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Updated about 9 years ago,
Would you get a house "subject to" at full retail value?
Would you ever use the "subject to" method to get a buy and hold property if you had to pay full retail for the house?
I've watched several of my neighbor's houses sit for 6 months or a year with a for sale sign in the yard. I see other houses selling around them, but theirs never sells. I see their pictures on zillow and the houses seem nice. I think they don't sell because they are priced too high.
I want to send them a letter or go knock on their door and tell them I'm interested in buying. I want more rental properties. I don't have cash for a 20% down payment to get a mortgage on them. I'm thinking about trying to get some properties "subject to" so I can get them with very little money up front. With these properties that people are selling, I'm thinking that they are in rent ready condition since the people are trying to sell them. I could get in them with very little money upfront and then rent them right away.
Any thoughts or advice is greatly appreciated.