Duplex - subject to

[Corey Bogaski]

Whats up everyone,

I am looking for info or feedback from anyone that has done a subject to deal. This would be my first one, i have never done or been apart of any subject to/seller financing deal. I would still like to have an inspection contingency before actually taking over which seller is ok with.. 

The numbers are negotiable, but this is 215k asking, 30k down, assume the loan at ~155k ($1200/month) and pay the difference of 30k in 2-4 years after the refi and paying off the loan. Top unit is 3/1 currently rents for $1300, bottom unit is 1/1 (vacant) and market rent is $750-850. Property is currently worth ~190k from comps i have pulled. Taxes are around ~$2500/yr.

Does anyone have any recommendations on what to do and how to do it? Any good Real Estate attorneys in the Pittsburgh area or can this be done without a lawyer. All feedback is welcomed and thank you in advance!

[Ken M.]

Quote from @Corey Bogaski:

Whats up everyone,

I am looking for info or feedback from anyone that has done a subject to deal. This would be my first one, i have never done or been apart of any subject to/seller financing deal. I would still like to have an inspection contingency before actually taking over which seller is ok with.. 

The numbers are negotiable, but this is 215k asking, 30k down, assume the loan at ~155k ($1200/month) and pay the difference of 30k in 2-4 years after the refi and paying off the loan. Top unit is 3/1 currently rents for $1300, bottom unit is 1/1 (vacant) and market rent is $750-850. Property is currently worth ~190k from comps i have pulled. Taxes are around ~$2500/yr.

Does anyone have any recommendations on what to do and how to do it? Any good Real Estate attorneys in the Pittsburgh area or can this be done without a lawyer. All feedback is welcomed and thank you in advance!

.
The key to a successful Subject To is having plenty of money and the ability to refinance the property if the note gets called.

The process of buying the property doesn't change considerably. But the ability to recover from the potential down side and the consequences of missing payments means it's likely attorneys get involved.

You definitely don't want that. Have reserves and a way to pay off the note on short notice.