I am 24 What did you have to do to get a ferrari?

Me too. I have never heard of these terms..........and conditions.

 

That's a pretty skimpy website, nothing works except for the one home for sale. Certainly no more evidence that you know about how to make money in real-estate than this...

http://www.lottrealty.com/view_res_detail.asp?mls=190733

Edit: not to say that you haven't, but a lot of agents can get a listing or two but still not cut it.

 

Then things must be ALOT different in the USA then my friend.
Dont sign off, this is getting fun. I would love to know more about your realestate thoughts. You obviously know alot about it. I just cant afford $300 per/hour to call you.

 

Taking title "subject to an existing mortgage" look it up RE genius.

 

Bah, just call for a good deal mate!!

 

This is good advice. Opportunities will come from the connections made in life.

 

http://en.wikipedia.org/wiki/%22Subject_To%22_Mortgage

Note the following condition:

 

That's a hot web site. Truly demonstrates you're an expert in real estate.

Hope you didn't pay for web design...

 

Moron? Why do people like using those negative words around here? You should PM wetpet and DrStrangelove and go drinking together. That's if the insane aslyum will allow the three of you out together at the same time.

So, according to you, a person can sell land which they have a mortgage on? If you know how to do that without the banks approval, please fill me in. Stupid me thought you have to pay off the mortgage first before selling.

Most people buy title insurance when they buy land to make sure nobody else has a claim to the land. Some banks require title insurance.

 

Very good. But give it to me in english please.

 

Most assumable loans are done because of interest rates. For example, if you have a home with a $200,000 loan at 5.5%, and the market rate jumps to 7.25%, you could use the interest rate as a selling feature. But many banks do not allow loans to become assumed and have it written in the contract. Most of the loans that allow for assumable loans are done because the buyer has paid for points, and they are planning on using it as a selling feature.

If loans could be assumed so easily, then any yahoo with bad credit could call up an owner and "assume" the loan. The bank isn't going to lose money, that is for sure. There is a reason why people get a mortgage, and not assume a loan, and that is because the bank will not allow it.

 

I know people who have made good money doing this on the weekend. It's a nice hobby to have since it makes money instead of losing it.

 

Thanks for that. Makes alot more sense now.

 

I never claimed to be, 15 properties in 3 years is a very small amount, im by no means a big fish. There people that do what i do and do 30 properties a year or more. im simply a young investor and was trying to inform the OP of ways to make money. My site is under construction as it says. I may not be worth millions or billions like some of you guys but owning any type of investment that earns cashflow is leaps above the normal population.

 

http://www.thecreativeinvestor.com/residential/ViewTopic11060-34-4.html

 

The best advice- get a college education and then go onto grad school. The cars will come later. If you do it right you can buy any car you will want. However, you HAVE to get your education first! The cars are a very low priority in the scheme of things.

 

Hello all

We as we all know iam not the best speller out there so ill try and get thi sout wothout too many errors . Ive read the posts of Jamesbond and though i would share how I did it , It came from a dumpster , really .
I was 16 and looking around a dumpster at drug company , I found a peice of equiptment in said dumpster and thought it was intersteing , I took it home and learnes everything I could about it , and how to fix it . Then by some freak chance I sold it to somone for 300 dollars . I then went back to teh dumpster and found somemore and fixed them and sold them . So now Iam 17 and makeing about 100k a year . I found out thet teh frist one i sold sould have sold for around 5k . So then I dropped out of high school and started my company .
Its been a few years now , 355 , 360 , 2-911 turbos ,911s , 964 c2 later and iam still at it . We are now one of teh bigest companys refurbishing used hplc and gc systens in the country . we ship all over the world and I still cant spell for **** . Dont over look the small things in life , like dumpsters .

The is our web site if intereted . www.meadowsinstrument.com

Good luck

 

sorry previous link doesnt work.

http://www.reiclub.com/articles/sub2-beginner-investing

 

Coulda swore you did.

 

Why would any seller in his right mind want to do this?

Cliff notes for everyone else. Seller has a property with a mortgage. Buyer assumes the loan without telling the bank. Buyer rents out property and takes the renters money to pay the sellers mortgage. Buyer then sells the property when values go up, and pays off the original sellers mortgage. That is if everything goes right.

But what if the buyer misses a mortgage payment? It is the seller that gets screwed. The name of the mortgage is still in the sellers name???

How is the deed made if the bank with the mortgage still holds an interest in the property? The Grant Bargain & Sale Deed is worthless.

With every deed there is a chain of ownership. Someone higher up can claim ownership and the person with the deed is SOL. This is why Quit Claim deeds are bad. All this deed does is say the current seller has no more interest in the property. I know all the major deeds that real estate uses, and I have never heard of the Grant Bargain & Sale Deed. I don't think it is anything more than a quit claim, if it is even that.

Compare http://en.wikipedia.org/wiki/Quit_claim_deed

with http://en.wikipedia.org/wiki/Warranty_deed

 

But doesn't this all catch up with you when the Enzo you bought in england gets crashed by a phantom german guy in california?

Oh, by the way: Another thing I didn't like about Massachusetts is that all real estate transfers use quitclaim deeds. And title insurance. Title disputes help keep all those lawyers employed.

 

I think James Bond is using one of those info-mercial (sp) get rich quick real estate packets. Every time I list a home my agent gets about 20 calls with people wanting to take over the payments without using the bank. I'm quite sure they try to rent it out or put it up for sale. I can always tell when they have a conference here in town, because I get double the calls after a property is listed. These idiots don't realize that I am a builder and my homes are new. They don't even look at the properties. I would love to see the numbers on the amount of these deals that go bad by the people "assuming" the payments and then not paying them.

 

Na, i was just trying to take some of PAP's coal-mine money.

 

It is simpley just one of many ways to purchase real estate. I agree, those people who are calling your listing are idiots, theres no way to make money by taking over payments on a house at full market value and then try renting or selling for more then full market value. Im sure many of those deals go awry and those investors get sued or go bust. The ways i use this method are when a seller who "needs" to sell (mostly foreclosure and has no other options) sells a property for much less then its full market value because either they have no-idea that there selling it for pennies on the dollar or they dont have time to sell with an agent and wait for the transaction to close, or they just dont care. I then make the back payments up and put the house on the market and sell it for retail value (not over retail like others). This is how i did a number of my deals when i first started and the market was red hot. Now im able to get loans, i have investors and hard money lenders willing to back me because i have a track record and portfolio to prove it, but subject2 is still my preffered method when the situation is right.

Oh and i have never purchased one of these properties from a listing or real estate agent, all my deals have been off the market transactions that i aquired by direct marketing.

 

Because they have no other options. People who are in foreclosure or getting a divorce, drug attics, people who inherited a house or people (90% of the population) who dont know anything about real estate and just need to get out. NOT people who can afford to let there house sit on the market for 2 years before it sells. Think about it, giving someone 1k to sign over title to there house and rely on someone to make payments on there loan (not that they care anyways) is better then letting the bank take there house and them getting nothing.

Correct, thats why it is beneficial to the investor because the risk is on the person who gauranteed the mortgage not the investor. That doesnt make it ok to stop paying the mortgage though.

The banks interest is recorded against the land records, they still have there interest protected no-matter whom has "title" to the house

You sound like an attorney, correct? I have gotten warranty deeds as well as quit claim deeds on these transactions but i usually use a warranty deed that says the title is subject to an existing mortgage staying in place, i too have never heard of a "grant bargain & sale deed" so im not sure what that is. I am also able to get title insurance on these transactions and i have an attorney who oversees all of this so im not sure what your argument is?