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Updated about 4 years ago,

User Stats

9
Posts
2
Votes
Ramesh Ramdatt
  • Ozone Park, NY
2
Votes |
9
Posts

"Subject to" deals

Ramesh Ramdatt
  • Ozone Park, NY
Posted
Hello everyone beside the property I bought to use as my primary residence I have never done any real estate investing. I don't have much money and my credit is tied up in my current home, so I was supper excited when I learned about "subject to" deals because I always wanted to invest in real estate and this may be my way to get into the business. I Listened to both podcast #2 and #70 as well as reading forum posts on "subject to" deals. But I still haven't seen an example where the investor sells the property to a retail buyer, only lease to buy. My questions is, can buyers get traditional bank loans to buy these properties from the investors. I have an opportunity to buy a property "subject to" and rehab it ( the sellers can't afford the rehab themselves and agreed to a short sale with the lender). If I get the property and do the rehab I could net close to 50k if I resell to a retail buyer, but I don't know if buyers can get traditional financing. Also can anyone tell me what closing looks like when reselling the property. I already contacted a real estate lawyer about the legality of the deal and he said everything is good.

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