Subject 2 for Dummies?

[neodemes]

Hi y'all!

I'm looking for good, step-by-step 'Subject 2' courses and/or articles for both personal education and to add to our growing resource list. At the risk of sounding snobbish, I would like to avoid 'GURU' material.

I'm also looking for the state specific forms needed - current area of personal interest being Missouri.

Thanks!

Sidebar1: I didn't look through the sub2 section of the forum yet, 'cause I wanted to post here. :SM045:

[investinAK]

I can't say from experience, but based on forum posts, articles, and recommendations I would suggest either John $Cash$ Locke, or William Tingle. I personally am going to buy Mr. Locke's course first, (sorry Mr. Tingle) as he includes STATE specific forms (a MAJOR plus for me) and he even gives you his cell number if you need immediate help, and he walks your through every step of the Sub2 process.

He is a TRUE guru in every sense of the word (which is a good thing). He knows his stuff!

I am a VERY skeptical person when it comes to shelling out big bucks for courses, and I am more than willing to shell out the $689 for this one! :)

That is only MY opinion though, and I will let you know how the course is, as soon as I order it and review it.

[neodemes]

Thanks for the input, Wayne!

STATE specific forms

Which state(s)?

:cp_help:

[investinAK]

Thanks for the input, Wayne!
Which state(s)?
:cp_help:

Um, actually I am Ryan! But that's okay, I wish I were as good at playing hockey as Wayne Gretzky, then I could just pay cash for all my properties! :) Anyways, I am hoping that he has all states, as I would probably be the last to see any, as I am in Alaska.

I would send him an email...

www.moneytodayusa.com (I think that is his website)

Good luck!

-RYAN :)

[Jim FL]

Bruce,
I'm sure Ryan's recommendations are good, as I know both authors he mentions.
I am 100% sure John Locke and William offer good materials, they both know their stuff.
Frankly, aside from my own, on which my opinion might be just a slight bit biased...:-)......there are a TON of courses out there on sub2, and only a small handful worth the expense to purchase them in my opinion.
In fact, I just read one of the cheapest courses out there the other day, and was so turned off, I put it down and quit reading.
This was after the authors tried to show the advantages of buying houses sub2 with no equity, and how that market is HUGE because most investors won't touch them...........gee, wonder why that is?

If you have specific questions regarding sub2, ask away, I'll chime in here, and the other authors mentioned might as well, they have each posted here before as well.

State specific forms?
Frankly, even if a course did offer that, which I don;t think the one mentioned does, check before you buy........its still not a good idea to use them.
Many locals have specific things you must adhere to not only with regard to the local RE laws, but customs and practices to.
I have forms here that I've used in Hillsborough county, pasco, manatee, and pinellas counties to buy and sell.............with no problems, they are FL state specific forms.
However, as per my attorney's advice, we changed a couple things here for our county, because we have a judge that interprets certain things a little different.
I ALWAYS, no matter the source of the forms, advise people to have a local competent RE attny review them for compliance.

and yes, my course does offer step by step as well, and can be purchased stand alone, as a sub2 course, or including a marketing course for afew more bucks.

Cheaper than the others mentioned as far as I know, and I'm definitely NOT a 'guru'...........just a biker, who buys houses.

Come back here and ask sub2 questions, there are a few of us who can and will help, for FREE.

By the way, I've purchased houses in Missouri sub2 before, so shoot on a specific deal for there if you need to as well.

Take care,
Jim FL

[investinAK]

I ALWAYS, no matter the source of the forms, advise people to have a local competent RE attny review them for compliance.


I second that, for SURE. :)

Jim, I wasn't aware you had a Sub2 course...!? I will have to find your website and check it out.

Ryan

[Just Information]

All the great course of sub -2 how do you know what course to take?

Well that's the $10,000 question.

Hint: Look at who supports this forum by posting and answering questions for the forum members!

Who do you think now would be a good choice - Now this is just my 2 cents!

Looks like The Biker Who Buys Houses! -Subject to course now available! www.REmentors.com is the one who has my vote!:praise:

[neodemes]

Um, actually I am Ryan! But that's okay, I wish I were as good at playing hockey as Wayne Gretzky

:SM038: LOL - I wasn't paying close enough attention - just caught the "Wayne" at the bottom.

