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Updated about 1 year ago,
First time Subto
Hello! I am a first time investor that has been studying and saving for the last 2.5 years to go into real estate investing. I feel fairly comfortable with the concepts but have never actually done a deal so wanted to clarify a few things.
1. With subto which is the current deal I am looking into how do I get the paperwork? Do I hire a real estate attorney? I am weary to just use the downloaded copies from YouTubers like pace morby
2. Getting a power of attorney to be able to deed property back to owner and then use an executory contract to purchase the home? Is this an easy thing to do and a safe way to do it?
3. Failure to perform clause recommended to re-assure sellers?
4. I would like to keep this deal for me personally but is it worth it to hire a "consultant" or can I get the same from an attorney as far as paperwork goes.
5. Any other concerns I am missing?
This particular deal is a divorce situation where the father co-signed so they are very motivated to get it done. I would prefer not to assume the loan but it could be an option. Just looking for ALL answers/opinions on the topic. Thank you!