How to fill out a SUBJECT TO Contract! Step by Step
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- เผยแพร่เมื่อ 15 ต.ค. 2024
- Today I'd like to show you how to fill out a subject to contract. If you need subject to documents to buy your next how, you can download my here: krish.thriveca...
It's been brought to my attention that people need to know exactly how to fill out the subject to purchase and sales agreement. Well, this video will show you how to fill it out when buying a house subject to.
krishaskins.com
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Thank you for taking time to explain how to fill out the contract of Deed.
Yo yo, it’s my pleasure, as I’m laying in the bed all week from my back surgery, I get to read my Roundup fam’s comments. I figure this is what my calling is. To show my community how this is done
OWNER OF RECORD 📃🖋️
DROPPIN JEWELS 💎💎💎
Well, I got tired of writing up contracts and then having to change the name because the owner had a heir or the wrong name was on title. So OOR covers everybody... thnx
Good video, Kris. Blessings to you brother. We appreciate your contributions to the people.
Thank you for this info you r a genius God Bless You
Hey I appreciate u, but I’m just a friend showing my friends what I do. Let’s get some real estate for u too so we can keep passing the word.
This is perfect I subscribed to your amazing channel
This is over my head completely. This seems advanced. I need something to learn from that can teach me from the beginning.
Two questions though:
As a beginner...I would avoid short sales or anything involving taking over or paying off a mortgage. But still curious....
1. What is a land trust? How do you establish your land trust? And why do you need a land trust?
2. What is a real estate trustee? How do you choose one? What is the job of a trustee in the context of real estate?
looks like you got your q's answered in another video.
A gem to know is asking the seller to fill out a Agreement Form.
Hi Kris thank you fir this info do I need to have a Llc in order to put the trust in?
Could I do ...trust> LLC > sign it as: agent for LLC? That way you have the LLC protection as well
WONDERFUL VIDEO! THANK YOU!
Hi Kris! I'm late to the party, but I've found you! Hi!
I have 4 questions. Will someone answer, please?
1. Does each land trust have its own DBA bank account?
2. Once you're taking over this house subject to, do you get all those banks' account #s so that you're paying them directly? I don't want the former owner to be the middle man!
3. If you take on a house with like 4 liens, where's the money for you?! Do you just make sure the rental income exceeds the payment including all those liens? Will any liens get paid by the former owner or dissappear? I know if you promote it rent-to-own, the renter can pay a lump sum "down payment".
4. Will this house still show as an asset or liability when they go to buy another home? Or since the deed's in my name now (well, my trust?) Will it affect MY ability to get a home loan if I want?
ok, good Q's. 1. The LT does NOT get a bank account. You should have the money flow through to the beneficiary.
2. Yes, you have the authorization to release doc, you can download it from my site, krishaskins.com, and that allow you to collect the info. Then you have the POA that let's you talk to anybody about the house or loan.
3. Yes, you better make sure you make money ie. on the cashflow or the downpayment AFTER the other liens are paid. You may get the seller to pay some of the liens, but i doubt it.
4. NO, only loans that are on your credit report count as liabilities toward your debt to income. All subject to houses do not count on your financial statement to the bank,
Kris, what happens when you don’t have the trust set up yet and you plan on doing it after the contract, who should you have sign the PSA as the trustee? Thank you
GREAT question, I think this will be the question of the day for monday, make sure you're on our email list my friend. Awesome perspective.... 😉 Sign up here:aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
Hey Kris I have a question. My title company is having us sign an affidavit that I'm aware they are not insuring this mortgage. Is the solution to this asking them to add an exception as you mentioned around the 21:35 mark? Or does insuring the mortgage deal with something completely different?
OK, this is going to be our QOTD for tomorrow, I hope you don't close this thing w/out insurance.. 👉Make sure you join our email list so you don't miss any exclusive trainings, events or Questions of the DAY: aw8d9fb.aweb.page/p/6cca7548-b8c4-4a7e-a6b6-9cdc9b706c48
This was great information kris💥💥💥I would like the dub 2 master class... I can’t wait.