Thanks, Ryan.

Thanks to Jim and John, as well. I'll be back with some specifics after my 'target' sellers get back to me with some more info.

:wink:

[investinAK]

I for one plan to buy at least all three of the above-William Tingle, John $Cash$ Locke, and Jim's,(and others I may come across) as I am very interested in the Sub2 aspect of investing, and I wish to gain as much knowledge as possible to succeed in this area. :)


Ryan

[Jim FL]

Thank you gentleman,
I'll tell you what, before you buy any sub2 course, mine included, drop me an e-mail or private message here.
As magicbullets.com forum participants, I can offer you deal...........(this means lower price) on my sub2 course stand alone.
So, when you are ready, let me know and I'll send you a link in e-mail to purchase my materials for a substantial discount, exclusive to folks here.


Also, before you buy ANY sub2 course, learn a few basics here.
Ask questions, and when they seem to become too many, or needing too much detail for a discussion forum, THEN buy a course.
Until then, we can help you here, FREE.
Much easier to absorb a course when your mind is prepared for it.....and that leads to faster action, and PAYDAYS!

Take care all, and really, shoot with some sub2 questions, I am all ears!
Jim FL

:SM056:

[investinAK]

Thank you gentleman,
I'll tell you what, before you buy any sub2 course, mine included, drop me an e-mail or private message here.
As magicbullets.com forum participants, I can offer you deal...........(this means lower price) on my sub2 course stand alone.
So, when you are ready, let me know and I'll send you a link in e-mail to purchase my materials for a substantial discount, exclusive to folks here.


Also, before you buy ANY sub2 course, learn a few basics here.
Ask questions, and when they seem to become too many, or needing too much detail for a discussion forum, THEN buy a course.
Until then, we can help you here, FREE.
Much easier to absorb a course when your mind is prepared for it.....and that leads to faster action, and PAYDAYS!

Take care all, and really, shoot with some sub2 questions, I am all ears!
Jim FL

:SM056:


Thanks so much Jim! That is a VERY generous offer, and I will most definitely take you up on that in the near future. I am just waiting for either my tax return or my current deal to close, and then I will have some money to invest in some courses! :) Look forward to my email in the coming weeks!


Ryan

[neodemes]

By the way, I've purchased houses in Missouri sub2 before, so shoot on a specific deal for there if you need to as well.

Take care,
Jim FL

Thanks, Jim. Everyone else, please jump in here, too!

Here is what I'm up to.

I live in FL. I want to move OUT of FL. Exactly how to do this long distance and with little cash resources presents some challenges.

I know of some folks in MO with a house listed with a Realtor for $27,500.00 :SM007:

Cars cost more than that these days, so that number looks mighty attractive to me. Nope, its not particularly a bargain, houses don't cost much in that particular area. I believe the median price is about $40K. But, even at that price with my credit and 0 to put down, conventional financing is out of the question.

First question: Is it possible for these folks to back out of their Realtor contract? If so, how is that done?

[Pasquini]

First question: Is it possible for these folks to back out of their Realtor contract? If so, how is that done?With great care. One does not want to be charged with tortious interference with a contract.

Are there no houses in MO that are available not currently represented by agent? Why not take the path of least resistance?

Why not make an offer contingent upon the agent assisting you to get acceptable financing? They are probably affiliated with a lender and may even get compensation for the loan. If you aren't represented by agent they are going to get both sides of the commission. Have them do some work for it.

If you want a program to help you with credit go check out Dave Peters at Learn About Credit (http://learnaboutcredit.com). Good credit helps open doors in this business that are otherwise locked, but it is by no means a requirement. You might start with getting your finances on some sort of program like Quicken or Money, and start paying your bills on time. That'll start improving things right away. If you don't have a plan for your finances someone else does. You'll like your plan a lot better.

Interesting that you want out of FL. Most folks would rather head that direction. Make sure you aren't guilty of the grass is greener syndrome. The lower cost of real estate has a lot of other lower things like rents, salaries, desireablility and cost of living supporting those lower prices.

