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Real Estate Investing: Beware of Subject To Promises
Another real estate writer's mini course, full of promises and fluff, ended with a "lesson" on why you need to buy his book so you can finance multiple properties "subject to." The reason, he said, "because banks won't let you finance more than ten mortgages." This simply isn't true. First, banks let you finance as many mortgages as you can pay for. Some banks limit the number of loans made to one person. Experienced real estate investors just move on to another lending institution. I know one investor who owns more than one hundred single family homes. All have mortgages. He constantly refinances one rental for the down payment to buy the next. Besides living off the cash flow from his rentals, he also refinances a rental occasionally to take his family on a first-class vacation. Another investor, my friend who owns the carpet company we use for our fixers, owns more than fifty rentals. None were purchased "subject to" the existing loan. Many were purchased "all cash" for quick closings, with mortgages added later. For beginning real estate investors, looking for an owner willing to sell their property "subject to" the existing loan adds a frustrating component to the search for a profitable property. Today's savvy home sellers just won't sell to a buyer who can't cash them out. Of course, some investors offer "subject to" and lease-option purchases. But, properties with most of the equity stripped out come with payments too high for rental income to support. These properties make better candidates for owner-occupant home buyers with poor credit who don't mind paying more for a house. Beware of "subject to" seminars, books, and promotions. This real estate investing method worked last century. Copyright (c) 2005 Jeanette J. Fisher. All Rights Reserved. Jeanette Fisher teaches real estate investing and credit college courses. She became a credit expert to help her real estate students buy their dream home and multiple investment properties. Jeanette is the author of "Credit Help! Get the Credit You Need to Buy Real Estate" and other books. For a free report, "Credit Tips for Mortgage Financing," visit the Real Estate Credit Help Center http://recredithelp.com
MORE RESOURCES: Texas real estate sales continue to increase, including Jim Wells County Alice Echo News-Journal Real Estate and Cash Are Americans' Top Preferred Investments Over the Next 10 Years The Southern Maryland Chronicle Skagit County real estate remains much in demand goskagit.com Stacom, Shanahan win Most Ingenious Deal of the Year Real Estate Weekly Progressive Real Estate Partners Directs $3.3M Sale of US Bank-Leased Property in Southern California REBusinessOnline Real Estate Minute – 06-24-2021 KFDX - Texomashomepage.com Evansville area real estate inventory remains low, and sellers are cashing in Evansville Courier & Press Offerpad Announces Plans to Appoint Tech and Real Estate Leaders to Public Company Board of Directors Business Wire Project Destined Sends Students to U of Miami MBA Real Estate Program Commercial Observer The steamy debate over real estate love letters HousingWire Real Estate Transfers for 6/4 Massillon Independent CMG Financial and Seven Gables Real Estate Launch Primco Mortgage, a Joint Venture Partnership KPVI News 6 Real estate transactions: Industrial deals thrive near Port of Houston Houston Chronicle Real estate agent Suzanne Frisbie returns to the Corcoran Group in Palm Beach Palm Beach Daily News Lenders, don't overlook real estate investors HousingWire Holden Beach Mayor: No conflict in town buying pier brokered by his real estate firm StarNewsOnline.com Experts discuss COVID-19's effects on Texas real estate trends during digital summit Community Impact Newspaper Real Estate Transfers For June 17-23 The Chattanoogan Adtech startup Tomi raises seed funding to make real estate ads perform as well as e-commerce TechCrunch "Dangerous' Raleigh real estate investor pleads guilty to fraud - Triangle Business Journal Triangle Business Journal How this Canadian city became North America's third least affordable real estate market Yahoo Sports Ask a real estate pro: Co-owner of house doesn’t want to sell. What can we do? - South Florida Sun Sentinel Sun Sentinel Limited warehouse space leads to bidding wars, rising rents Connected Real Estate Magazine Local Mother Loses Life Savings in Real Estate Scam NBC 6 South Florida Real-Estate Agents Look to AI for Sales Boost The Wall Street Journal NY Real Estate Mogul Ted Segal Now Owns Houston's Soccer Future Houstonia Magazine How’s the market? Plan to retire someday? Choose the real estate Ukiah Daily Journal Cell Tower Lease, Detached Garage Focus of Pa. Real Estate Cases | The Legal Intelligencer - Law.com Recent Commercial Real Estate Transactions The New York Times Real Estate Transactions Business West Global Real Estate Crowdfunding Market Outlook Report 2021-2028 - ResearchAndMarkets.com Business Wire TERRAZZA Wellesley Breaks Ground Boston Real Estate Times 'I literally thought I was going to die,' real estate agent says of Gainesville police raid Gainesville Sun TD Jakes Real Estate Ventures Plans Mixed-Use, Mixed-Income Project At Fort McPherson What Now Atlanta “Buy local,” for real estate? Estes Park Trail-Gazette Raleigh Real Estate Developer Pleads Guilty to Wire Fraud and Firearm Possession Charges Department of Justice Real Estate Property Services Innovator Lessen Closes $35 Million Series A Funding Round Arizona Daily Star Bowdoin Breaks Ground at Boston Trinity Academy Athletic Center Boston Real Estate Times Life Sciences Boom Continues in North America Boston Real Estate Times Becoming a Landlord Was the Best Financial Decision I Ever Made. Here Are 4 Tips for Getting Started NextAdvisor People and Property: Real Estate and Construction News Roundup New Hampshire Business Review Remote Work Cited as Top Concern in Commercial Real Estate Industry Commercial Observer Pomerleau Real Estate transactions Vermont Biz BrightSpire Capital, Inc. Completes Name Change from Colony Credit Real Estate, Inc. - Business Wire Real Estate's Odds in NYC Mayor's Race Just Got Better Commercial Observer Fredericksburg region's real estate market sizzles for sellers, but frustrates buyers starexponent.com Austin's housing boom: New study shows which zip codes are seeing most growth post-pandemic KVUE.com Real estate as wild as it seems? We followed an agent for a day to find out. Sioux Falls Argus Leader Real estate transactions through June 18 Bryan County News Martha's Vineyard News | Recent Real Estate Transactions: Week Ending June 18 The Vineyard Gazette - Martha's Vineyard News Great Barrington: Real estate taxes due Aug. 2 | Community News | berkshireeagle.com Berkshire Eagle Florida Real-Estate Investor Has Huge Week With Nearly $99 Million in Property Sales The Wall Street Journal What Impact Will the Pandemic Have On Corporate Real Estate Portfolios And The Work Week? Johnson City Press (subscription) Company Insights for the Real Estate Agents and Brokers Industry | Emerging Trends, Company Risk, and Key Executives Yahoo Finance Real estate market going through the roof in Chester County as bidding wars intensify Daily Local News How Biden’s Tax Plan Could Affect Your Real Estate Investments Kiplinger's Personal Finance Dear Annie: My best friend just got her real estate license. Should we use her as our agent? OregonLive Berkshire region real estate sales May 30 – June 5, 2021 theberkshireedge.com What the Resurgent Real-Estate Market Means for NYC New York Magazine These States Have The Hottest Real Estate Markets Financial Advisor Magazine 'A seller's market': Here's where home prices are soaring in NJ even as the pandemic fades NorthJersey.com |
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