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Updated almost 10 years ago on . Most recent reply
Subject-to basics checklist
I've been trying to learn as much as possible about creative financing. I want to see if I have the idea behind Subject-to deals down. Are there additional things I am missing? I plan on posting checklists asking the same on wholesaling and owner financing deals.
- 1)Find a property via
- a.Marketing
- b.Networking
- 2)Talk to the potential seller and find out
- a.Why they want to sell
- b.How much they want
- c.What they owe
- d.Any other liens/encumbrances
- e.Condition of the property
- 3)Decide if it is worth it
- a.Evaluate potential ARV
- b.Find comps
- c.Gauge rent potential
- d.Determine what you think it’s worth
- 4)Sit down with the seller
- a.Convince them to sell
- b.Discuss terms
- i.Cash payment for equity or
- ii.Straight up assume the mortgage
- c.Sign a purchase agreement
- 5)Go to county office, get deed transferred
- 6)Get insurance on property, with mortgage company as additional insured
- 7)Have seller move out
- 8)Start paying mortgage
- 9)Fix/rehab, then rent, lease to own, or sell

You need a title company to close on the property and transfer deed. It is a sale not jut a transfer. You probably want an attorney to write a contract and possibly additional disclosures for this situation.
I am not sure what you mean by "additional insured", but in the state of Ohio it is illegal to have 2 insurance policies on the same property.
Search in the forums here, some banks are starting to call loans due if the deed is transferred.
@John Horner:
You need a title company to close on the property and transfer deed. It is a sale not jut a transfer. You probably want an attorney to write a contract and possibly additional disclosures for this situation.
Thanks! That is a good point to remember.