[REIaddicted]

neodemes,

What county in MO ? I will try and help you the best I can as I am in Springfield MO ( greene county)

Do you know how long the house has been listed? Perhaps it will fall out of MLS soon and you can approach on that particular home then.

If it isn't " a particulary good deal" why do you want to mess with it?

Lisa

[neodemes]

Pasquini

Thanks for the reply. :clap:

I appreciate the extra input, but the actual question asked received the same answer as the one to "How do porcupines make love?" :smiley3:

Are there no houses in MO that are available not currently represented by agent? Why not take the path of least resistance?

I'm slightly acquianted with the Sellers. That's how I heard about the house. It just happens to be in MO. I don't want to deal with agents or lenders. Its either 'Subject To' or nothing on this one.

Interesting that you want out of FL. Most folks would rather head that direction.

Yup. Lots of folks are heading into FL. All the more reason to head out. We moved here a couple of years back, from New England, to be closer to some loved ones who needed us nearby. Mission accomplished. But, we hated it here since day one and its time to head Northward again.

[neodemes]

Thanks for the response!

neodemes,

What county in MO ? I will try and help you the best I can as I am in Springfield MO ( greene county)

Shelby County

Do you know how long the house has been listed? Perhaps it will fall out of MLS soon and you can approach on that particular home then.

I believe it was listed within the past month.

If it isn't " a particulary good deal" why do you want to mess with it?

Only because it presents a possible escape route.

Lisa

[Pasquini]

Follow up question: Have you consulted these folks about buying their property 'subject to' or is this just a 'what if' scenario? If it is the real deal I'll spend the time typing.

BTW, buying a property because it is a possible escape does not sound to be like a positive course of action. Desperate people do desperate things. Just because you are in a frying pan there is no need to hurriedly jump into the fire. If you started a diligent marketing program in the area my suspicion is in short order you'd have a property that you'd like to have versus one that just gets you out of Florida.

[neodemes]

Please start typing!

Follow up question: Have you consulted these folks about buying their property 'subject to' or is this just a 'what if' scenario? If it is the real deal I'll spend the time typing.

Yes, I have and, though not entirely sold on the idea, they are open to it. One of their immediate concerns is that they have it listed already. Hence, the reason to look for a viable work-around to that hurdle.

BTW, buying a property because it is a possible escape does not sound to be like a positive course of action. Desperate people do desperate things. Just because you are in a frying pan there is no need to hurriedly jump into the fire. If you started a diligent marketing program in the area my suspicion is in short order you'd have a property that you'd like to have versus one that just gets you out of Florida.

I hear you and appreciate your concern, but, I consider it an Action Plan rather than an act of desperation. More like jumping out of the fire.

[neodemes]

I personally am going to buy Mr. Locke's course first...
I am a VERY skeptical person when it comes to shelling out big bucks for courses, and I am more than willing to shell out the $689 for this one! :)


Ryan,

Do you know what the name of John Locke's course is?

[investinAK]

Ryan,

Do you know what the name of John Locke's course is?
"Subject to, that's what I do"......I think....:) Or maybe that is just his slogan...? It may also be "The Cash Now Training Course" (that's how it is advertised on his website) I am not sure which to call it...

[REIaddicted]

I am sure you want out of FL as you said, but don't do " a deal" as an escape. Deals done in haste can only lead to dissapointment.

Having said that,,, let's move on.

Take a look at this. It is an article by john locke.

http://www.magicbullets.com/forum/showthread.php?t=371&highlight=john+locke

Here is a link to his website.

http://cashnowusa.com/ It describes his course.... He is one GREAT teacher

[Pasquini]

OK, some thoughts...

First, you can ask (or rather they can). They have some extended family that are moving back into the area a need a house, and they'd like you to have it. Some brokerages are more willing to let go of a property than others.

Second, you can rent the property for X amount of time before you buy. You'll need to check the listing agreement as some call for the payment of commission even if the property is leased rather than sold. Again, extended family moving back to the area that needs a place to live. Circumstances outside their control, you know.

Third, you can review the listing agreement and see if they have not performed at some level. Now you are in for a legal fight, or at least threatening a legal fight. Well, the sellers are, and I'm guessing they probably don't want to go there.

