financed scenario
Sub2 would be a good way to start not having money or credit. dont forget NO money at all for anything can be very dangerous
_________________
B.G. & Wheeler D. LLc Inc.
(A division of: Half Vast Enterprises)[ Edited by WheelerDealer on Date 12/22/2003 ]
I understand putting up a couple hundred but not thousands upfront,,,not that I'm being cheap I just don't have that kind of money at the moment ( until I do a deal or two,,, then if it's a killer deal with nothing to lose I'll put up the money )..
I have found out that most Sellers do want money upfront, however there are some Sellers that will work with you on terms acceptable to both of you. Now, regarding Sub2, it definitely is the way to go if you have little money and credit.
RE Contract and Deed not at all the same, and there are some differences you need to know, upfront.
With CFD, the Deed stays in seller's name until CFD is cashed out, and CFD,if not notarized, is not recordable so no public notice of the transacton.
With Deed, it's always recorded, or should be, so there's plenty of public notice of same. Which might be enough to trigger a DOS if any in the DOT...which a CFD might also, so generally the CFD is NOT recorded or recordable, not having a notary's acknowledgement.
With CFD, in some states it's much easier to "repo" the RE than with Deed and Deed of Trust securing note.
In my state of WA, it's basically a pro se, do-it-yourself simple legal procedure to FORFEIT a CFD, whereas requires lawyer or pro foreclosure company & has technicalities that must be observed.
TX has recently enacted legislation re CFDs and it's meant to regulate fraud on the part of the sellers, so anybody selling on CFD in TX needs to know the law and obey it carefully.
the http://www. is now deleted for you.
[ Edited by jfmlv1950 on Date 12/22/2003 ]