Best source for "subject to" sellers in Rhode Island

[Karl Von Schmidt-Penta]

Hi looking for best source for "subject to" or motivated sellers for BRRR in Rhode Island

[Anthony Thompson]

@Karl Von Schmidt-Penta there are a lot of resources for finding motivated sellers here on BP that are not RI-specific. In fact I can’t think of any RI-specific sources that would only apply to RI and not other states.

Classic strategies for finding motivated sellers include direct mail, SEO/web advertising, telephone pole (aka “bandit”) signs, door hangers, driving for dollars, etc.

As far as getting lists to direct market to, buying them from list brokers is popular, as is driving around yourself, trawling public records sites (see ripropinfo.com) etc. Again there are a lot of resources here on BP and none of them work any better or worse in RI vs. any other state.

Is there a reason you asked about Subject To specifically?

That was a much more popular strategy ten years ago when a lot more people were upside down (owing more on their mortgages than their houses were worth), but I don’t hear a lot about it now that values have risen so sharply.

If there is a wave of foreclosures in the future then I can certainly imagine it becoming useful again but for right now, while I see the benefit for the buyer (no money down), the benefit to the seller is tougher (since there are far fewer upside down properties facing foreclosure right now).

(And there are always the classic problems or challenges with Subject To as well, such as hiding the transfer from the bank, updating the insurance information without alerting the bank, or taking out a second insurance policy, etc. etc.)