All Forum Posts by: Daniel Wise

Hello,

Here's my situation:  I have a person interested in selling me their property "subject to".  Their loan is $500,000, and they owe $277,000 in missed payments.  The current market value of the home is $925,000....or $975,000 with upgrades.  How do I make this deal work?  And is it even a good deal to go after? They will be foreclosed on in 45 days from today.

Hello Ken,

Thank you so much for the reply!  I am VERY interested in starting to invest using the "subject to" model and just keep my 50K as cash flow to get me started in case I have a vacancy for a couple months or a few repairs.  I would prefer to do this in the Southern California market although I am willing to go elsewhere.  I am familiar with "subject to" but there is no way I could do my first couple deals by myself, I would definitely need a mentor or someone with your extensive experience to get me going.  From what I've read it seems like the hardest part about this model is finding sellers willing to sell you the property "subject to", would you agree with that?  Also, I read that the best way to protect yourself from the bank calling the note due it to place the real estate in a land trust, is this correct? Thanks for your time!  

Hello,

thanks everyone for the comments! Yes, I do currently have a mortgage for my current home through the VA. I would like to stay in the Southern California market. I am considering trying to start utilizing "subject to" in order to acquire properties and then just use my $50,000 for cash flow and have it as back up in case there are periods of vacancy. Does anybody have extensive knowledge or experience with "subject to" that could walk me through my first deal? I am very familiar with "subject to" but when it comes to going step by step through my first deal I would need a mentor in order to help me.

Hello! I am currently active duty military. I was recently injured on my last deployment and I am going to be receiving a $50,000 insurance pay out here in the next 3 weeks. I own a house in Southern California and I have absolutely $0 debt besides my house. My goal is to build enough residual income off of real estate in order to supplement the $3,000 a month I'll get from my disability check every month. My goal would be to be making a total of $10,000 a month so I need to add $7,000 a month in passive income. I know $50,000 isn't a lot but how can I use that money to kick off my real estate investing? Thanks everyone!

Hello! I am currently active duty military. I was recently injured on my last deployment and I am going to be receiving a $50,000 insurance pay out here in the next 3 weeks. I own a house in Southern California and I have absolutely $0 debt besides my house. My goal is to build enough residual income off of real estate in order to supplement the $3,000 a month I'll get from my disability check every month. My goal would be to be making a total of $10,000 a month so I need to add $7,000 a month in passive income. I know $50,000 isn't a lot but how can I use that money to kick off my real estate investing? Thanks everyone!