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Looking for a Sub to in the Elkton Md area
I’m new to Real Estate Investing and I want to try this Sub-to method in my area of Elkton Maryland but I’m not sure on all the criteria to look for or how I would even go about my search. Any ideas or strategies would be helpful. Thanks Bigger Pockets family.
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To find a house where the seller is willing to sell it to you Sub2 the existing loan you need to do quite a bit of marketing. You're not going to go on the MLS and find these types of properties. Although possible not very probable. You need to be calling fsbo, direct marketing, etc.
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@Randy Rodenhouse thanks Randy.
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Quote from @Antinoe Staton:
I’m new to Real Estate Investing and I want to try this Sub-to method in my area of Elkton Maryland but I’m not sure on all the criteria to look for or how I would even go about my search. Any ideas or strategies would be helpful. Thanks Bigger Pockets family.
I looked at closed sales within 5 miles of Elkton MD. Out of roughly 612 sales, 2 sales were performed with either seller financing or sub to financing or a mixture. This was for residential sales.
So when I am looking at something along these lines, you have to see if anyone is actually locating this in the target market. If not, then this is a big barrier to overcome.
121 of the 612 sales were cash. So thats about 20% of sales are cash.
What these 2 numbers then tell me is, if a seller finds the the price the market believes a property is worth, it will likely sell, because it is a very liquid market. Markets with high liquidity, generally mean less opportunities for sub to or seller financing. It doesnt mean its impossible....2 people did it in the last year. But its going to be hard.
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@Russell Brazil
These are great stats and those who target sub2 should realize these types of transactions are very limited in nature. I saw in one group someone touting that they believed 10% of all homes were being sold sub2 and I chuckled when I saw that.
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Quote from @Chris Seveney:I'd think even where sub to or seller financing is most common, maybe the markets where it happens the most, maybe it achieves 2 or 3% max.
@Russell Brazil
These are great stats and those who target sub2 should realize these types of transactions are very limited in nature. I saw in one group someone touting that they believed 10% of all homes were being sold sub2 and I chuckled when I saw that.
The few times I see it in our area personally, is almost always on a 5-10 unit non-performing asset that someone can't get a loan on because of the debt coverage requirements.