All Forum Posts by: Amanda Sutherlin

Hi, I did a sub2 and it also was a probate deal too. I had a lot to learn. Here is the link to my post about the deal: Sub2 deal

I used a title company and a lawyer and put it in a land trust in hopes the bank wouldn't call the loan due, so far BOA has not. I sent the down payment to the title co, it was a easy process.  The title co and lawyer do these all the time so I relied on them to walk me through the process. We wrote the offer as the purchase price being X amount of cash and sub2 existing loan.

@Mark Holencik, I like the deal as is, she really wanted much more down so I don't want to push her and I'm happy, she's happy. On to the paper work :)

Thank you for your help here! If all goes well, this will be my 3rd rental.

@Mark Holencik, I offered exactly what you said:

$60,000 at 6% interest for 20years.

They countered:

$68,000 with 5K down at 6% for 20 years.

@James Maher I was trying to run it on 7% was a no go. ugh

I would not assume anything and it bothers me the way you speak of her, seriously? This is a people business. Take the late fee money you made off this lady and buy some books like  How to Win Friends and Influence People for starters.

Asking price $75K

Will rent for $850

Tax $1000 / yr

Ins $800 / yr

I like a minimum 300 cash flow

I have some money to put down but like everyone else, want to get in with as little down as I can.

 Thank you Jae, it's nice to hear that my story inspired someone :)

 Thanks David :) I am what I consider very conservative when it comes to the emergency fund. I have one in place for each house (I own 3, one I live in and 2 rentals ) I like 5k for each and invest anything over that into the next house. I'm not up to that on the this house,  so all the cash flow I don't touch. I am on one income so I really do not have that 2nd back up income married folks have if both are working. With that being said, the sky can still fall and all go to hell one day, I'm ok with taking the risk :)

 Thank you Kory, to answer your question. ..this is what a long time investor recommend and after I met with the attorney this is what he too recommend, so I went with it. We put it in trust with the dads name "Joe Smith Family Trust " along those lines. Also did it this way in hopes of decreasing the chance of the bank calling the loan due. I sent in all the paperwork to the bank and so far all is good.

 Too cool Rhea, where are you investing at? We should chat sometime as we have similar backgrounds, I've never ran into someone else like us :)