Ok. I guess that's what it is.
Bless your heart ❤️ you have been a wealth of information. A well of knowledge to my thirst and an agent of reliable hope on my quest to financial freedom in a sea 🌊 of false profits and cash for class charlatans!!!!!!! Your efforts don’t go un noticed!!!
Yes masterclass
Hi Kris, I really appreciate you and your good videos. I may try to use the app you mentioned. My goal for training/mentor is based on amount of actual interaction that may be realistic. So I definitely want to look at that if that is your main way of that. Two questions having right now, if this is possibly seen, thanks. One is that with this method, versus just a seller financed where you don't take the title, so then in owning you would have the bigger maintenance on yourself at that point right, roof or etc.? Though definitely still the way to go, seemingly. And/or possibly you just sell it quickly, or if you LO it out then they'll do some repair, but you're the one to be responsible for anything bigger/structural at that point, just to be sure right? And my second thanks, one might as well just ask the seller for their documents of the loans, but how to best be certain without just trusting them, how you found that you rely on just a title search to tell you definitively? And thank you so much!, Diana & Pat Dean in the Kansas area
Hey Kris can you give me a step by step of how to get started AFTER i find a property.
I’m new to this and i know you have videos of each step, but a quick break down in writing about the first steps would help me so much. Please and thank you kris!
Congratulations! I am starting to learn how to do it now .
Do you need to make a trustee, or could it be done through llc and why and why this wouldn't be a good way to purchase.
Who should I use for a trustee if not me or my organization?
Is the trustee the person who is liable?
Hi, Kris thank you so much for your videos they have been invaluable , do you have any advice on maybe finding other like minded trustworthy individuals who I could invest with ?
thnx for allowing me to serve, i'm nothing w/out your eyes on the screen. So what do you mean by "invest with"? That could mean so many different things I don't know where to start. Can you get a little more clear w/ this question?
Kris do you recommend putting your personal home in a Trust?
1000% YES
After getting under contract... Do you find buyers same way you would as if it weren't a "subject" deal
I would like to take over a property subject to that’s behind on the mortgage so it would be the reinstatement amount so how would I structure this on the contract. And then would I be able to assign the sub2 to a end cash buyer and if so would it be ok for the original contract to be in my name and not the trust for the sake of time and the fact that I won’t be the one keeping it?? Sorry for the long question.
U still put loan balance on the contract. Then order the reinstatement figure. Next ur doing exactly what I did for 3 years putting paperwork in ur name because ur resisting using trusts. No, itsnever ok to put it in ur name. Especially since ur doing it out of lack of knowledge. I'm saying this all in love because I've been where u are.
i be dying laughing at the interaction with the daughter LOL
Thank you💫
thanks for the info! question... looking to start doing subject to deals speaking as a newbie. I would like to do my first subject to deal in California and make it my home then do other sub 2 deals as rent to own. Would I need to have an llc for the first home?
no, you don't need an LLC for any home. You do need to get started looking first. Then you can use a land trust. I'll do a class on that, make sure you hit the bell so you can be notified.
Leslie are you in Los Angeles by any chance??? This is where I live and I am currently looking for subject too as well. Let me know how things are going?
👋🏻Northern California here for anyone who wants to collaborate /JV/ network/Virtual JV
Denise B am in Los Angeles have you started already let Connet
Am new too let’s connect 🤗
Hello from Chicago! Just learning about Subto and found your video and delivery commendable. New sub! Do you have a master course on Sub to ?
head on over to my site, krishaskins.com, you can see what we offer. thnx for supporting my business
How can ... I get a contract and a copy of the trust that you have?
Hey thnx so much for supporting my crazy world. U can download my subject to document packet at my website krishaskins.com. They’re located there
It is Aug 2021 now . Just watched your video about filling out P / S agreement . You are Awesome ! Learned more in that One video than I did in Decades of books and seminars which , by the way , wasted tons of my time ! Great advise !
