seeking recommendation for sub 2 transaction

[Rashid Khalil]

- gearing up for 1st investment property in the Columbus area using sub 2, need recs for real estate attorney or any sub to service for guiding through paperwork/agreement etc.

will appreciate your help

Thanks

[Jay Hinrichs]

Quote from @James Wise:

Quote from @Ed W.:

@James Wise At a minimum, sub to deals require knowledge, highly ethical behavior, and an ability to perform.  

I'm a person who believes in being honest and lawful and I believe my actions over many years strongly suggest that I have accomplished that goal.

I've never heard of a law - or anything else for the matter - that suggests that sub to's are illegal or in some way creating a fraud. I realize that real estate laws vary widely among the 50 states but could you please cite your source for them being fraudulent.  Since we are both Ohio guys, a cite from the Ohio Revised Code would be helpful   What you're aware of may or may not apply to me.

You and I know that the OP probably doesn't have the credentials to do his transactions but I don't like to make assumptions.  I'm sure you understand the reasons for the questions I asked.  There are many, many problems - some of them potentially very hurtful and harmful to the seller - when handled in incorrectly whether by lack of knowledge, lack of ethics, lack of money or other avoidable deficiencies.  This thread has the potential to help newbies and experienced investors who almost certainly do not have sound (or any) understanding of the knowledge required, the necessary precautions and care that sub to deals require.  

 You've never heard of a due on sale clause that's in basically every mortgage?

Ed I have been preaching the same thing about sub 2 since day one on BP.. your correct highly risky to seller and fraught with potential landmines for all.. And not a beginner strategy by any means.
Being a lender myself and pretty familiar with most states debt instruments.. Alienation of title ( transferring title without formal assumption) does give the lender or beneficiary of the debt instrument the Right to accelerate the loan and call it due and payable and if not paid put it in foreclosure.  But its a right to do so not an obligation..  Wrap transactions would never happen if it was mortgage fraud. Although Wraps are far better for the seller than a sub 2.  In CA. there is a specific deed of trust called a All inclusive deed of trust that allows those transactions to go legally and give the seller the protection they need.. I suspect most states have followed suit at some level.