Subject To Financing for Buy and Hold

[Tyler Clearman]

Hi BP! I want to pitch an idea to you and get some feedback on if its good or not. 

I want to reach out to sellers from expired listings or FSBO. And then instead of buying their home, I want to offer to take over their mortgage payment (not assume their mortgage, just pay it for them). The seller then either adds me to the title or transfers me the title. I will then rent out the home for the foreseeable future.

Is this a good idea? I like it in theory because I would have very little money invested since closing costs would be very low and the seller would assume the risk through chance of my not paying the mortgage or the very rare chance of a due on sale clause. (I would of course fully disclose these risks, however small they are.) I also know that this is a very specific type of seller since almost no one is willing to give away their home. 

If this is a good idea, what resources should I use to find and reach out to the kind of sellers I am looking for?

I am having to go with these low money down financing because 1. I am a college student working part-time. 2. I have no tax history to qualify me for a traditional loan.

Thanks for everyone's help with this. :)