I love it! The only questions I have are what debt servicing companies are out there that will knock off the debt from the seller's credit report? And how is the seller protected against you not making payments on the debt in their name? Thanks Pace!
Coleman. Great questions! Here's a Creative Tip Pace episode that explains it in depth: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-a4rNsU99XCE.html Also, join the free Facebook group and make a post about your market! shor.by/Si74
Pace, Thank you for sharing. I have a property deeded to me with the mortgage still with the Grantor. My lender I use for other projects is spending more time concerned with "why" the mortgage is still in the Grantors name. Are you able to share lenders you have used in the past that is familiar with refi's on Sub-To or can you recommend verbiage to use when I talk to my lender? Thank you in advance for your attention...
Hey pace, love the content! Wondering if you have a video that could answer my question. I’m trying to see if subto deals can accomplish the same goal as the BRRRR method…. Basically wondering if you got a property locked up with sub to , that needed some rehab in order to command a higher market rent…. Is there a way that after you rehab the subto property, you could get the refinanced loan with now a higher appraisal value and now the new refi loan enables you to get your rehab money back so you can do it again on the next subto?
Hey Brady! I have two videos that compare creative finance and the BRRRR method: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-1mU0EObq6rk.html ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-CpyG56M6O6w.html
In a "subject-to", what if there is a 2nd position mortgage that is substantially higher than the first, could the new owner refinance the 2nd mortgage only without affecting the 1st? Or would the entire mortgages need to be refinanced? How would a lender view that?
Question , I'm looking at a property that needs some repairs that seller isn't finishing (Bathroom+2) and will need paint and flooring and cosmetics for the hole house. I was thinking sub2 with hard money for repairs. Then do a cashout refi to pay hard money back and use whats left for next deal. Does this sound like a strategy that would work, and can a LLC do a cash out refi? I heard somewhere that lenders wont cash out refi LLC's.
You’ll give me 10% down payment for the groceries but how do I know you’ll pay my credit card? This doesn’t quite work for me as a seller but it works great as a buyer.