Subject2.com Review, Worth Your Money? Prt 2

I'm not going to waste any time tonight getting right into talking about Chapters 6, 7 & 8 of Nick Johnson's new book on Subject2's.

We finished off the last post talking about marketing your business. 

I you didn't get a chance to read the first post do so here.

Chapter 6 talks about talking to your sellers.I will have to go back and reread this chapter as well as 7 and 8 because Nick provides you with so much information about what you can do to help the seller be comfortable with the subject2 strategy. He tells you what kind of sellers that you run into and how you can show them that selling their house to you using subject2 will benefit them as well as you. He also explains what makes a property appealing to the subject2 strategy and what factors need to be in place so that you can properly analyze whether this particular property is a good choice for the subject2 strategy. He also talks about the essential information that you need to get from a property owner on your first phone call. There is so much stuff that is in this chapter about getting the seller talking and how you control the conversation so that the seller is thinking what you want them to be thinking, (which is that this subject2 strategy is a good one) and he talks about how to lead the seller into the close. He also has some "get your mind right" books that he recommends you read. (they are very good I am reading them now). 

Chapter 7 consists of doing your due diligence. He talks about what you need to evaluate in the seller and when you should avoid a transaction all together. He then goes into how you should evaluate whether the property's #'s are going to make sense or not. This information is invaluable to a new investor like me. He talks about the DOS clause (Due On Sale). Specifically what will probably trigger the loan being called due. He also gives you ways to let the lender know that you have taken the property without triggering the DOS. 

Chapter 8 is all about the close. He discusses what he says to customers and how to lead them to the close when actually doing a tabletop closing. He explains the differences between a title closing and a tabletop closing and helps take some of the fear out of doing your own tabletop closing (good information for someone who has never done one). He actually walks you through one of his typical closings. 

I will close by saying that all of the information in these 3 chapters is very thorough and very well written. So far from what I've read these are the get down to business chapters.I thoroughly enjoyed how much guidance was in these 3 chapters was given. I still have to say that at this point I really recommend his book. It is an essential in any REI library. To not have sub2's in your bag of strategies just puts you behind the curve. 

Ok... so... I just reread my post and I hate it. Why, you ask? Because I sound like and old prof lecturing in front of a class. Whuh waaa whuh wa wa whuuuuuuh. (or however the charlie brown teacher is written LOL)

Everything that I read in these 3 chapters is ESSENTIAL to being a good sub2 investor and without these item I and you would not be worth a darn! I can honestly say that Nick has saved me countless hours of work and heartache by what he as so graciously wrote about in this section of the book. THANK YOU NICK!!! 

How many of you know which scenarios to avoid when you are evaluating a sub2 deal? huh? show of hands please!! I DO!!! I do because I have Nick's knowledge. Because he showed me the INSIDER'S point of view. He's showed me what he's been through so that I don't have too! THANK YOU NICK!!!!! 

How many of you know what to say to a lender to keep them from feeling like their loan is not jeopordized and keep them from not calling the loan due? AGAIN I DO!!!! Because I have Nick's proven knowledge! 

Don't think that for one moment you know everything there is to know! I guarantee that you will learn something that you hadn't thought of when you read Nick's book!! So harass him!! PM him!! Tell him he's hurting your profits by not getting this book to you!! Hell, leave a comment here for him I'm sure with as big of a SEO(search engine optimization) guy as he is he has probably found my blog by now.  So leave your comments!!!!!!