One of the challenges you'll face is it is a new listing. Good because they haven't spent a lot marketing it yet. Bad because it's honeymoon time. They are certain it is going to sell right away for more than asking price. Market hasn't had time to correct any stinking thinking.

If I were you I'd go online to the local classified ad's and start looking for properties for rent or for sale by owner, and put yourself together a deal. Pick up the phone, and start dialing for dollars. Make action part of your action plan.

John Locke's program is called "Subject To - That's What I Do".

[neodemes]

I seem to recall reading a statement in a course to the effect that if the seller has a Realtor listing, they have a form to correct that. I can't recall the course and haven't seen the form, but if I run across it again I'll run it past y'all.

With all due respect to Mr. Locke, I have had the opportunity to read through a manual entitled "Subject to - That's What I Do", and wasn't very impressed by the content. It was about 90 pages and didn't touch at all on the meat of 'Subject to' investing. It was primarily scripts to use when talking to Sellers and some examples of ads to run, and a brief Glossary of terms. Perhaps it was an abridged version or a small part of the overall course? For nearly $700.00, I hope there is much, much more to it than that.

Who has bought the course and what did you think of it?

[Pasquini]

There may be a form to cancel a listing. In the listing contract, however, there will be a provision that if the owner in turn sells the house within some specified time after cancellation the realtor is still entitled to their commission. If it were simple to blow out a realtor why would you ever retain one through closing? Let the buyer identify themselves, and then deal with them directly saving or at least splitting the commission percentage. In some instances even procuring suitable buyers would entitle a listing agent their commission.

Be reminded this is a contract between the real estate agent and the sellers. Generally speaking, contracts can be voided for cause, agreement by both parties to terminate, or they can expire. It is atypical for unilateral cancellation provisions to appear in a bi-lateral contract. The seller's can likely decide not to sell, but they don't have the option to just decide to sell outside their agreement.

[REIaddicted]

I am sure you did not see the entire program if you say there was no meat to it.

let me assure you, there is enough meat to chew on over and over again. Once you have been through the course, you will pick something new up with every review of the course.

John Locke has posted on the site, I am sure he wouldn't mind a PM if you are asking about his courses.

Just my 2 cents.

[neodemes]

neodemes,

What county in MO ? I will try and help you the best I can as I am in Springfield MO ( greene county)
Lisa

Thanks, Lisa. The house is in Shelby County. I've talked it over more with the owners and they seem amenable to the idea of my taking over their payments.

I would like to have all the necessary papers together. I have a lot of generic forms, but don't have a viable means of conferring with MO attorneys to make sure they comply with MO law.

I'm hoping that perhaps you (or someone in MO) has gone through all this and has a complete set of the MO specific forms needed:

Purchase and Sale Agreement.
Declaration of Trust
Warranty Deed To Trustee
Assignment of Beneficial Interest
Letter to the Ins. Co
Letter To Lender
Limited Power of Attorney
Seller Disclosure and Addendum to the Sales Contract
Authorization to Release Loan Info

Others that I'm not aware of?

I'd be happy to pay for these. :SM139:

I know http://www.jmichaelrei.com has a Real Estate Forms CD.
John, does this CD contain forms usable 'as is' in MO? :SM032:

[neodemes]

... :SM113: ...well, maybe just a little pushy.

Any chance of getting some help with this?

:SM128:


Thanks, Lisa. The house is in Shelby County. I've talked it over more with the owners and they seem amenable to the idea of my taking over their payments.

I would like to have all the necessary papers together. I have a lot of generic forms, but don't have a viable means of conferring with MO attorneys to make sure they comply with MO law.

I'm hoping that perhaps you (or someone in MO) has gone through all this and has a complete set of the MO specific forms needed:

Purchase and Sale Agreement.
Declaration of Trust
Warranty Deed To Trustee
Assignment of Beneficial Interest
Letter to the Ins. Co
Letter To Lender
Limited Power of Attorney
Seller Disclosure and Addendum to the Sales Contract
Authorization to Release Loan Info

Others that I'm not aware of?

I'd be happy to pay for these. :SM139:

I know http://www.jmichaelrei.com has a Real Estate Forms CD.
John, does this CD contain forms usable 'as is' in MO? :SM032: