Subject 2 And Poor Credit
Good evening. I am reading about real estate investing and enjoying the questions and answers. I am interested in Subject 2, but not knowlegeable. I see investors refinancing the properties. Does Subject 2 real esate investing require good credit? Thanks. J
Let me explain subject-to means that the loan stays in the sellers name but they deed the property to you. Your credit is not involved be it good or bad. The investor usually puts a buyer in the property using a lease/option or rent-to- own with the buyer refinancing within 3 years.
Thank you for your response, Mr. Michael. It is appreciated. J
Michael is right in the advice he gave you.
In Calfornia, a lot of investors will either
wholesale the property to another investor with a "subject to" loan in place which would be good cash flow for you.
They also turn right around and "retail"
the property for the big payday, hence taking care of todays cash flow needs today.
I would recommend you educate yourself, and then you can go out and
purchase properties "subject to" as one of your buying strategies and immediately "wholesale" the property to another investor to build up some cash flow and then start retailing and lease optioning also.
John Locke has an outstanding program on this site you could purchase for a reasonable amount.
Remember, if you wanted to be dentist you would have to go to school right?
Well guess what, most investors I know make 2 and 3 times what dentist make.
Best Riches,
Jeffrey Adam
_________________
"The only place success comes before work
is in the dictionary."[ Edited by JeffreyAdam on Date 03/02/2004 ]
And thank you, Mr. Jeffrey. I just love homes and real estate. To think I was going back to dental school (orthodontics). A wrist problem put a stop to that.
I am so appreciative of others sharing their time and knowledge. I am at what is a challenging period in my life.But, I have motive, drive and a few gray cells still available. Thanks, J.