HI, KRIS THAUK U FOR ALL YOUR GREAT VIDEO’S CAN U EXPLAIN DOING A WRAPAROUND WITH A SUBJECT-2, THANK U SO VERY MUCH😀😇🙏🏼🤗
I can do that, thnx for the direction
Do you have to have a LLC already to do a subject to deal speaking as a newbie and if it was my first deal
I would, tell me about the deal?
Kris
Do you use a different Trustee for each Land Trust?
All depends, we use several for different houses. Too many house to use a different trustee every time though
kris haskins kris thank you
Kris, been watching you for a bit now and I'm very grateful for the knowledge you pass on. Do you have any one in your network that's in the Philly area? I'd love to link up and get some deals going. I'm very green on sub 2 but have encountered so many deals where that would work amd I'm tired of passing them up.
Can the seller come back and refinance the loan after you take over subject to or get an equity line of credit against the house ?
I've seen it done w local banks
I want to do a subject to on a property that just caught on fire yesterday. What do I need to get signed to speak to the mortgage company and find out what is owed?
U need the authorization to release. U can get all the docs at my site krishaskins.com
@@krishaskins God Bless you and thank you krishaskins.com
Hey Kris how or who sets up the land trust/trust in N.C?
well, you can set your own Land trust from my experience. All you have to do is turn the docs into the title co.. let me know
Kris i might have a motivated sellee in dc on a 4 unit building. He wants to do owner finacing of 300k upfront but he owes 150k . What should i do?
What if your starting off and don't have an attorney?
well let me tell you , I did NOT have all my connects starting off. It took me 5 years to put together my team. To shorten your curve, go to you REIA meetings and get referrals, they weren't around when I started, OR go to BP, they can help too.
Hey Kris I have a deal I am going to purchase on subject 2 in Ohio. I will be purchasing your sub 2 documents and land trust documents. Wanted to know should I just have the seller sign the purchase agreement and authorization to release prior to closing? Then they would sign them seller disclosure, limited power of attorney, and cover yourself letter at closing? Is that correct? Thank you!
Yes, the Only documents you need at the moment are the purchase and sale agreement and the authorization to release. Do not, I repeat DO NOT have them sign any of the other documents until closing and you should not be presenting those documents to them personally, have ur attorney present them at closing. Great question and thnx for supporting my .mission.
kris haskins thank you brotha god bless
How do you find your buyers ?
Any attorney recommendations in Illinois (Chicagoland suburbs) and a good title company we can work with sub to and seller finance
sorry, I don't have one. try BP, or meetup.com
When taking property with Trust, under Buyer I put my Trust name correct ? Do my trustee need to be present at the deal meeting And closing to sign ______ , trustee ????
Yes, ur trust is the buyer. No, ur trustee doesn't have to go but he/she does have to sign.
@@krishaskins Doesn't the trustee become liable for the deal by signing?
Yes to the LLC
What’s the name of the book your using ?
head over to my site to get it, krishaskins.com, it's the barons real estate guide
@@krishaskins thank you i will .. your videos have been blessing me and got me ready to find a mortgage to take over
I need a seller script don't know what to say to a seller.
So how do you find those people willing to sign the deed over so I can take over payments? And if I was to pay off the existing mortgage loan, upon being given the deed signed to me- is the home then 100% mine? With no regards to the person that deeded the house over to me. Thx bro
The home is ur whether you pay off the loan or not my friend.
Where are you guys located! Im in VA beach :D
yes, we're in the Hampton Roads area as well, thnx for the connection
When buying through a company for owner financing, Galandlist. They sale properties as is. What can the buyer do if a property is purchased to insure the buyer is covered Notorising? Recording?
Hi @kris haskins. This video was in 2019, are your documents still available at no cost? I didn't see any sample docs on your site. Thank you in advance.
