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Federico, I have some concerns about your statement. I like to suggest that you also read up on the heavily discussed topic of Sub2 investing here on the BP forums. Much is to be learned.
I am comfortable doing sub2 with just a few thousands down and so wanted to findout how much you all are putting down on these sub 2 deals.
Everyone is so helpful and replies quickly and knows what theyre talking about. Most everyone. Ron Legrand is an excellent teacher. I agree that as long as someone is Nike Roshe Run Print Wolf Grey making payments the bank doesn care who is making them. As long as you don assume the note your not legally responsible to pay it. Along with the landtrusts, I believe the bank can not call the loan due if the seller put it in a trust for "estate planning purposes". That why its suggested to call it the "sellers last name" family trust.
The loan is a fixed loan/30 years so I am good. But if I put too much money and the bank does call it due I would be the one scrambling after putting money.
and asked why he was falling behind. As you could guess, he got extremely upset at the buyer (the investor I know) and spilled the beans to the bank.
Originally posted by Federico Ramos :Personally, i see sub2 as a no money down technique. I wouldn put anything down. If the banks are getting payments every month, they shouldn care who making them. The bank could however call the loan due, but there are ways to go around that. You could put the property on a land trust. ex: Current owner last name trust.
The bank then called the investor and asked if HE was the new owner, of which he replied , "Uh, yes" (meanwhile he saying "Oh shoot" a hundred times to himself). The bank then said he was behind about $350 dollars and asked whether or not he could pay it? His answer was, "Yeah, I can mail a check today. Is that all you need?". The bank said "Yes" and that was the last time he heard from them.
how much does everyone put down and
"I do quite a few sub 2 deals with realtors involved and tell them up front that they need to take a smaller flat fee or monthly payments."
I personally know only one investor who ever had an issue with a sub 2 deal (and he done lots of I don remember the exact details, but there was some mix up regarding the monthly payment. I believe the payment was similar to, but slightly more than another property he was taking over. So he was sending in a payment that was short of the full amount. After a few months, the bank called the previous owner White Nike Roshe
Also remember no money down does not mean you will be without costs.
If I put in just 4 k it wouldn concern me this much. but since it is more I am not sure if I want to take that risk or not.
I am trying to see if I can work out some other type of deal , pmts every month instead of any chunks upfront to minimize my risk. So was wondering what the chances of the bankc alling the loan due in this market?
I did a no money down deal on a 20 unit but I am having to spend some of the cash flow on deferred maintenance on the property.
If the buyer puts nothing down then the seller could incur massive costs trying to foreclose depending on the state the property is located.
Pls. let me know your thoughts.
A seller might look at a WRAP but wants to know that they buyer will stand a lot to loose and will fight hard to keep the property performing which is why they want money down.
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figured out. The issue is that there is a realtor involved in the deal and if I pay the commission and what the seller wants it comes to a handsome sum which will take me almost 3 years to get my cash back.
the underlying note due. everyone for your reply/feedback. My deal involves taking something subject to and having to come out of pocket for about 25 k with realtor commission and to owner etc. my cash on cash is about 30% and it will take me 3 years to get my initial investment back.
I took a property sub 2 earlier this year that I flipped. Wells Fargo was the lender and they actually did call the loan due even though it was performing! This was the first time I have ever heard of a bank actually calling the loan. Fortunately I was out of the property in 6 months anyway so the bank didn get a chance to start the foreclosure on my PeRFORMING LOAN. I probably done about 15 sub 2 deal and this was the only one that I ever received a letter from the lender calling the loan. I did catch up about 15k in arrearage the day I closed, that might have tipped them off, but still, PERFORMING LOAN. I been investing 9 years and I still don understand banks.
So you will have the initial closing on the purchase and then ongoing costs between now and in the future at risk IF a bank calls Red Nike Roshe Runs
Do they go for this?? It not really the agents choice on whether they can accept the proposition it the head brokers unless they are with a flat fee company where the amount paid initially would cover their fee to the broker.
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