Got my first sub to deal locked up 🙏I watched this video for the first time a couple weeks ago and now I'm actually needing to watch it again and go step by step so that I can find a tenant-buyer for my property! I love it Jamel. Wouldn't have been possible if it weren't for your videos popping up on my feed. Thank you so much! ✨
jamel so I was just thinking how do you keep records of all the payments? is there a software for creative financing you use to keep records and payment of each property?? maybe you can make a video of that process.
Something Jamel fails to mention in the video...merely having a contract on a property does NOT mean one controls it. One MUST have a provision within the purchase agreement that states one may advertise the property. If one markets a property without a marketing clause, this can be construed as being an agent.
Great video man. Quick question. Let’s say you did the rent to own option with the tenant and for some reason they stop paying rent every month and say wanted to move. Would you just find another tenant and start that process again as far as your terms with the tenant buyer like their down payment and such?
@@jamelgibbs okay so in “a way” in might be beneficial if the tenant changes his mind and wants to move afterwords because u can get about her huge down payment from the next tenant and continue the process (besides having to do any repairs from the previous tenant staying there)
@@JlDaBlackSuperman good point! I love this question, because I was curious about this too. I'm just starting my REI journey now. Thanks so much for this information, Jamel!
These videos will answer your questions: How to Invest in Real Estate with No Money? (Real Case Study) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-4U2OufH8SUo.html Top 6 Creative Real Estate Investing Questions Answered! ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-UVu91YtA730.html
Ok Jamal, hook me up my Brutha. Why can't a document be provided when it's a SUBTO? The seller is being relieved of coming out of pocket in both strategies. So what is it about SUBTOs that paperwork isn't able to be provided but with Lease Options, they are? Further my Creative Financing edification Please Sir. 👍👍
A wrap is a form of subject to that is documented, providing the seller with some legal protection. If the buyer defaults on payments to the seller on a wrap, the seller has the right to foreclose. It’s different than a normal subject to in that the wrap mortgage is the legal agreement between the buyer and seller. In a pure sub to, the seller has very little legal recourse if the buyer stops paying on the underlying mortgage.
@@jamelgibbs So Seller Financed deals, involves an attorney & therefore, can be documented & with SubTo deals, they have zero attorney involvement and therefore, no documentation outside of the seller & buyer. Do I have that right so far? Now if that is indeed the case, here's my question now - if both strategies are agreements between the seller and investor/buyer, why does a Seller Financed deal have the involvement of an attorney and a Subto isn't capable of the same? What disqualifies the SubTo deal of having an attorney involved? Does that make sense? (does the 'due on sale' clause have any bearing in this at all or there's no connection?)
All deals should be closed with an attorney. Seller financed deals are usually negotiated on free and clear properties. Subject to deals are usually negotiated on properties facing foreclosure.
@@jamelgibbs I'm new to all this but even as an absentee owner, was he a an investor where the property was vacant? Who initially came up with the terms on your wrap that was sold to you? Vs taking out a second lien on the property for the difference he was looking to get for the equity?