Well, I never had them at no cost my friend, sorry about that. U can get all my docs my training at krishaskins.com, thnx for supporting my mission
Chris on yo site .. is documents free or gota pay?
U can get all my training and docs for 50% off at my site krishaskins.com. I'm running it for the crisis, use coupon code "HOPE" thnx for supporting my mission.
Will definitely support.. thanks.. my first possible deal coming up ..talk him down to 5k down for a 550k home.. wana make sure I have the right paper work n least paper work lol
Hello Krist how long would it take me to learn the process in getting my first subject 2 in the state of California I mean contractor now and want to figure out a different avenue if I ever get tired of this.
Ok. Let's say "when" u get tired of this & not if. Everything gets tired if YOU'RE doing it, in the entrepreneur world. But I'm glad u love it for now. I have clients in CA doing it, but it all depends on ur efforts. U have to look at 100 to get one. Thnx for watching.
What’s the name of the book you’re teaching from?
hey, that's my Barron's real estate guide. You can get it and other great books on my site, krishaskins.com at suggested reading. We have to have a playbook to get a good understanding of things. Thnx for supporting my crazy world..
Hey thank you so much for your response. I really appreciate what you do. Due to covid19 I haven’t been able to work I was laid off March 2020 and now I need a house bc I’m 5 months pregnant so me and my partner are really trying to get this subject to done . Is it anything else we watch that more detailed like step by step ?
How do you get the documents
hey, you can download all my docs and training at krishaskins.com, thnx for supporting my mission.
26:43 you mentioned having a CD. What CD was it that you listened to?
Can I do a subject to if the owner has FHA loan
This works with any loan. The loan is irrelevant
Hey happy holidays can’t find the link for the land trust ?
Sorry about that, u can grab all my docs and training at my site krishaskins.com. thnx for supporting my mission
How do you get a Subject to contact
Where can I get a sub too contract
Yo yo, you can download my subject to docs at krishaskins.com, get out there and make it happen
Kris could you keep the seller as the Trustee?
U can. Not sure why youd do that tho.
Thank you.
Do you sell I Buy Houses shirt , like the 1 you have on ?
yes, just visit my teespring page on my youtube channel teespring.com/we-buy-houses#pid=76&cid=5845&sid=front
What title insurance??
The title company issues that at closing so the seller cant come after u later
How much does a land trust cost?
"Subject To" investing really sounds like a great deal. However, I'm very confused about the legitimacy of it. The more I research the topic, the more conflicting answers I get about it. One expert say its completely legal while another says it's frauding the bank, yet another says well, you're never get caught. I don't know. Bank Fraud / Wire Fraud, sounds like Fed Time. How do you explain this to a seller who just Googled it a read that banks do not allow Subject To?
Good point, it's all about presentation and negotiation. May I recommend my 11 audio negotiating series on my site. Krishaskins.com BUT, the scenarios in your head far out perform the reality of what sellers are thinking. They aren't thinking straight like u and I, if so they wouldnt sell sub to. So dont over complicate it, just DO IT. Oh, pls send me the link to the google search that sites the law sub to is breaking.
The attorney you interviewed about a week ago made it clear that there is no specific law against subject 2 but I think my biggest concern is dealing with sellers and attorneys who may think it’s illegal.
Yes, it's funny how perception can sometimes be reality, kind of like the state of our economy right now. But also yes, most professionals you meet wont understand that's why we have the docs all signed to save us from ignorance
@@krishaskins Thanks again. I really want to get this down and make a core niche for my investing strategy. Also, you need to inbox me the shirt size and address for Saint John 316. (kware166@gmail.com)
hey Kris, your website URL doesnt work!
Which site are u looking at, krishaskins.com is up, but I'm not sure which one ur at.??
it was this link krishaskins.com, I cant get it to come up! Also, is there a way to get access to your Sub2 Contract? Thanks, Brian
Show a sample of the subject to form....thanks!
I did a video for that th-cam.com/video/DPmBGsiCq9k/w-d-xo.html
Hi: Kris Jermelda Jackson
subject to master class please!
