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A Texas thank you to Dealmaker - http://www.dealmakerscafe.com Forums

Original message

Dee-Texas

"A Texas thank you to Dealmaker" , Sat 21 Oct 14:44

I just talked to the nicest and full of fire guy. He goes by the name Dealmaker......Thanks for this great site btw...
He talked and I wrote trying to get everything down that he said. It was like the little light finally come on for me in those little ways that you have a slim grasp on something but not the whole picture.
Thank you for being so unselfish and sharing.
*grasshopper bows to you Master* *smiles* but hey you might be too young to remember that.
Can't wait to implement the things I learned.
(at the looks of my post, do you think you could add a spell check? *grin*)
Dee-Texas

Always Learning

Replies:

dealmaker
Moderator

"Welcome.. and thank you.." , Sun 22 Oct 08:28

Dee:
You're more than welcome. You have the skills to be successful in RE. You just needed a little direction, a plan, and an example on how to deliver the message.

Thank YOU for utilizing this site and being a part of team.

Dealmaker

Arlie

"Re(1):A Texas thank you to Dealmaker" , Sat 21 Oct 15:13

Same Here Dee and yes there is a spell checker in case you didn't realize. Dealmaker rocks.

By the way I am checking out my Carleton Sheets course material and it states the following in the Land Contracts technique section:

"Some people believe that a land contract is a way around due-on-sale clauses found in many mortgages. Not so. The DOS clause is triggered by any transfer of legal or equitable title to real estate."

It goes on to say that: "It is unlikely , but not impossible, that the lender would learn of the transaction."

I answered one of my questions but I wonder how much of a risk it is. The reward I would say is worth and I would want to sell the house as quickly as possible when in this situation.

As well the way I understand it is that when buying "subject to" it is the same as buying on a land contract. is that the case? Thanks a lot.

Keep Smilin'
http://arlieanderson.homes.com

lynnhahn
Moderator

"Re(2):A Texas thank you to Dealmaker" , Sun 22 Oct 10:58

Welcome Arlie,

If you review older posts on this site you will see several posts that should thoroughly answer your "due on sale" questions. Read through these posts and also check out an article by Williams Bronchick called "There is No Due On Sale Jail" at http://www.legalwiz.com/dueonsale.htm it is the best article that I have ever read regarding this issue. If you still have questions fire away and we will answer them for ya!

You also asked

quote:
As well the way I understand it is that when buying "subject to" it is the same as buying on a land contract. is that the case?

If you are referring to the due on sale clause then yes they both can trigger due on sale. If you are asking if the two transactions are the same then no they are not. As an investor you would normally rather have the deed in your name "subject to" as opposed to having an agreement to transfer deed later "land contract".

WELCOME TO DEALMAKERS

Happy Investing!
Lynn

Those who say it can't be done are usually interrupted by others doing it!

dealmaker
Moderator

"Okay S.Cal dude..." , Sun 22 Oct 08:37

Okay dude.. you were given the keys to the vault, the notorious subject-to transaction!

The first time you are explained that transaction it really sets you back.. It takes time to digest and really understand how it works AND that it works!!

My first time was from Jackie.. It REALLY blew me away. I had more questions than ever at that point...and then it just suddenly become CLEAR! And that I've got use this to my benefit!

Thanks to Jackie from ME!!

Anyhow, I see your other post Arlie about this transaction. We some REALLY lively posts from another discussion board we started before this one. I'm going to grab those posts and re-post them here. It will explain a lot to you.

Thanks for joining our site. You have all the skills and tools..and knowledge at this point. Do not waste what you've learned! Let us watch you grow into a mogul!!

Dealmaker

Dee-Texas

"Re(2):A Texas thank you to Dealmaker" , Sat 21 Oct 18:03

I can't believe I missed the spell check...Ugh!
The next course you buy should be......anything Bronchick has..(depends on which type of RE you want to do)...I have many of his courses and they are all great. I feel safe with them 1. Because he's an attorney and has to be ontop of things in every state to sell his courses. 2. He has all of the forms that his course talks about right in the package.
I started out with Carlton Sheets information and was searching the web for real estate information and came up on Creonline.....I sent Carlton Sheets information back....
Bronchicks site is www.legalwiz.com and he has a message board also free information.
These people here are real and you can ask anything, they will try to help WITHOUT trying to sell you something. That's what I like the most, anyone can help you if they think they are going to make a sale. That's not done here.
*pressing spell check now* *grin*
Dee-Texas

Always Learning