If the seller of the house is not able to pay their mortgages and they are going through foreclosure for Jay Conner the best way to fund that deal is to buy it using the “Subject-to” strategy.
But what is the “Subject-to” strategy?
Take a look at this short video and learn the answers from Jay Conner & his guest Dwan Bent-Twyford.
Dwan started as a broke, single mom who had been fired from Denny’s! Having nowhere to go but up, she started rehabbing foreclosures.
Fast forward 30 years to NOW. Dwan’s insane amount of investing knowledge and her unique, open-style, and down-to-earth personality make her a highly sought-after podcast guest.
Her latest book was also a New York Times Best-Seller co-written with Steve Forbes called “SuccessOnomics.” Mr. Forbes chose Dwan to help write his book because he, also, considers her to be one of the nation’s top real estate investing experts.
Dwan has closed over 2,000 real estate deals through flipping and rehabbing. She is the founder of Dwanderful; a company that specializes in teaching real estate investors how to become millionaires and live their dreams!
Click on this link to watch the complete episode: https://youtu.be/Pk_ai5a9udg – “Helping People Getting Through Foreclosures with Jay Conner & Dwan Bent-Twyford”
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Jay Conner:
Yeah, you’re right. Yeah. I tell my students, like, I’m sure you tell your students as well. You mentioned subject to. So if the shorts, if the seller of the house can not get their payments current, they’re going into foreclosure. Well, that’s the perfect way to fund that deal is the buy it’s subject to the existing note. And so for the sake of all of our listeners here, why don’t you give, why don’t you give a 60 to 90 second seminar on what in the world does subject to means?
Dwan Bent-Twyford:
I’ll do my best. It’s really hard to like crunch it down until like a minute. But the gist of it is you find a homeowner that’s behind on payments. They cannot catch up. They did not qualify for a loan modification. The bank is going to take their house and you make a deal with them basically where they deed the property to you. And then if you can make up those back payments, you can just start making the payments and you can keep it for a rental. You know? So you’re owning the house without having to actually get a mortgage for the property. So for investors right now that have a little bit of cash, you come across the homeowner, they’re like, Hey, listen, I’m 15 months. I can’t make it up. I don’t really care. I’m willing to walk away. You’ve give them a couple thousand dollars cash for keys, moving money.
They give their house to you. You’re the owner and you turn it into a rental or you offer it out. What I do is offer them out as seller financing or financing. So I find a new person that really wants a house, but they can’t qualify for the bank, but they’ve got the money and the income now and I subject to it. So it’s sort of a, yeah, a little bit complicated for a new person. But the gist of it is this person that owns it can keep it. They’re willing to deed it to you. And then you can make it a rental and an income producing property for yourself.
Just by signing that deed, and you’re the owner. And it’s all done, it’s a one and done.
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