Ok. I'll put that 2gether my friend. Make sure u hit the bell so u know when its coming
Those documents $157 on your site?
Maybe you could do that in Virginia but in New Jersey's tough Dodd - Frank. I have been watching a lot of videos on sub 2 but it's all state pacific. You better talk to a lawyer before you do it or you might be in court the judge might rule in the tenants favor.
Which tenant are we referring to?
@@krishaskins I mean not tenants but the homeowners. I know you mention Kris give the homeowner some money for the transfer of deed.
Sorry Kris I tried to copy and paste a link but this is what this guy said on BiggerPockets his quotes below.
Richard S.
Investor from Hammonton, NJ
posted almost 3 years ago
1 vote
Who voted?
Hey everyone,
I'm intrigued at the idea of offering prospective tenants/buyers my single-family homes with a lease-option or rent-to-own scenario.
I don't know a lot about Dodd-Frank yet, except that it definitely applies to seller-financed scenarios. I do not want to offer my tenants/buyers seller-financing.
I just watched a BP Podcast where the gentleman sets up 3 year leases with mutually agreed upon purchase prices, and puts $150/mo of the rent into an account to be used toward their purchase price. He gives them 3 years to exercise the option to buy, during which time they can work on improving their credit, saving money, and whatever is needed to help them secure traditional financing. If they don't exercise in three years, he offers them the ability to sign another 3 year lease, and rolls over their accumulated savings toward the house into the new lease. Same thing applies if they decide they want to move to another of his single-family homes.
I'd like to do something similar here in New Jersey, and I was wondering if anyone had any experience doing the same thing as that gentleman. I have read some mixed feedback here on BP, where some users are saying that accepting "extra money toward the purchase of the house" is construed as seller-financing under Dodd-Frank. I have also seen several people casually talking about lease options in the same exact scenario I'm describing, as if Rent-to-Own is not dead.
Note: I'm NOT looking to accept a large payment (like $5k-$10k) to sell them a "lease option". I simply want to offer people the ability to keep their savings, pay a little extra towards the rent that goes into an escrow account of sorts, which forces them into a "forced savings program", while allowing them to lock-in a sales price with me, on a house they want now but can't afford yet.
What have been your experiences with lease-options and rent-to-own? Can my scenario be accomplished, or is it a violation of Dodd-Frank? What ways can lease options and rent-to-own currently be accomplished?
I see, I'd talk w ur accountant on that.
anyone here in ct do a subject to? what docs do i need and where can i find them? can find most things on the internet free
Those kids should be old enough to help and put on payroll 🤣🤣🤣😂
Why do u need a subject 2 contract why not just fill out a deed
U could do that, but most peeps need title insurance and a search
Can your attorney be your trustee. Chicago
Sure thing
Serious
Would your purchase and sales agreement be fillled out the same way?
I ❤ Daddy Day Cares lots of Grandma 💕 to spread. 🎉 💞🎠💞
Why they don't just hurry and sell their home before it gets to foreclosure point? That way nothing is in thier name and they are free of debt.
well, it's not that easy. Some peeps don't "think" they need the money. some people want more time and some just want to ride it out. You just never know...
I sent you an email on your website, I really want to learn more
While subject to are not illegal they must certainly are unethical. No property owner should ever agree to transfer title to a speculator while holding the original mortgage in their name.
Only a fool would agree to this kind of transaction.
We are thankful for people that not only trust us, but further allow us to have a home to live in or own for investment. Sure, its not for everybody but it works as long as the buyer is savvy.
The interruptions are very distracting to this good information. Please eliminate these in future presentations. It would be so much more encouraging!😎
How do you find your buyers ?
How much does a land trust cost?
How much does a land trust cost?
hey my friend, all the docs are on my website, krishaskins.com
So all this time you were selling these packages $And they were on sale for $200 and I missed the sale??
What are you doing Father’s Day?😂