Sub2 strategy and Due On Sale clause

[Tyler Walker]

Hi Everyone,

I have a motivated seller with two properties (a duplex and a condo) in Columbus / Central Ohio area. Units have renters, but he wants to retire and be out of the game. He is willing to do a Sub2 the existing mortgages for most of the $$$ - but I am worried about the Due On Sale clause. Both mortgages are through huntington Bank. Does anyone have experience with DOS clauses with loans from Huntington bank. We don't want to trigger a problem. The other option is a Lease option - but then he still has the properties in his name and has to deal with payments, taxes, etc (and he wants to relax).

Thanks,

Tyler

[Brian Gibbons]

@Tyler Walker

Sub2 is not a buy and hold strategy. Good for fix and flips. Get on title, fix, fli

Land contracts in OH and you pay all PITI.

DOS exists but legal title remains with Seller.

https://www.ohiobar.org/forpublic/resources/lawyou...