Need help with first Sub 2 deal!

[Montray Wilson]

Hi Everyone,

I have been Listening to podcasts and watching YouTube videos on real estate for over two months now, my wife says that I am obsessed and I can do nothing but think about real estate. I have been looking for creative ways to get financing as I don’t have much money to get started. I recently was approached by a motivated seller that is interested in selling her house to me on a sub 2.

I don’t know which documents I need and after I obtain the house what is the best way of obtaining a buyer for the property?

She has given the following info:

She Has 110k left on Mortgage

House maybe worth 105 to120k

House in great condition, I saw it 4br/2bth

Monthly note $890 includes tax and insurance

She wants to move back home out of state, because of death in the family.

She wants 3k to 4K to relocate

She says everything in current on house, will let me buy it for amount left on house when I sell it.

Rent In the area Is about $1300

Any Help will be very much appreciated.

Thank you for your time,

MJ Wilson

[Wayne Brooks]

The “I have no liability because the loan is in the seller’s name” theory drew a lot of scumbags into the sub2 game with underwater owners. This led to laws governing Exactly what you are doing. 

It’s not a Scott free walk away when you default....there are also FL state required disclosures that must be executed, if you want to make sure you stay out of jail. 

Yeah, I know more about sub2’s in FL that most of the gurus advising it. 

I would Rarely recommend to seller to do this.